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Careium

Careium

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Careium is a market leader within Northern Europe of technology-enabled care solutions, with a sole focus on providing care solutions to increase quality of life for seniors. The company provides elderly persons with several alarms, detectors and sensors connected to alarm centres, which enables users to live independently and safely at home for a longer period.

Sustainability information

Careium has a strong position in Northern Europe, but there are some large competitors that could exploit this market, which could eventually hurt Careium’s market share. The importance in delivering reliable products is crucial, since product failure could result in devastating consequences for the end-user, which in turn could have legal consequences for Carieum and hurt demand for its solutions.

Financials

SEKm 2025 2026e 2027e
Sales 850 919 988
Sales growth (%) -2,4 8,1 7,5
EBITDA 133 162 181
EBITDA margin (%) 15,7 17,7 18,4
EBIT adj. 69 88 102
EBIT adj. margin (%) 8,1 9,6 10,4
Pretax profit 48 73 87
EPS 1,58 2,38 2,84
EPS growth (%) -37,4 50,4 19,6
EPS adj. 1,81 2,44 2,91
DPS 0 0 N/A
EV/EBITDA (x) 5,7 4,5 3,8
EV/EBIT adj. (x) 10,9 8,2 6,7
P/E (x) 15,1 10 8,4
P/E adj. (x) 13,2 9,8 8,2
EV/sales (x) 0,89 0,79 0,69
FCF yield (%) 4,3 8,1 10,3
Le. adj. FCF yld. (%) 1,7 4,6 6,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,3 0,9 0,6
Le. adj. ND/EBITDA (x) 1,1 0,8 0,4
SEKm 2025 2026e 2027e
Sales 850 919 988
COGS -475 -511 -550
Gross profit 375 408 438
Other operating items -242 -246 -257
EBITDA 133 162 181
Depreciation and amortisation -66 -72 -77
of which leasing depreciation -17 -17 -17
EBITA 67 90 104
EO Items -5 0 0
Impairment and PPA amortisation -2 -2 -2
EBIT 65 88 102
Net financial items -16 -15 -15
Pretax profit 48 73 87
Tax -10 -15 -18
Net profit 38 58 69
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 58 69
EPS 1,58 2,38 2,84
EPS adj. 1,81 2,44 2,91
Total extraordinary items after tax -4 0 0
Leasing payments -17 -17 -17
Tax rate (%) 20,6 20,6 20,6
Gross margin (%) 44,2 44,4 44,3
EBITDA margin (%) 15,7 17,7 18,4
EBITA margin (%) 7,9 9,8 10,6
EBIT margin (%) 7,6 9,6 10,4
Pre-tax margin (%) 5,7 7,9 8,8
Net margin (%) 4,5 6,3 7
Sales growth (%) -2,4 8,1 7,5
EBITDA growth (%) -11,4 21,8 11,7
EBITA growth (%) -27,8 34,5 15,8
EBIT growth (%) -23,1 36,4 16,2
Net profit growth (%) -37,4 50,4 19,6
EPS growth (%) -37,4 50,4 19,6
Profitability N/A N/A N/A
ROE (%) 5,6 8 8,8
ROE adj. (%) 6,5 8,3 9,1
ROCE (%) 7,3 9,5 10,3
ROCE adj. (%) 8 9,7 10,5
ROIC (%) 6,2 8,1 9,1
ROIC adj. (%) 6,7 8,1 9,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 138 162 181
EBITDA adj. margin (%) 16,2 17,7 18,4
EBITDA lease adj. 121 145 165
EBITDA lease adj. margin (%) 14,2 15,8 16,7
EBITA adj. 72 90 104
EBITA adj. margin (%) 8,4 9,8 10,6
EBIT adj. 69 88 102
EBIT adj. margin (%) 8,1 9,6 10,4
Pretax profit Adj. 55 75 89
Net profit Adj. 45 60 71
Net profit to shareholders adj. 45 60 71
Net adj. margin (%) 5,2 6,5 7,2
SEKm 2025 2026e 2027e
EBITDA 133 162 181
Goodwill 427 427 427
Net financial items -16 -15 -15
Other intangible assets 145 146 145
Paid tax -21 -15 -18
Tangible fixed assets 116 136 153
Non-cash items 2 0 0
Right-of-use asset 76 79 83
Cash flow before change in WC 98 132 148
Total other fixed assets 10 10 10
Change in working capital 9 -20 -22
Fixed assets 774 797 817
Operating cash flow 107 112 127
Inventories 59 64 69
Capex tangible fixed assets -51 -34 -35
Receivables 227 240 260
Capex intangible fixed assets -32 -30 -31
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 37 64 104
Free cash flow 25 47 60
Total assets 1097 1166 1251
Dividend paid 0 0 0
Shareholders equity 694 751 821
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -20 -20
Total equity 694 751 821
Other non-cash items -17 0 0
Long-term debt 174 174 174
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 35 35 35
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 194 205 221
Total liabilities and equity 1097 1166 1251
Net IB debt 172 145 105
Net IB debt excl. pension debt 172 145 105
Net IB debt excl. leasing 137 110 70
Capital employed 903 961 1030
Capital invested 866 897 926
Working capital 92 100 108
Market cap. diluted (m) 581 581 581
Net IB debt adj. 172 145 105
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 754 727 687
Total assets turnover (%) 79,2 81,2 81,8
Working capital/sales (%) 10,3 10,4 10,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24,8 19,3 12,8
Net debt / market cap (%) 29,6 25 18,1
Equity ratio (%) 63,2 64,5 65,6
Net IB debt adj. / equity (%) 24,8 19,3 12,8
Current ratio 1,67 1,8 1,96
EBITDA/net interest 8,3 10,7 11,9
Net IB debt/EBITDA (x) 1,3 0,9 0,6
Net IB debt/EBITDA lease adj. (x) 1,1 0,8 0,4
Interest coverage 4,2 5,9 6,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 1,58 2,38 2,84
Dividend per share 0 0 N/A
EPS adj. 1,81 2,44 2,91
BVPS 28,51 30,89 33,74
BVPS adj. 5,02 7,37 10,23
Net IB debt/share 7,08 5,97 4,32
Share price 23,9 23,9 23,9
Market cap. (m) 581 581 581
P/E (x) 15,1 10 8,4
EV/sales (x) 0,9 0,8 0,7
EV/EBITDA (x) 5,7 4,5 3,8
EV/EBITA (x) 11,3 8,1 6,6
EV/EBIT (x) 11,7 8,2 6,7
Dividend yield (%) 0 0 0
FCF yield (%) 4,3 8,1 10,3
Le. adj. FCF yld. (%) 1,7 4,6 6,9
P/BVPS (x) 0,84 0,77 0,71
P/BVPS adj. (x) 4,76 3,24 2,34
P/E adj. (x) 13,2 9,8 8,2
EV/EBITDA adj. (x) 5,5 4,5 3,8
EV/EBITA adj. (x) 10,5 8,1 6,6
EV/EBIT adj. (x) 10,9 8,2 6,7
EV/CE (x) 0,8 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 9,7 7,1 6,7
Capex/depreciation 1,7 1,2 1,1
Capex tangibles / tangible fixed assets 43,7 25,3 23
Capex intangibles / definite intangibles 21,8 20,9 21,5
Depreciation on intang / def. intang 17,3 19 20,4
Depreciation on tangibles / tangibles 21 20,4 20

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Media

Careium - Company presentation with CEO Christian Walén
Careium - Fireside chat with CEO Christian Walén

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Main shareholders - Careium

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 22.0 % 22.0 % 9 Jan 2026
Nordea Funds 11.7 % 11.7 % 23 Dec 2025
Q Technology (Group) Company Limited 8.9 % 8.9 % 8 Jan 2026
Lazard Frères Gestion 7.0 % 7.0 % 30 Nov 2025
Avanza Pension 6.8 % 6.8 % 23 Dec 2025
Accendo Capital 2.6 % 2.6 % 9 Jan 2026
Swedbank Försäkring 2.4 % 2.4 % 23 Dec 2025
Thomas Eklund 1.9 % 1.9 % 23 Dec 2025
Nordnet Pensionsförsäkring 1.8 % 1.8 % 23 Dec 2025
Mats Lindberg 1.7 % 1.7 % 23 Dec 2025
Source: Holdings by Modular Finance AB