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Careium

Careium

Careium is a market leader within Northern Europe of technology-enabled care solutions. Careium was previously a part of Doro as the company’s Care segment and is, since December 2021, its own company with a sole focus on providing care solutions to increase quality of life for seniors. The company provides elderly persons with several different alarms, detectors and sensors connected to alarm centres, which enables the elderly to live independently and safely at home for a longer period. These care solutions are sold to public bodies, civil society and private companies.

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.

SEKm 2021 2022e 2023e
Sales 588 718 782
Sales growth (%) 12,1 22,2 8,9
EBITDA margin (%) 11,1 5,6 13
EBIT adj 7 -25 24
EBIT adj margin (%) 1,3 -3,5 3
EBITDA 65 40 102
Pretax profit 9 -36 21
EPS rep 0,19 -0,94 0,67
EPS growth (%) -75,2 -580,2 171,5
EPS adj 0,57 0,19 1,31
DPS 0 0 0
EV/EBITDA (x) 14 10,2 4
EV/EBIT adj (x) 123,4 -16,3 17,3
P/E (x) 154,8 -8,8 12,3
P/E adj (x) 53,1 43,9 6,3
EV/sales (x) 1,6 0,6 0,5
FCF yield (%) -25,2 -6,8 6,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,8 5,2 2,1
Lease adj. FCF yield (%) -27,1 -13,3 -0,2
Lease adj. ND/EBITDA 3,2 5,1 2,1
SEKm 2021 2022e 2023e
Sales 588 718 782
COGS -347 -450 -465
Gross profit 240 267 317
Other operating items -175 -227 -215
EBITDA 65 40 102
Depreciation and amortisation -46 -57 -63
Of which leasing depreciation -12 -12 -12
EBITA 19 -17 39
EO items 1 -9 0
Impairment and PPA amortisation -10 -18 -16
EBIT 9 -35 24
Net financial items 1 -2 -3
Pretax profit 9 -36 21
Tax -5 14 -4
Net profit 5 -23 16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 -23 16
EPS 0,19 -0,94 0,67
EPS Adj 0,57 0,19 1,31
Total extraordinary items after tax 1,2 -9,4 0
Leasing payments -14 -13 -13
Tax rate (%) -48,9 -37,3 -21
Gross margin (%) 40,9 37,2 40,5
EBITDA margin (%) 11,1 5,6 13
EBITA margin (%) 3,2 -2,3 5
EBIT margin (%) 1,5 -4,8 3
Pretax margin (%) 1,6 -5,1 2,6
Net margin (%) 0,8 -3,2 2,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,1 22,2 8,9
EBITDA growth (%) -16,4 -37,9 152,5
EBIT growth (%) -69,7 -503,5 168,6
Net profit growth (%) -75 -584,1 171,5
EPS growth (%) -75,2 -580,2 171,5
Profitability 2021 2022 2023
ROE (%) 1 -4,2 3
ROE Adj (%) 2,9 0,8 5,9
ROCE (%) 1,2 -4 2,8
ROCE Adj(%) 2,4 -0,9 4,5
ROIC (%) 0,7 -2,9 2,5
ROIC Adj (%) 0,6 -2,1 2,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 64 50 102
EBITDA Adj margin (%) 10,9 6,9 13
EBITDA lease Adj 50 37 89
EBITDA lease Adj margin (%) 8,5 5,1 11,4
EBITA Adj 18 -7 39
EBITA Adj margin (%) 3 -1 5
EBIT Adj 7 -25 24
EBIT Adj margin (%) 1,3 -3,5 3
Pretax profit Adj 18 -9 36
Net profit Adj 14 5 32
Net profit to shareholders Adj 14 5 32
Net Adj margin (%) 2,3 0,6 4,1
SEKm 2021 2022e 2023e
Short-term debt 0 0 0
Accounts payable 20 29 31
Other current liabilities 152 170 182
Total liabilities and equity 1052 1056 1086
Net IB debt 185 212 212
Net IB debt excl. pension debt 185 212 212
Net IB debt excl. leasing 160 187 187
Capital invested 737 741 757
Working capital 81 86 98
EV breakdown 2021 2022 2023
Market cap. diluted (m) 728 199 199
Net IB debt Adj 185 212 212
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 913 411 412
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 66,4 68,1 73
Working capital / sales (%) 9,2 11,7 11,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 33,6 40,1 39
Net debt / market cap (%) 26,1 106,3 106,4
Equity ratio (%) 52,4 50,1 50,2
Net IB debt adj. / equity (%) 33,6 40,1 39
Current ratio (%) 217,3 192 191,1
EBITDA / net interest (%) -10850 2524,7 3186,9
Net IB debt / EBITDA (%) 284,8 524,8 208,2
Net IB debt / EBITDA lease Adj (%) 321,4 508,2 210,5
Interest cover (%) -3133,3 -1050,3 1227,9
EBITDA 65 40 102
Net financial items 1 -2 -3
Paid tax -5 14 -4
Non-cash items 0 0 0
Cash flow before change in WC 60 52 94
Change in WC -80 -5 -11
Operating cash flow -20 47 83
CAPEX tangible fixed assets -51 -29 -35
CAPEX intangible fixed assets 0 -32 -35
Acquisitions and disposals -113 0 0
Free cash flow -184 -14 13
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation -14 -13 -13
Other non cash items 127 -18 -12
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 408 408 408
Other intangible assets 141 151 157
Tangible fixed assets 55 43 41
Right-of-use asset 41 42 43
Total other fixed assets 12 12 12
Fixed assets 656 654 660
Inventories 40 48 53
Receivables 214 237 258
Other current assets 0 0 0
Cash and liquid assets 143 116 116
Total assets 1052 1056 1086
Shareholders equity 552 529 545
Minority 0 0 0
Total equity 552 529 545
Long-term debt 303 303 303
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 25 25 25
Total other long-term liabilities 0 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 0,19 -0,94 0,67
Dividend per share Adj 0 0 0
EPS Adj 0,57 0,19 1,31
BVPS 22,86 21,74 22,4
BVPS Adj 0,13 -1,22 -0,81
Net IB debt / share 7,7 8,7 8,7
Share price 29,47 8,2 8,2
Market cap. (m) 711 199 199
Valuation 2021 2022 2023
P/E 154,8 -8,8 12,3
EV/sales 1,55 0,57 0,53
EV/EBITDA 14 10,2 4
EV/EBITA 48,6 -24,5 10,5
EV/EBIT 106,2 -11,9 17,3
Dividend yield (%) 0 0 0
FCF yield (%) -25,2 -6,8 6,4
Lease adj. FCF yield (%) -27,1 -13,3 -0,2
P/BVPS 1,32 0,38 0,37
P/BVPS Adj 234,68 -6,71 -10,11
P/E Adj 53,1 43,9 6,3
EV/EBITDA Adj 14,3 8,3 4
EV/EBITA Adj 51,9 -55,6 10,5
EV/EBIT Adj 123,4 -16,3 17,3
EV/cap. employed 1 0,5 0,5
Investment ratios 2021 2022 2023
Capex / sales 8,7 8,5 9
Capex / depreciation 149 135 138,8
Capex tangibles / tangible fixed assets 92,7 66,9 86,2
Capex intangibles / definite intangibles 0 21,4 22,4
Depreciation on intangibles / definite intangibles 3,9 2,9 8,6
Depreciation on tangibles / tangibles 52,3 95,3 91,2

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Media

Careium - Company presentation with President & CEO Carl-Johan Zetterberg Boudrie

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 16.6 % 16.6 % 31 Dec 2021
Nordea Fonder 11.7 % 11.7 % 28 Sep 2022
Rite Ventures 10.2 % 10.2 % 28 Sep 2022
Lazard Frères Gestion 7.0 % 7.0 % 31 Aug 2022
Avanza Pension 4.5 % 4.5 % 28 Sep 2022
Peter Lindell 3.2 % 3.2 % 28 Sep 2022
Swedbank Försäkring 3.0 % 3.0 % 28 Sep 2022
eQ Asset Management Oy 3.0 % 3.0 % 31 Oct 2022
Originat AB 2.4 % 2.4 % 28 Sep 2022
Thomas Eklund 1.9 % 1.9 % 28 Sep 2022
Source: Holdings by Modular Finance AB