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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 871 935 1027
Sales growth (%) 5,6 7,4 9,8
EBITDA 151 167 186
EBITDA margin (%) 17,3 17,8 18,1
EBIT adj. 84 97 110
EBIT adj. margin (%) 9,6 10,3 10,8
Pretax profit 78 79 95
EPS 2,53 2,57 3,11
EPS growth (%) 50,7 1,6 20,9
EPS adj. 2,81 2,73 3,29
DPS 0 0 0
EV/EBITDA (x) 5,6 4,9 4,2
EV/EBIT adj. (x) 10,1 8,4 7
P/E (x) 11,1 10,9 9
P/E adj. (x) 10 10,3 8,5
EV/sales (x) 0,97 0,87 0,75
FCF yield (%) 5,4 8,5 9
Le. adj. FCF yld. (%) -0,4 5,7 6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 0,8 0,5
Le. adj. ND/EBITDA (x) 1,1 0,7 0,4
SEKm 2024 2025e 2026e
Sales 871 935 1027
COGS -497 -530 -585
Gross profit 374 405 442
Other operating items -223 -238 -256
EBITDA 151 167 186
Depreciation and amortisation -58 -65 -70
of which leasing depreciation -15 -17 -17
EBITA 93 102 116
EO Items 0 0 0
Impairment and PPA amortisation -9 -5 -6
EBIT 84 97 110
Net financial items -6 -18 -15
Pretax profit 78 79 95
Tax -16 -16 -20
Net profit 62 62 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 62 62 76
EPS 2,53 2,57 3,11
EPS adj. 2,81 2,73 3,29
Total extraordinary items after tax 0 0 0
Leasing payments -15 -17 -17
Tax rate (%) 20,7 20,7 20,6
Gross margin (%) 42,9 43,3 43,1
EBITDA margin (%) 17,3 17,8 18,1
EBITA margin (%) 10,6 10,9 11,3
EBIT margin (%) 9,6 10,3 10,8
Pre-tax margin (%) 8,9 8,4 9,3
Net margin (%) 7,1 6,7 7,4
Sales growth (%) 5,6 7,4 9,8
EBITDA growth (%) 1,1 10,8 11,5
EBITA growth (%) 21,2 9,8 14
EBIT growth (%) 41,4 15 14,2
Net profit growth (%) 50,7 1,6 20,9
EPS growth (%) 50,7 1,6 20,9
Profitability N/A N/A N/A
ROE (%) 9,6 9 10
ROE adj. (%) 11 9,7 10,8
ROCE (%) 9,9 10,7 11,4
ROCE adj. (%) 10,9 11,3 12
ROIC (%) 9 9,6 10,7
ROIC adj. (%) 9 9,6 10,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 151 167 186
EBITDA adj. margin (%) 17,3 17,8 18,1
EBITDA lease adj. 136 150 169
EBITDA lease adj. margin (%) 15,6 16 16,5
EBITA adj. 93 102 116
EBITA adj. margin (%) 10,6 10,9 11,3
EBIT adj. 84 97 110
EBIT adj. margin (%) 9,6 10,3 10,8
Pretax profit Adj. 86 84 101
Net profit Adj. 70 68 81
Net profit to shareholders adj. 70 68 81
Net adj. margin (%) 8,1 7,2 7,9
SEKm 2024 2025e 2026e
EBITDA 151 167 186
Goodwill 444 425 425
Net financial items -6 -18 -15
Other intangible assets 141 141 141
Tangible fixed assets 104 134 151
Paid tax -6 -26 -20
Non-cash items -3 1 0
Right-of-use asset 63 71 75
Cash flow before change in WC 135 124 151
Total other fixed assets 9 8 8
Fixed assets 761 780 800
Change in working capital -42 13 -25
Inventories 44 57 62
Operating cash flow 93 137 126
Receivables 214 221 241
Capex tangible fixed assets -28 -49 -34
Other current assets 0 0 0
Capex intangible fixed assets -28 -30 -30
Cash and liquid assets 32 85 126
Acquisitions and Disposals 0 0 0
Total assets 1050 1142 1229
Free cash flow 37 58 61
Shareholders equity 678 716 792
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 678 716 792
Leasing liability amortisation -40 -19 -20
Long-term debt 175 191 191
Other non-cash items 26 -5 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 25 25
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 175 210 222
Total liabilities and equity 1050 1142 1229
Net IB debt 165 131 90
Net IB debt excl. pension debt 165 131 90
Net IB debt excl. leasing 143 106 65
Capital employed 875 932 1007
Capital invested 843 847 881
Working capital 83 67 81
Market cap. diluted (m) 684 684 684
Net IB debt adj. 165 131 90
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 849 814 773
Total assets turnover (%) 86,6 85,3 86,6
Working capital/sales (%) 7,9 8 7,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 24,3 18,3 11,3
Net debt / market cap (%) 24,1 19,1 13,1
Equity ratio (%) 64,6 62,7 64,4
Net IB debt adj. / equity (%) 24,3 18,3 11,3
Current ratio 1,66 1,72 1,93
EBITDA/net interest 23,5 9,3 12,2
Net IB debt/EBITDA (x) 1,1 0,8 0,5
Net IB debt/EBITDA lease adj. (x) 1,1 0,7 0,4
Interest coverage 14,5 5,7 7,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 24 24 24
Diluted shares adj. 24 24 24
EPS 2,53 2,57 3,11
Dividend per share 0 0 0
EPS adj. 2,81 2,73 3,29
BVPS 27,88 29,44 32,54
BVPS adj. 3,84 6,14 9,24
Net IB debt/share 6,78 5,38 3,69
Share price 28,1 28,1 28,1
Market cap. (m) 684 684 684
P/E (x) 11,1 10,9 9
EV/sales (x) 0,97 0,87 0,75
EV/EBITDA (x) 5,6 4,9 4,2
EV/EBITA (x) 9,2 8 6,7
EV/EBIT (x) 10,1 8,4 7
Dividend yield (%) 0 0 0
FCF yield (%) 5,4 8,5 9
Le. adj. FCF yld. (%) -0,4 5,7 6
P/BVPS (x) 1,01 0,95 0,86
P/BVPS adj. (x) 7,31 4,58 3,04
P/E adj. (x) 10 10,3 8,5
EV/EBITDA adj. (x) 5,6 4,9 4,2
EV/EBITA adj. (x) 9,2 8 6,7
EV/EBIT adj. (x) 10,1 8,4 7
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 6,4 8,4 6,3
Capex/depreciation 1,3 1,6 1,2
Capex tangibles / tangible fixed assets 27,1 36,8 22,8
Capex intangibles / definite intangibles 19,8 21,1 21,5
Depreciation on intang / def. intang 13 16 17
Depreciation on tangibles / tangibles 24,49 18,89 18,91

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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 % 27 Mar 2025
Accendo Capital 12.1 % 12.1 % 27 Mar 2025
Nordea Funds 11.7 % 11.7 % 27 Mar 2025
Lazard Frères Gestion 7.0 % 7.0 % 31 Mar 2025
Avanza Pension 6.8 % 6.8 % 27 Mar 2025
Kunshan Q Technology International Limited 5.0 % 5.0 % 15 Jan 2024
Nordnet Pensionsförsäkring 2.7 % 2.7 % 27 Mar 2025
Swedbank Försäkring 2.5 % 2.5 % 27 Mar 2025
Thomas Eklund 1.9 % 1.9 % 27 Mar 2025
eQ Asset Management Oy 1.6 % 1.6 % 30 Apr 2025
Source: Holdings by Modular Finance AB