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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 2024 2025e 2026e
Sales 869 964 1056
Sales growth (%) 5,4 10,9 9,5
EBITDA 147 162 179
EBITDA margin (%) 16,9 16,8 17
EBIT adj. 79 85 100
EBIT adj. margin (%) 9,1 8,8 9,5
Pretax profit 69 71 86
EPS 2,2 2,31 2,8
EPS growth (%) 31,3 4,9 21,3
EPS adj. 2,5 2,62 3,12
DPS 0 0 0
EV/EBITDA (x) 6 5,2 4,4
EV/EBIT adj. (x) 11,2 9,9 7,9
P/E (x) 13,5 12,9 10,6
P/E adj. (x) 11,9 11,4 9,6
EV/sales (x) 1,02 0,87 0,75
FCF yield (%) 5,2 8,7 8,8
Le. adj. FCF yld. (%) -0,3 6,5 6,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 0,7 0,4
Le. adj. ND/EBITDA (x) 0,7 0,3 0
SEKm 2024 2025e 2026e
Sales 869 964 1056
COGS -501 -564 -619
Gross profit 368 399 437
Other operating items -221 -237 -258
EBITDA 147 162 179
Depreciation and amortisation -58 -68 -69
of which leasing depreciation -17 -17 -17
EBITA 89 95 110
EO Items 0 0 0
Impairment and PPA amortisation -9 -10 -10
EBIT 79 85 100
Net financial items -10 -14 -14
Pretax profit 69 71 86
Tax -15 -15 -18
Net profit 54 56 68
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 54 56 68
EPS 2,2 2,31 2,8
EPS adj. 2,5 2,62 3,12
Total extraordinary items after tax 0 0 0
Leasing payments -17 -17 -17
Tax rate (%) 22,4 20,6 20,6
Gross margin (%) 42,4 41,4 41,4
EBITDA margin (%) 16,9 16,8 17
EBITA margin (%) 10,2 9,8 10,4
EBIT margin (%) 9,1 8,8 9,5
Pre-tax margin (%) 7,9 7,3 8,1
Net margin (%) 6,2 5,8 6,5
Sales growth (%) 5,4 10,9 9,5
EBITDA growth (%) 6,6 10,3 10,4
EBITA growth (%) 16 6,8 15,9
EBIT growth (%) 33,6 7,4 17,7
Net profit growth (%) 31,3 4,9 21,3
EPS growth (%) 31,3 4,9 21,3
Profitability N/A N/A N/A
ROE (%) 8,5 8,1 9,1
ROE adj. (%) 10 9,5 10,3
ROCE (%) 9,4 9,5 10,4
ROCE adj. (%) 10,5 10,6 11,4
ROIC (%) 8,5 9 10,3
ROIC adj. (%) 8,5 9 10,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 147 162 179
EBITDA adj. margin (%) 16,9 16,8 17
EBITDA lease adj. 130 146 162
EBITDA lease adj. margin (%) 15 15,1 15,4
EBITA adj. 89 95 110
EBITA adj. margin (%) 10,2 9,8 10,4
EBIT adj. 79 85 100
EBIT adj. margin (%) 9,1 8,8 9,5
Pretax profit Adj. 78 80 95
Net profit Adj. 63 66 78
Net profit to shareholders adj. 63 66 78
Net adj. margin (%) 7,2 6,8 7,4
SEKm 2024 2025e 2026e
EBITDA 147 162 179
Goodwill 429 429 429
Net financial items -10 -14 -14
Other intangible assets 147 137 128
Tangible fixed assets 138 144 162
Paid tax -9 -15 -18
Non-cash items -5 0 0
Right-of-use asset 38 37 36
Cash flow before change in WC 123 133 147
Total other fixed assets 15 15 15
Fixed assets 766 762 770
Change in working capital -34 -9 -19
Inventories 39 43 48
Operating cash flow 89 125 128
Receivables 187 216 235
Capex tangible fixed assets -28 -33 -34
Other current assets 0 0 0
Capex intangible fixed assets -23 -29 -30
Cash and liquid assets 42 89 137
Acquisitions and Disposals 0 0 0
Total assets 1034 1110 1189
Free cash flow 38 63 63
Shareholders equity 663 719 787
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 663 719 787
Leasing liability amortisation -40 -16 -16
Long-term debt 139 139 139
Other non-cash items 26 0 0
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 164 184 195
Total liabilities and equity 1034 1110 1189
Net IB debt 165 118 70
Net IB debt excl. pension debt 165 118 70
Net IB debt excl. leasing 96 49 2
Capital employed 870 926 994
Capital invested 828 837 858
Working capital 62 75 88
Market cap. diluted (m) 725 725 725
Net IB debt adj. 165 118 70
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 890 843 795
Total assets turnover (%) 87,1 89,9 91,9
Working capital/sales (%) 6,7 7,1 7,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24,9 16,4 8,9
Net debt / market cap (%) 22,7 16,3 9,7
Equity ratio (%) 64,1 64,8 66,2
Net IB debt adj. / equity (%) 24,9 16,4 8,9
Current ratio 1,64 1,9 2,15
EBITDA/net interest 14,3 11,3 12,4
Net IB debt/EBITDA (x) 1,1 0,7 0,4
Net IB debt/EBITDA lease adj. (x) 0,7 0,3 0
Interest coverage 8,6 6,6 7,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,2 2,31 2,8
Dividend per share 0 0 0
EPS adj. 2,5 2,62 3,12
BVPS 27,25 29,56 32,37
BVPS adj. 3,58 6,29 9,47
Net IB debt/share 6,77 4,84 2,89
Share price 29,8 29,8 29,8
Market cap. (m) 725 725 725
P/E (x) 13,5 12,9 10,6
EV/sales (x) 1,02 0,87 0,75
EV/EBITDA (x) 6 5,2 4,4
EV/EBITA (x) 10 8,9 7,2
EV/EBIT (x) 11,2 9,9 7,9
Dividend yield (%) 0 0 0
FCF yield (%) 5,2 8,7 8,8
Le. adj. FCF yld. (%) -0,3 6,5 6,5
P/BVPS (x) 1,09 1,01 0,92
P/BVPS adj. (x) 8,32 4,73 3,15
P/E adj. (x) 11,9 11,4 9,6
EV/EBITDA adj. (x) 6 5,2 4,4
EV/EBITA adj. (x) 10 8,9 7,2
EV/EBIT adj. (x) 11,2 9,9 7,9
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 5,9 6,4 6,1
Capex/depreciation 1,2 1,2 1,2
Capex tangibles / tangible fixed assets 20,3 22,8 21,3
Capex intangibles / definite intangibles 15,8 21 23,7
Depreciation on intang / def. intang 17 21 23
Depreciation on tangibles / tangibles 12,43 15,12 14,02

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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 17.6 % 17.6 % 23 Dec 2024
Accendo Capital 12.1 % 12.1 % 23 Dec 2024
Nordea Funds 11.7 % 11.7 % 23 Dec 2024
Lazard Frères Gestion 7.0 % 7.0 % 30 Nov 2024
Avanza Pension 5.8 % 5.8 % 23 Dec 2024
Kunshan Q Technology International Limited 5.0 % 5.0 % 15 Jan 2024
Nordnet Pensionsförsäkring 3.4 % 3.4 % 23 Dec 2024
Swedbank Försäkring 2.5 % 2.5 % 23 Dec 2024
eQ Asset Management Oy 2.1 % 2.1 % 31 Dec 2024
Thomas Eklund 1.9 % 1.9 % 23 Dec 2024
Source: Holdings by Modular Finance AB