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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 860 937 1008
Sales growth (%) -1,3 9 7,5
EBITDA 139 168 184
EBITDA margin (%) 16,2 18 18,3
EBIT adj. 75 94 105
EBIT adj. margin (%) 8,7 10 10,4
Pretax profit 54 79 90
EPS 1,77 2,58 2,93
EPS growth (%) -30,1 45,9 13,7
EPS adj. 1,99 2,64 2,99
DPS 0 0 N/A
EV/EBITDA (x) 5,7 4,5 3,9
EV/EBIT adj. (x) 10,6 8,1 6,8
P/E (x) 15 10,3 9
P/E adj. (x) 13,3 10 8,9
EV/sales (x) 0,92 0,81 0,71
FCF yield (%) 7,9 8,2 9,9
Le. adj. FCF yld. (%) 5,5 5,1 6,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 0,7 0,4
Le. adj. ND/EBITDA (x) 0,9 0,5 0,2
SEKm 2025 2026e 2027e
Sales 860 937 1008
COGS -480 -521 -561
Gross profit 379 416 447
Other operating items -241 -247 -263
EBITDA 139 168 184
Depreciation and amortisation -66 -72 -77
of which leasing depreciation -17 -17 -17
EBITA 73 96 107
EO Items -5 0 0
Impairment and PPA amortisation -2 -2 -2
EBIT 70 94 105
Net financial items -16 -15 -15
Pretax profit 54 79 90
Tax -11 -16 -18
Net profit 43 63 71
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 43 63 71
EPS 1,77 2,58 2,93
EPS adj. 1,99 2,64 2,99
Total extraordinary items after tax -4 0 0
Leasing payments -17 -17 -17
Tax rate (%) 20,6 20,6 20,6
Gross margin (%) 44,1 44,4 44,3
EBITDA margin (%) 16,2 18 18,3
EBITA margin (%) 8,4 10,3 10,6
EBIT margin (%) 8,2 10 10,4
Pre-tax margin (%) 6,3 8,4 8,9
Net margin (%) 5 6,7 7,1
Sales growth (%) -1,3 9 7,5
EBITDA growth (%) -7,7 21,2 9,3
EBITA growth (%) -21,7 32,4 11,2
EBIT growth (%) -16,4 34,1 11,5
Net profit growth (%) -30,1 45,9 13,7
EPS growth (%) -30,1 45,9 13,7
Profitability N/A N/A N/A
ROE (%) 6,2 8,6 8,9
ROE adj. (%) 7,1 8,9 9,2
ROCE (%) 7,9 10 10,4
ROCE adj. (%) 8,7 10,2 10,6
ROIC (%) 6,8 8,9 9,6
ROIC adj. (%) 7,3 8,9 9,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 143 168 184
EBITDA adj. margin (%) 16,7 18 18,3
EBITDA lease adj. 127 152 167
EBITDA lease adj. margin (%) 14,7 16,2 16,6
EBITA adj. 77 96 107
EBITA adj. margin (%) 9 10,3 10,6
EBIT adj. 75 94 105
EBIT adj. margin (%) 8,7 10 10,4
Pretax profit Adj. 61 81 92
Net profit Adj. 49 65 73
Net profit to shareholders adj. 49 65 73
Net adj. margin (%) 5,7 6,9 7,3
SEKm 2025 2026e 2027e
EBITDA 139 168 184
Goodwill 427 427 427
Net financial items -16 -15 -15
Other intangible assets 145 146 145
Paid tax -22 -16 -18
Tangible fixed assets 117 136 154
Non-cash items 2 0 0
Right-of-use asset 76 79 83
Cash flow before change in WC 102 137 150
Total other fixed assets 10 10 10
Change in working capital 31 -19 -20
Fixed assets 774 797 818
Operating cash flow 133 118 130
Inventories 52 57 61
Capex tangible fixed assets -51 -34 -35
Receivables 220 233 253
Capex intangible fixed assets -32 -30 -31
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 63 96 140
Free cash flow 51 53 64
Total assets 1110 1184 1272
Dividend paid 0 0 0
Shareholders equity 698 761 832
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -20 -20
Total equity 698 761 832
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 202 213 230
Total liabilities and equity 1110 1184 1272
Net IB debt 146 114 70
Net IB debt excl. pension debt 146 114 70
Net IB debt excl. leasing 111 78 34
Capital employed 908 970 1041
Capital invested 844 874 902
Working capital 70 77 84
Market cap. diluted (m) 645 645 645
Net IB debt adj. 146 114 70
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 791 758 714
Total assets turnover (%) 79,6 81,7 82,1
Working capital/sales (%) 8,9 7,9 8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 21 14,9 8,4
Net debt / market cap (%) 22,7 17,6 10,8
Equity ratio (%) 62,9 64,3 65,4
Net IB debt adj. / equity (%) 21 14,9 8,4
Current ratio 1,66 1,81 1,97
EBITDA/net interest 8,6 11,1 12,1
Net IB debt/EBITDA (x) 1,1 0,7 0,4
Net IB debt/EBITDA lease adj. (x) 0,9 0,5 0,2
Interest coverage 4,5 6,3 7
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 1,77 2,58 2,93
Dividend per share 0 0 N/A
EPS adj. 1,99 2,64 2,99
BVPS 28,7 31,27 34,2
BVPS adj. 5,2 7,75 10,69
Net IB debt/share 6,01 4,67 2,86
Share price 26,5 26,5 26,5
Market cap. (m) 645 645 645
P/E (x) 15 10,3 9
EV/sales (x) 0,9 0,8 0,7
EV/EBITDA (x) 5,7 4,5 3,9
EV/EBITA (x) 10,9 7,9 6,7
EV/EBIT (x) 11,3 8,1 6,8
Dividend yield (%) 0 0 0
FCF yield (%) 7,9 8,2 9,9
Le. adj. FCF yld. (%) 5,5 5,1 6,8
P/BVPS (x) 0,92 0,85 0,77
P/BVPS adj. (x) 5,1 3,42 2,48
P/E adj. (x) 13,3 10 8,9
EV/EBITDA adj. (x) 5,5 4,5 3,9
EV/EBITA adj. (x) 10,2 7,9 6,7
EV/EBIT adj. (x) 10,6 8,1 6,8
EV/CE (x) 0,9 0,8 0,7
Investment ratios N/A N/A N/A
Capex/sales (%) 9,6 6,9 6,6
Capex/depreciation 1,7 1,2 1,1
Capex tangibles / tangible fixed assets 43,6 25,3 22,9
Capex intangibles / definite intangibles 21,8 20,9 21,5
Depreciation on intang / def. intang 17,3 19 20,4
Depreciation on tangibles / tangibles 20,9 20,4 19,9

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 % 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