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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 854,1 969,62 1050,31
Sales growth (%) -1,9 13,5 8,3
EBITDA 119 149 176
EBITDA margin (%) 13,9 15,3 16,7
EBIT adj. 54 72 93
EBIT adj. margin (%) 6,3 7,5 8,8
Pretax profit 34 64 80
EPS 1,46 2,1 2,61
EPS growth (%) -42,1 43,5 24,5
EPS adj. 1,74 2,1 2,61
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) 7,2 5,8 4,8
EV/EBIT adj. (x) 15,9 12 9,1
P/E (x) 19,34 13,48 10,82
P/E adj. (x) 16,3 13,5 10,8
EV/sales (x) 1 0,9 0,81
FCF yield (%) 6 4,5 6,3
Le. adj. FCF yld. (%) 4 2,1 3,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,2 0,9
Le. adj. ND/EBITDA (x) 1,2 1,1 0,8
SEKm 2025 2026e 2027e
Sales 854,1 969,62 1050,31
COGS -479 -544 -586
Gross profit 375 426 464
Other operating items -257 -277 -288
EBITDA 119 149 176
Depreciation and amortisation -68 -77 -83
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -17 -18 -20
EBITA 50,9 72,26 92,91
EO Items N/A N/A N/A
Operating EO items -5 0 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -2 0 0
EBIT 49 72,26 92,91
Net financial items -15 -8 -13
Pretax profit 34 64 80
Tax 1 -13 -17
Net profit 36 51 64
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 51 64
EPS 1,46 2,1 2,61
EPS adj. 1,74 2,1 2,61
Total extraordinary items after tax -5 0 0
Leasing payments -17 -18 -20
Tax rate (%) -3,5 20,6 20,6
Gross margin (%) 43,9 43,9 44,2
EBITDA margin (%) 13,9 15,3 16,7
EBITA margin (%) 6 7,5 8,8
EBIT margin (%) 5,7 7,5 8,8
Pre-tax margin (%) 4 6,6 7,6
Net margin (%) 4,2 5,3 6,1
Sales growth (%) -1,9 13,5 8,3
EBITDA growth (%) -21,2 25,4 18
EBITA growth (%) -45,1 42 28,6
EBIT growth (%) -41,7 47,5 28,6
Net profit growth (%) -42,1 43,5 24,5
EPS growth (%) -42,1 43,5 24,5
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 5,2 7,3 8,5
ROE adj. (%) 6,2 7,3 8,5
ROCE (%) 5,5 7,8 9,5
ROCE adj. (%) 6,3 7,8 9,5
ROIC (%) 6,2 6,6 8,1
ROIC adj. (%) 6,8 6,6 8,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 123 149 176
EBITDA adj. margin (%) 14,4 15,3 16,7
EBITDA lease adj. 106 130 156
EBITDA lease adj. margin (%) 12,5 13,4 14,8
EBITA adj. 56 72 93
EBITA adj. margin (%) 6,5 7,5 8,8
EBIT adj. 54 72 93
EBIT adj. margin (%) 6,3 7,5 8,8
Pretax profit Adj. 41 64 80
Net profit Adj. 42 51 64
Net profit to shareholders adj. 42 51 64
Net adj. margin (%) 4,9 5,3 6,1
SEKm 2025 2026e 2027e
EBITDA 119 149 176
Goodwill 420 429 429
Net financial items -15 -8 -13
Other intangible assets 145 145 143
Paid tax -19 -19 -17
Tangible fixed assets 101 111 128
Non-cash items 16 22 0
Right-of-use asset 82 93 93
Cash flow before change in WC 101 144 146
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 23 25 25
Change in working capital 42 -29 -28
Fixed assets 770 804 819
Operating cash flow 144 115 119
Inventories 44 39 47
Capex tangible fixed assets -70 -54 -44
Receivables 220 216 244
Capex intangible fixed assets -32 -30 -31
Other current assets 0 15 15
Acquisitions and Disposals 0 0 0
Cash and liquid assets 55 53 77
Free cash flow 41 31 43
Total assets 1089 1127 1202
Dividend paid 0 0 0
Shareholders equity 682 714 778
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -14 -17 -20
Total equity 682 714 778
Other non-cash items N/A N/A N/A
Other changes in net debt -26 -32 0
Long-term debt 183 202 202
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 35 32 32
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 189 179 190
Total liabilities and equity 1089 1127 1202
Net IB debt 164 181 158
Net IB debt excl. pension debt 164 181 158
Net IB debt excl. leasing 129 149 126
Capital employed 900 948 1012
Capital invested 845 895 935
Working capital 76 91 116
Market cap. diluted (m) 688 688 688
Net IB debt adj. 164 181 158
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 852 870 846
Total assets turnover (%) 79,9 87,5 90,2
Working capital/sales (%) 9,3 8,6 9,9
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 24 25,4 20,3
Net debt / market cap (%) 23,8 26,3 22,9
Equity ratio (%) 62,6 63,4 64,7
Net IB debt adj. / equity (%) 24 25,4 20,3
Current ratio 1,69 1,81 2,01
EBITDA/net interest 8,1 18,8 13,7
Net IB debt/EBITDA (x) 1,4 1,2 0,9
Net IB debt/EBITDA lease adj. (x) 1,2 1,1 0,8
Interest coverage 3,5 9,1 7,3
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 1,46 2,1 2,61
Dividend per share 0 0 N/A
EPS adj. 1,74 2,1 2,61
BVPS 28,02 29,35 31,97
BVPS adj. 4,81 5,75 8,44
Net IB debt/share 6,73 7,45 6,48
Share price 28,3 28,3 28,3
Market cap. (m) 688 688 688
P/E (x) 19,34 13,48 10,82
EV/sales (x) 1 0,9 0,81
EV/EBITDA (x) 7,2 5,8 4,8
EV/EBITA (x) 16,7 12 9,1
EV/EBIT (x) 17,4 12 9,1
Dividend yield (%) 0 0 0
FCF yield (%) 6 4,5 6,3
Le. adj. FCF yld. (%) 4 2,1 3,4
P/BVPS (x) 1,01 0,96 0,89
P/BVPS adj. (x) 5,88 4,92 3,35
P/E adj. (x) 16,3 13,5 10,8
EV/EBITDA adj. (x) 6,9 5,8 4,8
EV/EBITA adj. (x) 15,4 12 9,1
EV/EBIT adj. (x) 15,9 12 9,1
EV/CE (x) 0,9 0,9 0,8
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -12 -8,7 -7,2
Capex/depreciation 2 1,4 1,2
Capex tangibles / tangible fixed assets 70 48,8 34,4
Capex intangibles / definite intangibles 22,1 20,5 21,8
Depreciation on intang / def. intang 18 21 23
Depreciation on tangibles / tangibles 24,93 24,72 23,23

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 27.7 % 27.7 % 26 Jun 2026
Nordea Funds 11.8 % 11.8 % 26 Jun 2026
Q Technology (Group) Company Limited 8.9 % 8.9 % 8 Jan 2026
Lazard Frères Gestion 7.0 % 7.0 % 31 Aug 2026
Avanza Pension 5.5 % 5.5 % 26 Jun 2026
Swedbank Försäkring 2.4 % 2.4 % 26 Jun 2026
Thomas Eklund 1.9 % 1.9 % 26 Jun 2026
Nordnet Pensionsförsäkring 1.9 % 1.9 % 26 Jun 2026
Mats Lindberg 1.8 % 1.8 % 26 Jun 2026
eQ Asset Management Oy 1.6 % 1.6 % 31 Aug 2026
Source: Holdings by Modular Finance AB