Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Careium

Careium

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.

SEKm 2023 2024e 2025e
Sales 825 931 1017
Sales growth (%) 13,7 13 9,2
EBITDA 138 150 169
EBITDA margin (%) 16,7 16,1 16,6
EBIT adj. 59 85 99
EBIT adj. margin (%) 7,2 9,1 9,7
Pretax profit 53 74 85
EPS 1,68 2,39 2,76
EPS growth (%) -574,4 42,6 15,5
EPS adj. 2,22 2,74 3,11
DPS 0 0 0
EV/EBITDA (x) 6,1 5,5 4,7
EV/EBIT adj. (x) 14,2 9,6 7,9
P/E (x) 16,1 11,3 9,8
P/E adj. (x) 12,2 9,8 8,7
EV/sales (x) 1,02 0,88 0,77
FCF yield (%) 9,4 6,6 7,9
Le. adj. FCF yld. (%) 3,3 4,2 5,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,1 0,8
Le. adj. ND/EBITDA (x) 1 0,7 0,4
SEKm 2023 2024e 2025e
Sales 825 931 1017
COGS -484 -548 -600
Gross profit 341 383 417
Other operating items -203 -233 -248
EBITDA 138 150 169
Depreciation and amortisation -62 -54 -59
of which leasing depreciation -16 -17 -17
EBITA 77 96 110
EO Items 0 0 0
Impairment and PPA amortisation -17 -11 -11
EBIT 59 85 99
Net financial items -7 -11 -14
Pretax profit 53 74 85
Tax -12 -16 -17
Net profit 41 58 67
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 58 67
EPS 1,68 2,39 2,76
EPS adj. 2,22 2,74 3,11
Total extraordinary items after tax 0 0 0
Leasing payments -16 -17 -17
Tax rate (%) 22,9 21,2 20,6
Gross margin (%) 41,3 41,1 41
EBITDA margin (%) 16,7 16,1 16,6
EBITA margin (%) 9,3 10,3 10,8
EBIT margin (%) 7,2 9,1 9,7
Pre-tax margin (%) 6,4 7,9 8,3
Net margin (%) 4,9 6,2 6,6
Sales growth (%) 13,7 13 9,2
EBITDA growth (%) 134,7 8,8 12,4
EBITA growth (%) 3725 25,5 14,4
EBIT growth (%) -475,9 43,4 16,3
Net profit growth (%) -574,4 42,6 15,5
EPS growth (%) -574,4 42,6 15,5
Profitability N/A N/A N/A
ROE (%) 7 9,1 9,5
ROE adj. (%) 9,9 10,8 11
ROCE (%) 7,1 9,9 10,6
ROCE adj. (%) 9,1 11,2 11,8
ROIC (%) 7,3 9,3 10,2
ROIC adj. (%) 7,3 9,3 10,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 138 150 169
EBITDA adj. margin (%) 16,7 16,1 16,6
EBITDA lease adj. 122 133 152
EBITDA lease adj. margin (%) 14,8 14,3 14,9
EBITA adj. 77 96 110
EBITA adj. margin (%) 9,3 10,3 10,8
EBIT adj. 59 85 99
EBIT adj. margin (%) 7,2 9,1 9,7
Pretax profit Adj. 70 85 95
Net profit Adj. 58 69 78
Net profit to shareholders adj. 58 69 78
Net adj. margin (%) 7 7,4 7,7
SEKm 2023 2024e 2025e
EBITDA 138 150 169
Goodwill 430 429 429
Net financial items -7 -11 -14
Other intangible assets 138 151 145
Paid tax -2 -14 -17
Tangible fixed assets 121 135 161
Non-cash items -55 -2 0
Right-of-use asset 25 38 37
Cash flow before change in WC 74 123 137
Total other fixed assets 20 16 16
Change in working capital 38 -19 -12
Fixed assets 733 768 787
Operating cash flow 112 104 125
Inventories 37 47 51
Capex tangible fixed assets -28 -27 -44
Receivables 160 199 217
Capex intangible fixed assets -23 -33 -29
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 32 61 97
Free cash flow 62 43 52
Total assets 961 1075 1153
Dividend paid 0 0 0
Shareholders equity 600 674 741
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -41 -16 -16
Total equity 600 674 741
Other non-cash items 49 -4 0
Long-term debt 151 157 157
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 69 69 69
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 142 174 185
Total liabilities and equity 961 1075 1153
Net IB debt 188 165 129
Net IB debt excl. pension debt 188 165 129
Net IB debt excl. leasing 120 96 60
Capital employed 819 900 967
Capital invested 788 839 870
Working capital 54 71 83
Market cap. diluted (m) 657 657 657
Net IB debt adj. 188 165 129
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 845 822 786
Total assets turnover (%) 84,4 91,5 91,4
Working capital/sales (%) 9,3 6,7 7,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 31,4 24,4 17,4
Net debt / market cap (%) 28,6 25,1 19,6
Equity ratio (%) 62,4 62,7 64,3
Net IB debt adj. / equity (%) 31,4 24,4 17,4
Current ratio 1,6 1,76 1,97
EBITDA/net interest 21,2 13,3 11,7
Net IB debt/EBITDA (x) 1,4 1,1 0,8
Net IB debt/EBITDA lease adj. (x) 1 0,7 0,4
Interest coverage 11,8 8,5 7,6
SEKm 2023 2024e 2025e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 1,68 2,39 2,76
Dividend per share 0 0 0
EPS adj. 2,22 2,74 3,11
BVPS 24,64 27,71 30,48
BVPS adj. 1,31 3,89 6,9
Net IB debt/share 7,73 6,77 5,3
Share price 27 27 27
Market cap. (m) 657 657 657
P/E (x) 16,1 11,3 9,8
EV/sales (x) 1,02 0,88 0,77
EV/EBITDA (x) 6,1 5,5 4,7
EV/EBITA (x) 11 8,6 7,2
EV/EBIT (x) 14,2 9,6 7,9
Dividend yield (%) 0 0 0
FCF yield (%) 9,4 6,6 7,9
Le. adj. FCF yld. (%) 3,3 4,2 5,4
P/BVPS (x) 1,1 0,97 0,89
P/BVPS adj. (x) 20,59 6,94 3,91
P/E adj. (x) 12,2 9,8 8,7
EV/EBITDA adj. (x) 6,1 5,5 4,7
EV/EBITA adj. (x) 11 8,6 7,2
EV/EBIT adj. (x) 14,2 9,6 7,9
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 6,1 6,5 7,2
Capex/depreciation 1,1 1,6 1,7
Capex tangibles / tangible fixed assets 22,8 20 27,5
Capex intangibles / definite intangibles 16,3 22,1 19,9
Depreciation on intang / def. intang 21 14 17
Depreciation on tangibles / tangibles 14,07 11,67 11,27

Equity research

Read earlier research

Media

Careium - Company presentation with CEO Christian Walén
Careium - Company presentation with CEO Maria Khorsand

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 17.2 % 17.2 % 26 Mar 2024
Accendo Capital 12.1 % 12.1 % 26 Mar 2024
Nordea Funds 11.7 % 11.7 % 26 Mar 2024
Lazard Frères Gestion 7.0 % 7.0 % 31 Mar 2024
Kunshan Q Technology International Limited 5.0 % 5.0 % 15 Jan 2024
Nordea Liv & Pension 4.3 % 4.3 % 26 Mar 2024
Avanza Pension 4.1 % 4.1 % 26 Mar 2024
Swedbank Försäkring 2.4 % 2.4 % 26 Mar 2024
Theodor Jeansson Jr. 2.4 % 2.4 % 26 Mar 2024
Nordnet Pensionsförsäkring 2.2 % 2.2 % 26 Mar 2024
Source: Holdings by Modular Finance AB