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. 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 588 704 754
Sales growth (%) 12,1 19,8 7,2
EBITDA margin (%) 11,1 8,6 16,2
EBIT adj 7 -3 39
EBIT adj margin (%) 1,3 -0,4 5,2
EBITDA 65 61 122
Pretax profit 9 -13 37
EPS rep 0,19 -0,18 1,22
EPS growth (%) -75,2 -193,9 766,5
EPS adj 0,57 0,97 1,86
DPS 0 0 0
EV/EBITDA (x) 14 7,6 3,6
EV/EBIT adj (x) 123,4 -154,5 11,2
P/E (x) 154,8 -60,6 9,1
P/E adj (x) 53,1 11,4 6
EV/sales (x) 1,6 0,7 0,6
FCF yield (%) -25,2 1,2 13,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2,8 3,2 1,4
Lease adj. FCF yield (%) -27,1 -3,6 8,4
Lease adj. ND/EBITDA 3,2 3 1,4
SEKm 2021 2022e 2023e
Sales 588 704 754
COGS -347 -429 -447
Gross profit 240 275 308
Other operating items -175 -214 -186
EBITDA 65 61 122
Depreciation and amortisation -46 -55 -67
Of which leasing depreciation -12 -12 -12
EBITA 19 5 55
EO items 1 -10 0
Impairment and PPA amortisation -10 -18 -16
EBIT 9 -13 39
Net financial items 1 0 -2
Pretax profit 9 -13 37
Tax -5 9 -8
Net profit 5 -4 29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 -4 29
EPS 0,19 -0,18 1,22
EPS Adj 0,57 0,97 1,86
Total extraordinary items after tax 1,2 -9,7 0
Leasing payments -14 -13 -13
Tax rate (%) -48,9 -66,2 -21
Gross margin (%) 40,9 39 40,8
EBITDA margin (%) 11,1 8,6 16,2
EBITA margin (%) 3,2 0,8 7,3
EBIT margin (%) 1,5 -1,8 5,2
Pretax margin (%) 1,6 -1,9 4,9
Net margin (%) 0,8 -0,6 3,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 12,1 19,8 7,2
EBITDA growth (%) -16,4 -6,6 101
EBIT growth (%) -69,7 -247,6 409
Net profit growth (%) -75 -193,9 766,5
EPS growth (%) -75,2 -193,9 766,5
Profitability 2021 2022 2023
ROE (%) 1 -0,8 5,2
ROE Adj (%) 2,9 4,3 8
ROCE (%) 1,2 -1,4 4,4
ROCE Adj(%) 2,4 1,7 6,2
ROIC (%) 0,7 -0,6 4,2
ROIC Adj (%) 0,6 -0,1 4,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 64 71 122
EBITDA Adj margin (%) 10,9 10 16,2
EBITDA lease Adj 50 58 109
EBITDA lease Adj margin (%) 8,5 8,2 14,5
EBITA Adj 18 15 55
EBITA Adj margin (%) 3 2,1 7,3
EBIT Adj 7 -3 39
EBIT Adj margin (%) 1,3 -0,4 5,2
Pretax profit Adj 18 15 53
Net profit Adj 14 23 45
Net profit to shareholders Adj 14 23 45
Net Adj margin (%) 2,3 3,3 6
SEKm 2021 2022e 2023e
Short-term debt 0 0 0
Accounts payable 20 28 30
Other current liabilities 152 168 177
Total liabilities and equity 1052 1071 1111
Net IB debt 185 195 173
Net IB debt excl. pension debt 185 195 173
Net IB debt excl. leasing 160 170 148
Capital invested 737 742 749
Working capital 81 84 93
EV breakdown 2021 2022 2023
Market cap. diluted (m) 728 267 267
Net IB debt Adj 185 195 173
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 913 463 440
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 66,4 66,3 69,1
Working capital / sales (%) 9,2 11,7 11,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 33,6 35,7 29,9
Net debt / market cap (%) 26,1 73 64,6
Equity ratio (%) 52,4 51,1 51,9
Net IB debt adj. / equity (%) 33,6 35,7 29,9
Current ratio (%) 217,3 200,3 209,7
EBITDA / net interest (%) -10850 17373,3 6110
Net IB debt / EBITDA (%) 284,8 320,9 141,3
Net IB debt / EBITDA lease Adj (%) 321,4 295,9 135,2
Interest cover (%) -3133,3 1544,7 2736,2
EBITDA 65 61 122
Net financial items 1 0 -2
Paid tax -5 9 -8
Non-cash items 0 0 0
Cash flow before change in WC 60 69 112
Change in WC -80 -2 -9
Operating cash flow -20 67 103
CAPEX tangible fixed assets -51 -28 -30
CAPEX intangible fixed assets 0 -35 -38
Acquisitions and disposals -113 0 0
Free cash flow -184 3 36
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation -14 -13 -13
Other non cash items 127 -15 -9
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 408 408 408
Other intangible assets 141 154 161
Tangible fixed assets 55 44 34
Right-of-use asset 41 42 43
Total other fixed assets 12 12 12
Fixed assets 656 658 656
Inventories 40 48 51
Receivables 214 232 249
Other current assets 0 0 0
Cash and liquid assets 143 133 155
Total assets 1052 1071 1111
Shareholders equity 552 547 576
Minority 0 0 0
Total equity 552 547 576
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 1,22
Dividend per share Adj 0 0 0
EPS Adj 0,57 0,97 1,86
BVPS 22,86 22,67 23,89
BVPS Adj 0,13 -0,6 0,32
Net IB debt / share 7,7 8,1 7,2
Share price 29,47 11,08 11,08
Market cap. (m) 711 267 267
Valuation 2021 2022 2023
P/E 154,8 -60,6 9,1
EV/sales 1,55 0,66 0,58
EV/EBITDA 14 7,6 3,6
EV/EBITA 48,6 85,5 8
EV/EBIT 106,2 -36,4 11,2
Dividend yield (%) 0 0 0
FCF yield (%) -25,2 1,2 13,3
Lease adj. FCF yield (%) -27,1 -3,6 8,4
P/BVPS 1,32 0,49 0,46
P/BVPS Adj 234,68 -18,33 34,25
P/E Adj 53,1 11,4 6
EV/EBITDA Adj 14,3 6,6 3,6
EV/EBITA Adj 51,9 30,6 8
EV/EBIT Adj 123,4 -154,5 11,2
EV/cap. employed 1 0,5 0,5
Investment ratios 2021 2022 2023
Capex / sales 8,7 9 9
Capex / depreciation 149 146 122,4
Capex tangibles / tangible fixed assets 92,7 64,5 89,9
Capex intangibles / definite intangibles 0 22,9 23,4
Depreciation on intangibles / definite intangibles 3,9 2,5 9,4
Depreciation on tangibles / tangibles 52,3 90,6 120

Equity research

Read earlier research

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 Jun 2022
Rite Ventures 10.2 % 10.2 % 28 Jun 2022
Lazard Frères Gestion 7.0 % 7.0 % 30 Jun 2022
Avanza Pension 4.0 % 4.0 % 28 Jun 2022
Peter Lindell 3.2 % 3.2 % 28 Jun 2022
eQ Asset Management Oy 2.6 % 2.6 % 31 Jul 2022
Swedbank Försäkring 2.5 % 2.5 % 28 Jun 2022
Originat AB 2.4 % 2.4 % 28 Jun 2022
Dimensional Fund Advisors 2.0 % 2.0 % 30 Jun 2022
Source: Holdings by Modular Finance AB