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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 588 680 739
Sales growth (%) 12,1 15,7 8,7
EBITDA margin (%) 12,8 11,2 15,7
EBIT adj 7 32 40
EBIT adj margin (%) 1,3 4,7 5,4
EBITDA 75 76 116
Pretax profit 9 -5 38
EPS rep 0,19 -0,18 1,24
EPS growth (%) -75,2 -192,7 787,8
EPS adj 0,57 1,82 1,7
DPS 0 0 0
EV/EBITDA (x) 12,1 6,7 3,9
EV/EBIT adj (x) 123,4 16 11,4
P/E (x) 154,8 -75,6 11
P/E adj (x) 53,1 7,5 8
EV/sales (x) 1,6 0,7 0,6
FCF yield (%) -25,2 5,7 20,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,3 2,2 1
Lease adj. FCF yield (%) -25,2 1,8 16,1
Lease adj. ND/EBITDA 2,2 1,6 1
SEKm 2021 2022e 2023e
Sales 588 680 739
COGS -347 -403 -430
Gross profit 240 276 309
Other operating items -165 -201 -193
EBITDA 75 76 116
Depreciation and amortisation -36 -39 -43
Of which leasing depreciation -12 -12 -12
EBITA 19 10 51
EO items 1 -35 0
Impairment and PPA amortisation -10 -13 -11
EBIT 9 -3 40
Net financial items 1 -2 -2
Pretax profit 9 -5 38
Tax -5 1 -8
Net profit 5 -4 30
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 -4 30
EPS 0,19 -0,18 1,24
EPS Adj 0,57 1,82 1,7
Total extraordinary items after tax 1,2 -35 0
Leasing payments 0 -13 -13
Tax rate (%) -48,9 -12,2 -21
Gross margin (%) 40,9 40,7 41,9
EBITDA margin (%) 12,8 11,2 15,7
EBITA margin (%) 3,2 1,5 6,9
EBIT margin (%) 1,5 -0,5 5,4
Pretax margin (%) 1,6 -0,7 5,1
Net margin (%) 0,8 -0,6 4,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,1 15,7 8,7
EBITDA growth (%) -3,3 0,8 52,8
EBIT growth (%) -69,7 -137,1 1352,7
Net profit growth (%) -75 -192,7 787,8
EPS growth (%) -75,2 -192,7 787,8
Profitability 2021 2022 2023
ROE (%) 1 -0,8 5,3
ROE Adj (%) 2,9 8 7,3
ROCE (%) 1,2 -0,4 4,5
ROCE Adj(%) 2,4 5,1 5,7
ROIC (%) 0,7 -0,4 4,5
ROIC Adj (%) 0,6 3,9 4,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 74 111 116
EBITDA Adj margin (%) 12,6 16,3 15,7
EBITDA lease Adj 74 98 103
EBITDA lease Adj margin (%) 12,6 14,4 13,9
EBITA Adj 18 45 51
EBITA Adj margin (%) 3 6,6 6,9
EBIT Adj 7 32 40
EBIT Adj margin (%) 1,3 4,7 5,4
Pretax profit Adj 18 43 49
Net profit Adj 14 44 41
Net profit to shareholders Adj 14 44 41
Net Adj margin (%) 2,3 6,5 5,5
SEKm 2021 2022e 2023e
Short-term debt 0 0 0
Accounts payable 20 44 48
Other current liabilities 152 61 82
Total liabilities and equity 1052 981 1035
Net IB debt 176 170 117
Net IB debt excl. pension debt 176 170 117
Net IB debt excl. leasing 160 154 101
Capital invested 727 717 694
Working capital 81 76 53
EV breakdown 2021 2022 2023
Market cap. diluted (m) 728 329 329
Net IB debt Adj 185 179 126
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 913 509 456
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 66,4 66,9 73,4
Working capital / sales (%) 9,2 11,6 8,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 31,9 31 20,2
Net debt / market cap (%) 24,7 51,5 35,4
Equity ratio (%) 52,4 55,8 55,8
Net IB debt adj. / equity (%) 33,6 32,8 21,9
Current ratio (%) 217,3 285,8 275,5
EBITDA / net interest (%) -12550 4275,7 5798,5
Net IB debt / EBITDA (%) 233,3 223,7 100,6
Net IB debt / EBITDA lease Adj (%) 216,5 157,8 98,4
Interest cover (%) -3133,3 569,8 2545,9
EBITDA 75 76 116
Net financial items 1 -2 -2
Paid tax -5 1 -8
Non-cash items -10 -13 -11
Cash flow before change in WC 60 61 95
Change in WC -80 5 23
Operating cash flow -20 67 118
CAPEX tangible fixed assets -51 -48 -52
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -113 0 0
Free cash flow -184 19 66
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation 0 -13 -13
Other non cash items 119 91 -20
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 384 384 384
Other intangible assets 110 88 67
Tangible fixed assets 96 111 131
Right-of-use asset 55 56 57
Total other fixed assets 12 12 12
Fixed assets 656 650 650
Inventories 40 46 50
Receivables 214 136 133
Other current assets 0 0 0
Cash and liquid assets 143 148 202
Total assets 1052 981 1035
Shareholders equity 552 547 577
Minority 0 0 0
Total equity 552 547 577
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 -0,18 1,24
Dividend per share Adj 0 0 0
EPS Adj 0,57 1,82 1,7
BVPS 22,86 22,67 23,92
BVPS Adj 2,4 3,13 5,23
Net IB debt / share 7,3 7 4,8
Share price 29,47 13,65 13,65
Market cap. (m) 711 329 329
Valuation 2021 2022 2023
P/E 154,8 -75,6 11
EV/sales 1,55 0,75 0,62
EV/EBITDA 12,1 6,7 3,9
EV/EBITA 48,6 50,3 9
EV/EBIT 106,2 -159,7 11,4
Dividend yield (%) 0 0 0
FCF yield (%) -25,2 5,7 20,1
Lease adj. FCF yield (%) -25,2 1,8 16,1
P/BVPS 1,32 0,6 0,57
P/BVPS Adj 12,56 4,36 2,61
P/E Adj 53,1 7,5 8
EV/EBITDA Adj 12,3 4,6 3,9
EV/EBITA Adj 51,9 11,3 9
EV/EBIT Adj 123,4 16 11,4
EV/cap. employed 1 0,6 0,5
Investment ratios 2021 2022 2023
Capex / sales 8,7 7 7
Capex / depreciation 212 175,1 166,6
Capex tangibles / tangible fixed assets 53,5 42,7 39,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles -4,3 -5,3 -1,8
Depreciation on tangibles / tangibles 30,1 28,6 24,6

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.4 % 15.4 % 10 Dec 2021
Nordea Fonder 11.7 % 11.7 % 31 Mar 2022
Rite Ventures 10.2 % 10.2 % 31 Mar 2022
Lazard Frères Gestion 7.0 % 7.0 % 31 Mar 2022
Avanza Pension 3.8 % 3.8 % 31 Mar 2022
eQ Asset Management Oy 2.6 % 2.6 % 30 Apr 2022
Peter Lindell 2.4 % 2.4 % 31 Mar 2022
Originat AB 2.2 % 2.2 % 31 Mar 2022
Nordnet Pensionsförsäkring 2.1 % 2.1 % 31 Mar 2022
Swedbank Försäkring 2.0 % 2.0 % 31 Mar 2022
Source: Holdings by Modular Finance AB