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Careium

Careium

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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.

Financials

SEKm 2022 2023e 2024e
Sales 725 808 889
Sales growth (%) 23,4 11,4 10,1
EBITDA 59 114 146
EBITDA margin (%) 8,1 14,1 16,4
EBIT adj. -10 38 58
EBIT adj. margin (%) -1,4 4,6 6,5
Pretax profit -16 28 47
EPS -0,36 0,9 1,54
EPS growth (%) -285,7 -348,4 71,3
EPS adj. 0,18 1,46 2
DPS 0 0 0
EV/EBITDA (x) 9,9 4,7 3,4
EV/EBIT adj. (x) -56,3 14,1 8,7
P/E (x) -42,2 17 9,9
P/E adj. (x) 83,2 10,4 7,6
EV/sales (x) 0,8 0,66 0,57
FCF yield (%) -24,2 16,4 10,9
Le. adj. FCF yld. (%) -28,3 12,9 7,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,6 1,4 0,9
Le. adj. ND/EBITDA (x) 3,7 1,4 0,9
SEKm 2022 2023e 2024e
Sales 725 808 889
COGS -451 -480 -526
Gross profit 274 327 363
Other operating items -215 -214 -217
EBITDA 59 114 146
Depreciation and amortisation -57 -59 -74
of which leasing depreciation -12 -12 -12
EBITA 2 55 72
EO Items -6 0 0
Impairment and PPA amortisation -18 -17 -14
EBIT -16 38 58
Net financial items 0 -10 -11
Pretax profit -16 28 47
Tax 7 -6 -10
Net profit -9 22 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -9 22 37
EPS -0,36 0,9 1,54
EPS adj. 0,18 1,46 2
Total extraordinary items after tax -3 0 0
Leasing payments -12 -12 -12
Tax rate (%) 43,6 21,1 20,6
Gross margin (%) 37,8 40,5 40,8
EBITDA margin (%) 8,1 14,1 16,4
EBITA margin (%) 0,2 6,8 8,1
EBIT margin (%) -2,2 4,6 6,5
Pre-tax margin (%) -2,2 3,4 5,3
Net margin (%) -1,2 2,7 4,2
Sales growth (%) 23,4 11,4 10,1
EBITDA growth (%) -10 93,7 28,6
EBITA growth (%) -90,4 2951,4 31
EBIT growth (%) -286 -334,5 54,4
Net profit growth (%) -287,2 -348,4 71,3
EPS growth (%) -285,7 -348,4 71,3
Profitability N/A N/A N/A
ROE (%) -1,6 3,8 6,2
ROE adj. (%) 2,2 6,8 8,5
ROCE (%) -1,8 4,4 6,7
ROCE adj. (%) 0,9 6,4 8,3
ROIC (%) 0,1 5,7 7,6
ROIC adj. (%) 0,6 5,7 7,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 64 114 146
EBITDA adj. margin (%) 8,9 14,1 16,4
EBITDA lease adj. 52 102 134
EBITDA lease adj. margin (%) 7,2 12,6 15,1
EBITA adj. 8 55 72
EBITA adj. margin (%) 1 6,8 8,1
EBIT adj. -10 38 58
EBIT adj. margin (%) -1,4 4,6 6,5
Pretax profit Adj. 8 45 61
Net profit Adj. 12 39 51
Net profit to shareholders adj. 12 39 51
Net adj. margin (%) 1,7 4,9 5,8
SEKm 2022 2023e 2024e
EBITDA 59 114 146
Goodwill 576 578 572
Net financial items 0 -10 -11
Other intangible assets 0 0 0
Paid tax -4 -6 -10
Tangible fixed assets 102 109 119
Non-cash items -64 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -9 98 125
Total other fixed assets 47 47 47
Change in working capital -12 36 -5
Fixed assets 725 734 738
Operating cash flow -21 133 120
Inventories 50 18 19
Capex tangible fixed assets -66 -48 -53
Receivables 175 202 222
Capex intangible fixed assets 0 -25 -27
Other current assets 0 0 0
Acquisitions and Disposals -3 0 0
Cash and liquid assets 40 73 85
Free cash flow -90 61 40
Total assets 991 1026 1065
Dividend paid 0 0 0
Shareholders equity 567 588 626
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -13 -13
Total equity 567 588 626
Other non-cash items 72 1 1
Long-term debt 269 253 237
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 15 15 15
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 32 36
Other current liabilities 140 137 151
Total liabilities and equity 991 1026 1065
Net IB debt 209 160 132
Net IB debt excl. pension debt 209 160 132
Net IB debt excl. leasing 194 145 117
Capital employed 851 857 878
Capital invested 775 748 757
Working capital 86 50 55
Market cap. diluted (m) 371 371 371
Net IB debt adj. 209 160 132
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 580 531 502
Total assets turnover (%) 71 80,1 85
Working capital/sales (%) 11,5 8,4 5,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 36,8 27,2 21
Net debt / market cap (%) 56,2 43,1 35,4
Equity ratio (%) 57,2 57,3 58,8
Net IB debt adj. / equity (%) 36,8 27,2 21
Current ratio 1,9 1,72 1,75
EBITDA/net interest 146,5 11,6 13,5
Net IB debt/EBITDA (x) 3,6 1,4 0,9
Net IB debt/EBITDA lease adj. (x) 3,7 1,4 0,9
Interest coverage 4,5 5,6 6,7
SEKm 2022 2023e 2024e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS -0,36 0,9 1,54
Dividend per share 0 0 0
EPS adj. 0,18 1,46 2
BVPS 23,29 24,19 25,73
BVPS adj. -0,39 0,43 2,23
Net IB debt/share 8,58 6,57 5,41
Share price 15,25 15,25 15,25
Market cap. (m) 371 371 371
P/E (x) -42,2 17 9,9
EV/sales (x) 0,8 0,66 0,57
EV/EBITDA (x) 9,9 4,7 3,4
EV/EBITA (x) 322 9,7 7
EV/EBIT (x) -36,2 14,1 8,7
Dividend yield (%) 0 0 0
FCF yield (%) -24,2 16,4 10,9
Le. adj. FCF yld. (%) -28,3 12,9 7,4
P/BVPS (x) 0,65 0,63 0,59
P/BVPS adj. (x) -39,05 35,27 6,84
P/E adj. (x) 83,2 10,4 7,6
EV/EBITDA adj. (x) 9 4,7 3,4
EV/EBITA adj. (x) 77,3 9,7 7
EV/EBIT adj. (x) -56,3 14,1 8,7
EV/CE (x) 0,7 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 9,1 9 9
Capex/depreciation 1,5 1,6 1,3
Capex tangibles / tangible fixed assets 64,7 44,1 44,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 39,84 37,82 35,77

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Media

Careium - Company presentation with CEO Maria Khorsand
Careium - Company presentation with President & CEO Carl-Johan Zetterberg Boudrie

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 17.1 % 17.1 % 29 Mar 2023
Nordea Fonder 11.7 % 11.7 % 29 Mar 2023
Rite Ventures 10.2 % 10.2 % 29 Mar 2023
Nordea Liv & Pension 7.8 % 7.8 % 29 Mar 2023
Lazard Frères Gestion 7.0 % 7.0 % 30 Apr 2023
Peter Lindell 3.7 % 3.7 % 29 Mar 2023
Avanza Pension 3.4 % 3.4 % 29 Mar 2023
eQ Asset Management Oy 2.7 % 2.7 % 31 May 2023
Swedbank Försäkring 2.5 % 2.5 % 29 Mar 2023
Originat AB 2.4 % 2.4 % 29 Mar 2023
Source: Holdings by Modular Finance AB