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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 2024 2025e 2026e
Sales 871 860 937
Sales growth (%) 5,6 -1,3 9
EBITDA 151 139 168
EBITDA margin (%) 17,3 16,2 18
EBIT adj. 84 75 94
EBIT adj. margin (%) 9,6 8,7 10
Pretax profit 78 54 79
EPS 2,53 1,77 2,58
EPS growth (%) 50,7 -30,1 45,9
EPS adj. 2,81 1,99 2,64
DPS 0 0 0
EV/EBITDA (x) 5,7 6 4,7
EV/EBIT adj. (x) 10,1 11,1 8,5
P/E (x) 11,2 16 10,9
P/E adj. (x) 10 14,1 10,7
EV/sales (x) 0,98 0,97 0,85
FCF yield (%) 5,4 7,4 7,7
Le. adj. FCF yld. (%) -0,4 5,2 4,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 1,1 0,7
Le. adj. ND/EBITDA (x) 1,1 0,9 0,5
SEKm 2024 2025e 2026e
Sales 871 860 937
COGS -497 -480 -521
Gross profit 374 379 416
Other operating items -223 -241 -247
EBITDA 151 139 168
Depreciation and amortisation -58 -66 -72
of which leasing depreciation -15 -17 -17
EBITA 93 73 96
EO Items 0 -5 0
Impairment and PPA amortisation -9 -2 -2
EBIT 84 70 94
Net financial items -6 -16 -15
Pretax profit 78 54 79
Tax -16 -11 -16
Net profit 62 43 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 62 43 63
EPS 2,53 1,77 2,58
EPS adj. 2,81 1,99 2,64
Total extraordinary items after tax 0 -4 0
Leasing payments -15 -17 -17
Tax rate (%) 20,7 20,6 20,6
Gross margin (%) 42,9 44,1 44,4
EBITDA margin (%) 17,3 16,2 18
EBITA margin (%) 10,6 8,4 10,3
EBIT margin (%) 9,6 8,2 10
Pre-tax margin (%) 8,9 6,3 8,4
Net margin (%) 7,1 5 6,7
Sales growth (%) 5,6 -1,3 9
EBITDA growth (%) 1,1 -7,7 21,2
EBITA growth (%) 21,2 -21,7 32,4
EBIT growth (%) 41,4 -16,4 34,1
Net profit growth (%) 50,7 -30,1 45,9
EPS growth (%) 50,7 -30,1 45,9
Profitability N/A N/A N/A
ROE (%) 9,6 6,2 8,6
ROE adj. (%) 11 7,1 8,9
ROCE (%) 9,9 7,9 10
ROCE adj. (%) 10,9 8,7 10,2
ROIC (%) 9 6,8 8,9
ROIC adj. (%) 9 7,3 8,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 151 143 168
EBITDA adj. margin (%) 17,3 16,7 18
EBITDA lease adj. 136 127 152
EBITDA lease adj. margin (%) 15,6 14,7 16,2
EBITA adj. 93 77 96
EBITA adj. margin (%) 10,6 9 10,3
EBIT adj. 84 75 94
EBIT adj. margin (%) 9,6 8,7 10
Pretax profit Adj. 86 61 81
Net profit Adj. 70 49 65
Net profit to shareholders adj. 70 49 65
Net adj. margin (%) 8,1 5,7 6,9
SEKm 2024 2025e 2026e
EBITDA 151 139 168
Goodwill 444 427 427
Net financial items -6 -16 -15
Other intangible assets 141 145 146
Paid tax -6 -22 -16
Tangible fixed assets 104 117 136
Non-cash items -3 2 0
Right-of-use asset 63 76 79
Cash flow before change in WC 135 102 137
Total other fixed assets 9 10 10
Change in working capital -42 31 -19
Fixed assets 761 774 797
Operating cash flow 93 133 118
Inventories 44 52 57
Capex tangible fixed assets -28 -51 -34
Receivables 214 220 233
Capex intangible fixed assets -28 -32 -30
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 32 63 96
Free cash flow 37 51 53
Total assets 1050 1110 1184
Dividend paid 0 0 0
Shareholders equity 678 698 761
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -40 -15 -20
Total equity 678 698 761
Other non-cash items 26 -17 0
Long-term debt 175 174 174
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 35 35
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 175 202 213
Total liabilities and equity 1050 1110 1184
Net IB debt 165 146 114
Net IB debt excl. pension debt 165 146 114
Net IB debt excl. leasing 143 111 78
Capital employed 875 908 970
Capital invested 843 844 874
Working capital 83 70 77
Market cap. diluted (m) 686 686 686
Net IB debt adj. 165 146 114
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 851 832 800
Total assets turnover (%) 86,6 79,6 81,7
Working capital/sales (%) 7,9 8,9 7,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24,3 21 14,9
Net debt / market cap (%) 24,1 21,3 16,5
Equity ratio (%) 64,6 62,9 64,3
Net IB debt adj. / equity (%) 24,3 21 14,9
Current ratio 1,66 1,66 1,81
EBITDA/net interest 23,5 8,6 11,1
Net IB debt/EBITDA (x) 1,1 1,1 0,7
Net IB debt/EBITDA lease adj. (x) 1,1 0,9 0,5
Interest coverage 14,5 4,5 6,3
SEKm 2024 2025e 2026e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,53 1,77 2,58
Dividend per share 0 0 0
EPS adj. 2,81 1,99 2,64
BVPS 27,88 28,7 31,27
BVPS adj. 3,84 5,2 7,75
Net IB debt/share 6,78 6,01 4,67
Share price 28,2 28,2 28,2
Market cap. (m) 686 686 686
P/E (x) 11,2 16 10,9
EV/sales (x) 1 1 0,9
EV/EBITDA (x) 5,7 6 4,7
EV/EBITA (x) 9,2 11,5 8,3
EV/EBIT (x) 10,1 11,9 8,5
Dividend yield (%) 0 0 0
FCF yield (%) 5,4 7,4 7,7
Le. adj. FCF yld. (%) -0,4 5,2 4,8
P/BVPS (x) 1,01 0,98 0,9
P/BVPS adj. (x) 7,34 5,42 3,64
P/E adj. (x) 10 14,1 10,7
EV/EBITDA adj. (x) 5,7 5,8 4,7
EV/EBITA adj. (x) 9,2 10,8 8,3
EV/EBIT adj. (x) 10,1 11,1 8,5
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 6,4 9,6 6,9
Capex/depreciation 1,3 1,7 1,2
Capex tangibles / tangible fixed assets 27,1 43,6 25,3
Capex intangibles / definite intangibles 19,8 21,8 20,9
Depreciation on intang / def. intang 12,7 17,3 19
Depreciation on tangibles / tangibles 24,5 20,9 20,4

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 17.8 % 17.8 % 26 Sep 2025
Accendo Capital 12.1 % 12.1 % 26 Sep 2025
Nordea Funds 11.7 % 11.7 % 26 Sep 2025
Lazard Frères Gestion 7.0 % 7.0 % 31 Aug 2025
Avanza Pension 6.7 % 6.7 % 26 Sep 2025
Kunshan Q Technology International Limited 5.0 % 5.0 % 15 Jan 2024
Swedbank Försäkring 2.4 % 2.4 % 26 Sep 2025
Thomas Eklund 1.9 % 1.9 % 26 Sep 2025
Nordnet Pensionsförsäkring 1.9 % 1.9 % 26 Sep 2025
Mats Lindberg 1.6 % 1.6 % 26 Sep 2025
Source: Holdings by Modular Finance AB