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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 854,1 929,3 992,51
Sales growth (%) -1,9 8,8 6,8
EBITDA 119 141 167
EBITDA margin (%) 13,9 15,2 16,8
EBIT adj. 54 69 89
EBIT adj. margin (%) 6,3 7,4 9
Pretax profit 34 57 75
EPS 1,46 1,86 2,45
EPS growth (%) -42,1 27,4 31,6
EPS adj. 1,74 1,86 2,45
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) 6,7 5,5 4,6
EV/EBIT adj. (x) 14,7 11,4 8,6
P/E (x) 17,56 13,79 10,48
P/E adj. (x) 14,8 13,8 10,5
EV/sales (x) 0,92 0,84 0,77
FCF yield (%) 6,6 3,8 5,6
Le. adj. FCF yld. (%) 4,4 0,9 2,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,4 1,1 0,9
Le. adj. ND/EBITDA (x) 1,2 1 0,7
SEKm 2025 2026e 2027e
Sales 854,1 929,3 992,51
COGS -479 -522 -553
Gross profit 375 407 440
Other operating items -257 -266 -273
EBITDA 119 141 167
Depreciation and amortisation -68 -73 -77
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -17 -17 -17
EBITA 50,9 68,79 89,14
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 68,79 89,14
Net financial items -15 -12 -14
Pretax profit 34 57 75
Tax 1 -12 -15
Net profit 36 45 60
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 45 60
EPS 1,46 1,86 2,45
EPS adj. 1,74 1,86 2,45
Total extraordinary items after tax -5 0 0
Leasing payments -17 -17 -17
Tax rate (%) -3,5 20,6 20,6
Gross margin (%) 43,9 43,8 44,3
EBITDA margin (%) 13,9 15,2 16,8
EBITA margin (%) 6 7,4 9
EBIT margin (%) 5,7 7,4 9
Pre-tax margin (%) 4 6,1 7,6
Net margin (%) 4,2 4,9 6
Sales growth (%) -1,9 8,8 6,8
EBITDA growth (%) -21,2 19,2 17,8
EBITA growth (%) -45,1 35,2 29,6
EBIT growth (%) -41,7 40,4 29,6
Net profit growth (%) -42,1 27,4 31,6
EPS growth (%) -42,1 27,4 31,6
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 5,2 6,4 7,8
ROE adj. (%) 6,2 6,4 7,8
ROCE (%) 5,5 7,4 9,1
ROCE adj. (%) 6,3 7,4 9,1
ROIC (%) 6,2 6,3 7,7
ROIC adj. (%) 6,8 6,3 7,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 123 141 167
EBITDA adj. margin (%) 14,4 15,2 16,8
EBITDA lease adj. 106 125 150
EBITDA lease adj. margin (%) 12,5 13,4 15,1
EBITA adj. 56 69 89
EBITA adj. margin (%) 6,5 7,4 9
EBIT adj. 54 69 89
EBIT adj. margin (%) 6,3 7,4 9
Pretax profit Adj. 41 57 75
Net profit Adj. 42 45 60
Net profit to shareholders adj. 42 45 60
Net adj. margin (%) 4,9 4,9 6
SEKm 2025 2026e 2027e
EBITDA 119 141 167
Goodwill 420 424 424
Net financial items -15 -12 -14
Other intangible assets 145 147 147
Paid tax -19 -18 -15
Tangible fixed assets 101 123 159
Non-cash items 16 11 0
Right-of-use asset 82 95 98
Cash flow before change in WC 101 123 137
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 23 24 24
Change in working capital 42 -15 -27
Fixed assets 770 813 852
Operating cash flow 144 107 110
Inventories 44 53 56
Capex tangible fixed assets -70 -52 -44
Receivables 220 215 230
Capex intangible fixed assets -32 -31 -31
Other current assets 0 9 9
Acquisitions and Disposals 0 0 0
Cash and liquid assets 55 61 76
Free cash flow 41 24 35
Total assets 1089 1150 1223
Dividend paid 0 0 0
Shareholders equity 682 735 795
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -14 -19 -20
Total equity 682 735 795
Other non-cash items N/A N/A N/A
Other changes in net debt -26 2 0
Long-term debt 183 184 184
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 35 33 33
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 189 198 211
Total liabilities and equity 1089 1150 1223
Net IB debt 164 157 142
Net IB debt excl. pension debt 164 157 142
Net IB debt excl. leasing 129 123 109
Capital employed 900 953 1012
Capital invested 845 892 937
Working capital 76 79 84
Market cap. diluted (m) 625 625 625
Net IB debt adj. 164 157 142
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 789 782 767
Total assets turnover (%) 79,9 83 83,6
Working capital/sales (%) 9,3 8,3 8,2
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 24 21,3 17,8
Net debt / market cap (%) 26,2 25,1 22,7
Equity ratio (%) 62,6 63,9 65
Net IB debt adj. / equity (%) 24 21,3 17,8
Current ratio 1,69 1,71 1,76
EBITDA/net interest 8,1 12,1 11,9
Net IB debt/EBITDA (x) 1,4 1,1 0,9
Net IB debt/EBITDA lease adj. (x) 1,2 1 0,7
Interest coverage 3,5 5,9 6,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 1,46 1,86 2,45
Dividend per share 0 0 N/A
EPS adj. 1,74 1,86 2,45
BVPS 28,02 30,23 32,68
BVPS adj. 4,81 6,75 9,19
Net IB debt/share 6,73 6,44 5,83
Share price 25,7 25,7 25,7
Market cap. (m) 625 625 625
P/E (x) 17,56 13,79 10,48
EV/sales (x) 0,92 0,84 0,77
EV/EBITDA (x) 6,7 5,5 4,6
EV/EBITA (x) 15,5 11,4 8,6
EV/EBIT (x) 16,1 11,4 8,6
Dividend yield (%) 0 0 0
FCF yield (%) 6,6 3,8 5,6
Le. adj. FCF yld. (%) 4,4 0,9 2,4
P/BVPS (x) 0,92 0,85 0,79
P/BVPS adj. (x) 5,34 3,81 2,8
P/E adj. (x) 14,8 13,8 10,5
EV/EBITDA adj. (x) 6,4 5,5 4,6
EV/EBITA adj. (x) 14,2 11,4 8,6
EV/EBIT adj. (x) 14,7 11,4 8,6
EV/CE (x) 0,9 0,8 0,8
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -12 -9 -7,6
Capex/depreciation 2 1,5 1,2
Capex tangibles / tangible fixed assets 70 42,4 27,7
Capex intangibles / definite intangibles 22,1 21 21,2
Depreciation on intang / def. intang 18 20 21
Depreciation on tangibles / tangibles 24,84 21,7 18,63

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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 25.1 % 25.1 % 13 Apr 2026
Nordea Funds 11.7 % 11.7 % 13 Apr 2026
Q Technology (Group) Company Limited 8.9 % 8.9 % 8 Jan 2026
Lazard Frères Gestion 7.0 % 7.0 % 30 Apr 2026
Avanza Pension 6.3 % 6.3 % 27 Mar 2026
Swedbank Försäkring 2.4 % 2.4 % 27 Mar 2026
Thomas Eklund 1.9 % 1.9 % 13 Apr 2026
Mats Lindberg 1.8 % 1.8 % 27 Mar 2026
eQ Asset Management Oy 1.6 % 1.6 % 31 May 2026
Nordnet Pensionsförsäkring 1.5 % 1.5 % 27 Mar 2026
Source: Holdings by Modular Finance AB