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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 854 932 998
Sales growth (%) -1,9 9,1 7,1
EBITDA 119 149 172
EBITDA margin (%) 13,9 16 17,2
EBIT adj. 54 75 93
EBIT adj. margin (%) 6,3 8,1 9,4
Pretax profit 34 63 79
EPS 1,46 2,06 2,59
EPS growth (%) -42,1 40,8 25,7
EPS adj. 1,74 2,06 2,59
DPS 0 0 N/A
EV/EBITDA (x) 5,5 4,2 3,5
EV/EBIT adj. (x) 12,2 8,4 6,4
P/E (x) 13,7 9,8 7,8
P/E adj. (x) 11,6 9,8 7,8
EV/sales (x) 0,76 0,68 0,6
FCF yield (%) 8,4 8,7 10,2
Le. adj. FCF yld. (%) 5,6 4,7 6,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 0,9 0,6
Le. adj. ND/EBITDA (x) 1,2 0,8 0,5
SEKm 2025 2026e 2027e
Sales 854 932 998
COGS -479 -522 -555
Gross profit 375 410 443
Other operating items -257 -261 -271
EBITDA 119 149 172
Depreciation and amortisation -68 -74 -79
of which leasing depreciation -17 -17 -17
EBITA 51 75 93
EO Items -5 0 0
Impairment and PPA amortisation -2 0 0
EBIT 49 75 93
Net financial items -15 -12 -14
Pretax profit 34 63 79
Tax 1 -13 -16
Net profit 36 50 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 50 63
EPS 1,46 2,06 2,59
EPS adj. 1,74 2,06 2,59
Total extraordinary items after tax -5 0 0
Leasing payments -17 -17 -17
Tax rate (%) -3,5 20,6 20,6
Gross margin (%) 43,9 44 44,4
EBITDA margin (%) 13,9 16 17,2
EBITA margin (%) 6 8,1 9,4
EBIT margin (%) 5,7 8,1 9,4
Pre-tax margin (%) 4 6,8 7,9
Net margin (%) 4,2 5,4 6,3
Sales growth (%) -1,9 9,1 7,1
EBITDA growth (%) -21,2 25,6 15,4
EBITA growth (%) -45,1 47,6 24,2
EBIT growth (%) -41,7 53,3 24,2
Net profit growth (%) -42,1 40,8 25,7
EPS growth (%) -42,1 40,8 25,7
Profitability N/A N/A N/A
ROE (%) 5,2 7,1 8,3
ROE adj. (%) 6,2 7,1 8,3
ROCE (%) 5,5 8,1 9,5
ROCE adj. (%) 6,3 8,1 9,5
ROIC (%) 6,2 6,9 8,3
ROIC adj. (%) 6,8 6,9 8,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 123 149 172
EBITDA adj. margin (%) 14,4 16 17,2
EBITDA lease adj. 106 132 155
EBITDA lease adj. margin (%) 12,5 14,2 15,5
EBITA adj. 56 75 93
EBITA adj. margin (%) 6,5 8,1 9,4
EBIT adj. 54 75 93
EBIT adj. margin (%) 6,3 8,1 9,4
Pretax profit Adj. 41 63 79
Net profit Adj. 42 50 63
Net profit to shareholders adj. 42 50 63
Net adj. margin (%) 4,9 5,4 6,3
SEKm 2025 2026e 2027e
EBITDA 119 149 172
Goodwill 420 420 420
Net financial items -15 -12 -14
Other intangible assets 145 145 145
Paid tax -19 -13 -16
Tangible fixed assets 101 130 162
Non-cash items 16 0 0
Right-of-use asset 82 85 88
Cash flow before change in WC 101 124 142
Total other fixed assets 23 23 23
Change in working capital 42 1 -21
Fixed assets 770 803 838
Operating cash flow 144 125 121
Inventories 44 48 52
Capex tangible fixed assets -70 -52 -40
Receivables 220 220 230
Capex intangible fixed assets -32 -30 -31
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 55 78 107
Free cash flow 41 43 50
Total assets 1089 1150 1228
Dividend paid 0 0 0
Shareholders equity 682 732 795
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -14 -20 -20
Total equity 682 732 795
Other non-cash items -26 0 0
Long-term debt 183 183 183
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 189 200 215
Total liabilities and equity 1089 1150 1228
Net IB debt 164 141 111
Net IB debt excl. pension debt 164 141 111
Net IB debt excl. leasing 129 106 76
Capital employed 900 950 1013
Capital invested 845 873 906
Working capital 76 69 67
Market cap. diluted (m) 489 489 489
Net IB debt adj. 164 141 111
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 653 630 600
Total assets turnover (%) 79,9 83,3 84
Working capital/sales (%) 9,3 7,8 6,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24 19,3 14
Net debt / market cap (%) 33,5 28,8 22,8
Equity ratio (%) 62,6 63,6 64,7
Net IB debt adj. / equity (%) 24 19,3 14
Current ratio 1,69 1,74 1,81
EBITDA/net interest 8,1 12,4 12,3
Net IB debt/EBITDA (x) 1,4 0,9 0,6
Net IB debt/EBITDA lease adj. (x) 1,2 0,8 0,5
Interest coverage 3,5 6,3 6,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 1,46 2,06 2,59
Dividend per share 0 0 N/A
EPS adj. 1,74 2,06 2,59
BVPS 28,02 30,08 32,66
BVPS adj. 4,81 6,84 9,44
Net IB debt/share 6,73 5,79 4,57
Share price 20,1 20,1 20,1
Market cap. (m) 489 489 489
P/E (x) 13,7 9,8 7,8
EV/sales (x) 0,8 0,7 0,6
EV/EBITDA (x) 5,5 4,2 3,5
EV/EBITA (x) 12,8 8,4 6,4
EV/EBIT (x) 13,3 8,4 6,4
Dividend yield (%) 0 0 0
FCF yield (%) 8,4 8,7 10,2
Le. adj. FCF yld. (%) 5,6 4,7 6,1
P/BVPS (x) 0,72 0,67 0,62
P/BVPS adj. (x) 4,18 2,94 2,13
P/E adj. (x) 11,6 9,8 7,8
EV/EBITDA adj. (x) 5,3 4,2 3,5
EV/EBITA adj. (x) 11,8 8,4 6,4
EV/EBIT adj. (x) 12,2 8,4 6,4
EV/CE (x) 0,7 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 12 8,8 7,1
Capex/depreciation 2 1,4 1,2
Capex tangibles / tangible fixed assets 70 40 24,7
Capex intangibles / definite intangibles 22,1 20,9 21,5
Depreciation on intang / def. intang 18 20,3 21,7
Depreciation on tangibles / tangibles 24,8 21,1 18,7

Equity research

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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 % 31 Dec 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