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Dedicare

Dedicare

Dedicare is one of the leading staffing companies in the Nordic region in the field of healthcare. The company was established in 1996 and has offices in Sweden, Norway, Finland and Denmark. Dedicare staffs’ doctors, nurses, social workers, psychologists, preschool staff and Life Science personnel. The scarcity of healthcare professionals, in combination with an ageing population, drives the market for healthcare staffing. One of Dedicare’s financial targets is a profit margin of 7% over an economic cycle.

The largest share of Dedicare’s sales risk is derived from the public sector. The healthcare sector is often a prioritised political area and therefore, the business is exposed to clear political risk. The public sector procures framework agreements for healthcare staffing services, generally on a two-year basis with an option to extend the contract. If Dedicare is not selected as a supplier, the company risks not being able to deliver until next procurement.

SEKm 2022 2023e 2024e
Sales 1789 1930 2013
Sales growth (%) 43,1 7,9 4,3
EBITDA 149 179 179
EBITDA margin (%) 8,3 9,3 8,9
EBIT adj. 136 152 153
EBIT adj. margin (%) 7,6 7,9 7,6
Pretax profit 134 146 147
EPS 11,12 11,64 11,72
EPS growth (%) 59,3 4,6 0,7
EPS adj. 10,78 11,64 11,72
DPS 6 6,5 6,8
EV/EBITDA (x) 8,2 6,5 6,2
EV/EBIT adj. (x) 9,1 7,7 7,2
P/E (x) 11,9 11,4 11,3
P/E adj. (x) 12,3 11,4 11,3
EV/sales (x) 0,69 0,61 0,55
FCF yield (%) 5,8 10,6 10,5
Le. adj. FCF yld. (%) 5,1 9,9 9,8
Dividend yield (%) 4,5 4,9 5,1
Net IB debt/EBITDA (x) -0,1 -0,5 -0,8
Le. adj. ND/EBITDA (x) 0,8 1 1,4
SEKm 2022 2023e 2024e
Sales 1789 1930 2013
COGS 0 0 0
Gross profit 1789 1930 2013
Other operating items -1639 -1751 -1834
EBITDA 149 179 179
Depreciation and amortisation -13 -27 -26
of which leasing depreciation -6 -7 -7
EBITA 136 152 153
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 136 152 153
Net financial items -6 -6 -6
Pretax profit 134 146 147
Tax -29 -35 -35
Net profit 105 111 112
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 105 111 112
EPS 11,12 11,64 11,72
EPS adj. 10,78 11,64 11,72
Total extraordinary items after tax 3 0 0
Leasing payments -9 -9 -9
Tax rate (%) 21,6 24 24
Gross margin (%) 100 100 100
EBITDA margin (%) 8,3 9,3 8,9
EBITA margin (%) 7,6 7,9 7,6
EBIT margin (%) 7,6 7,9 7,6
Pre-tax margin (%) 7,5 7,6 7,3
Net margin (%) 5,9 5,8 5,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 43,1 7,9 4,3
EBITDA growth (%) 47,5 19,8 0,1
EBITA growth (%) 54,8 11,8 0,8
EBIT growth (%) 54,8 11,8 0,8
Net profit growth (%) 60,8 5,3 0,7
EPS growth (%) 59,3 4,6 0,7
Profitability N/A N/A N/A
ROE (%) 47,8 38,3 32,7
ROE adj. (%) 46,3 38,3 32,7
ROCE (%) 44,6 37,5 33,1
ROCE adj. (%) 43,3 37,5 33,1
ROIC (%) 58,9 49,4 52,7
ROIC adj. (%) 58,9 49,4 52,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 149 179 179
EBITDA adj. margin (%) 8,3 9,3 8,9
EBITDA lease adj. 140 170 170
EBITDA lease adj. margin (%) 7,8 8,8 8,4
EBITA adj. 136 152 153
EBITA adj. margin (%) 7,6 7,9 7,6
EBIT adj. 136 152 153
EBIT adj. margin (%) 7,6 7,9 7,6
Pretax profit Adj. 130 146 147
Net profit Adj. 102 111 112
Net profit to shareholders adj. 102 111 112
Net adj. margin (%) 5,7 5,8 5,6
SEKm 2022 2023e 2024e
EBITDA 149 179 179
Goodwill 112 104 101
Net financial items -6 -6 -6
Other intangible assets 59 51 40
Paid tax -29 -35 -35
Tangible fixed assets 2 2 1
Non-cash items 8 0 0
Right-of-use asset 28 31 33
Cash flow before change in WC 122 138 138
Total other fixed assets 5 5 5
Change in working capital -17 -1 -1
Fixed assets 207 193 180
Operating cash flow 105 138 137
Inventories 0 0 0
Capex tangible fixed assets 0 -1 -1
Receivables 267 270 272
Capex intangible fixed assets -5 -3 -3
Other current assets 136 136 136
Acquisitions and Disposals -27 0 0
Cash and liquid assets 133 211 272
Free cash flow 73 134 133
Total assets 743 810 860
Dividend paid -38 -57 -62
Shareholders equity 263 317 367
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -9 -9 -9
Total equity 263 317 367
Other non-cash items -68 0 0
Long-term debt 20 30 30
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 83 83 83
Total other long-term liabilities 18 18 18
Short-term debt 7 7 7
Accounts payable 7 10 10
Other current liabilities 345 345 345
Total liabilities and equity 743 810 860
Net IB debt -22 -90 -151
Net IB debt excl. pension debt -22 -90 -151
Net IB debt excl. leasing -106 -173 -235
Capital employed 373 437 487
Capital invested 240 227 215
Working capital 52 52 54
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1253 1261 1261
Net IB debt adj. -22 -90 -151
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 1231 1171 1110
Total assets turnover (%) 288,4 248,6 241,2
Working capital/sales (%) 2,4 2,7 2,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,5 -28,4 -41,3
Net debt / market cap (%) -1,8 -7,1 -12
Equity ratio (%) 35,4 39,1 42,6
Net IB debt adj. / equity (%) -8,5 -28,4 -41,3
Current ratio 1,5 1,71 1,88
EBITDA/net interest 26,7 30,9 29,7
Net IB debt/EBITDA (x) -0,1 -0,5 -0,8
Net IB debt/EBITDA lease adj. (x) -0,8 -1 -1,4
Interest coverage 24,3 26,2 25,4
SEKm 2022 2023e 2024e
Shares outstanding adj. 9 10 10
Diluted shares adj. 9 10 10
EPS 11,12 11,64 11,72
Dividend per share 6 6,5 6,8
EPS adj. 10,78 11,64 11,72
BVPS 27,7 33,2 38,41
BVPS adj. 9,65 16,95 23,67
Net IB debt/share -2,35 -9,43 -15,87
Share price 132,2 132,2 132,2
Market cap. (m) 1253 1261 1261
Valuation N/A N/A N/A
P/E (x) 11,9 11,4 11,3
EV/sales (x) 0,69 0,61 0,55
EV/EBITDA (x) 8,2 6,5 6,2
EV/EBITA (x) 9,1 7,7 7,2
EV/EBIT (x) 9,1 7,7 7,2
Dividend yield (%) 4,5 4,9 5,1
FCF yield (%) 5,8 10,6 10,5
Le. adj. FCF yld. (%) 5,1 9,9 9,8
P/BVPS (x) 4,77 3,98 3,44
P/BVPS adj. (x) 13,7 7,8 5,58
P/E adj. (x) 12,3 11,4 11,3
EV/EBITDA adj. (x) 8,2 6,5 6,2
EV/EBITA adj. (x) 9,1 7,7 7,2
EV/EBIT adj. (x) 9,1 7,7 7,2
EV/CE (x) 3,3 2,7 2,3
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 0,2 0,2
Capex/depreciation 0,7 0,2 0,2
Capex tangibles / tangible fixed assets 0 59,8 83,1
Capex intangibles / definite intangibles 9,2 5,7 7,6
Depreciation on intang / def. intang 11 37 44
Depreciation on tangibles / tangibles 42,6 83,7 116,33

Equity research

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Media

Dedicare - Company presentation with President, Krister Widström

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Björn Örås 27.4 % 39.4 % 28 Dec 2022
Jenny Pizzignacco 11.8 % 27.6 % 28 Dec 2022
HealthInvest Partners 8.8 % 4.8 % 28 Feb 2023
Avanza Pension 6.0 % 3.3 % 28 Dec 2022
Caroline Örås 1.9 % 1.0 % 28 Dec 2022
Nordnet Pensionsförsäkring 1.8 % 1.0 % 28 Dec 2022
Value Square NV 1.3 % 0.7 % 28 Feb 2023
Kasper Madsen 1.2 % 0.6 % 31 Dec 2021
Sara Örås 1.2 % 0.6 % 28 Dec 2022
Handelsbanken Fonder 0.6 % 0.3 % 28 Feb 2023
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
Björn Örås - 305 869 GIFT 18 Nov 2022
Jenny Pizzignacco + 305 869 GIFT 18 Nov 2022
Jenny Pizzignacco + 626 410 GIFT 7 Jun 2022
Björn Örås - 626 410 GIFT 7 Jun 2022
Björn Örås + 319 805 BUY 23 May 2022
Björn Örås - 319 805 SELL 23 May 2022
Krister Widström + 60 000 ALTM 31 May 2021
Anna Maria Inga Söderblom + 2 500 BUY 26 May 2021
Krister Widström + 1 805 BUY 26 Jul 2019
Björn Örås -1 540 722 SELL 16 May 2019

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