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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.

Dedicare has the vision to expand the company to become one of Europe’s leading staffing companies. As the business model is capital light, almost no additional capital is needed for growth. Simultaneously, healthcare professionals are in need everywhere with small variations of the business model between countries. Dedicare has a well-established brand in the Nordics and should therefore with less effort than smaller competitors be able to attract new professionals to hire. Lastly, with aging populations in the western countries and especially in the Nordic region, Dedicare’s market is set to grow for many years.

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 2021 2022e 2023e
Sales 1250 1602 1591
Sales growth (%) 41,2 28,2 -0,7
EBITDA 101 144 147
EBITDA margin (%) 8,1 9 9,2
EBIT adj 88 121 124
EBIT adj margin (%) 7 7,5 7,8
Pretax profit 87 119 123
EPS rep 6,98 9,71 9,93
EPS growth (%) 52,2 39,2 2,3
EPS adj 6,98 9,71 9,93
DPS 4 4,86 4,97
EV/EBITDA (x) 5,8 4,6 4,1
EV/EBIT adj (x) 6,7 5,5 4,8
P/E (x) 9,9 8,1 8
P/E adj (x) 9,9 8,1 8
EV/sales (x) 0,5 0,4 0,4
FCF yield (%) 10,4 7,6 15,3
Dividend yield (%) 5,8 6,1 6,3
Net IB debt/EBITDA -0,6 -0,5 -0,9
Lease adj. FCF yield (%) 9,4 6,7 14,5
Lease adj. ND/EBITDA -0,7 -0,6 -1,1
SEKm 2021 2022e 2023e
Sales 1250 1602 1591
COGS 0 0 0
Gross profit 1250 1602 1591
Other operating items -1149 -1459 -1444
EBITDA 101 144 147
Depreciation and amortisation -13 -23 -23
Of which leasing depreciation -6 -7 -7
EBITA 88 121 124
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 88 121 124
Net financial items -1 -2 -2
Pretax profit 87 119 123
Tax -22 -28 -29
Net profit 66 91 93
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 66 91 93
EPS 6,98 9,71 9,93
EPS Adj 6,98 9,71 9,93
Total extraordinary items after tax 0 0 0
Leasing payments -6 -6 -6
Tax rate (%) -24,7 -23,3 -24
Gross margin (%) 100 100 100
EBITDA margin (%) 8,1 9 9,2
EBITA margin (%) 7 7,5 7,8
EBIT margin (%) 7 7,5 7,8
Pretax margin (%) 7 7,4 7,7
Net margin (%) 5,2 5,7 5,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 41,2 28,2 -0,7
EBITDA growth (%) 83 42 2,3
EBIT growth (%) 100,2 37,3 3,2
Net profit growth (%) 52,2 39,2 2,3
EPS growth (%) 52,2 39,2 2,3
Profitability 2021 2022 2023
ROE (%) 41,8 43,6 35,3
ROE Adj (%) 41,8 43,6 35,3
ROCE (%) 37,4 42,3 36,6
ROCE Adj(%) 37,4 42,3 36,6
ROIC (%) 50,6 60,4 56,8
ROIC Adj (%) 50,6 60,4 56,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 101 144 147
EBITDA Adj margin (%) 8,1 9 9,2
EBITDA lease Adj 95 138 141
EBITDA lease Adj margin (%) 7,6 8,6 8,9
EBITA Adj 88 121 124
EBITA Adj margin (%) 7 7,5 7,8
EBIT Adj 88 121 124
EBIT Adj margin (%) 7 7,5 7,8
Pretax profit Adj 87 119 123
Net profit Adj 66 91 93
Net profit to shareholders Adj 66 91 93
Net Adj margin (%) 5,2 5,7 5,9
SEKm 2021 2022e 2023e
EBITDA 101 144 147
Net financial items -1 -2 -2
Paid tax -7 -28 -29
Non-cash items 10 0 0
Cash flow before change in WC 104 114 116
Change in WC -34 -27 1
Operating cash flow 70 87 117
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets -2 -2 -2
Acquisitions and disposals 0 -28 0
Free cash flow 67 56 114
Dividend paid -23 -38 -46
Share issues and buybacks 0 8 0
Lease liability amortisation -6 -6 -6
Other non cash items -75 0 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 62 81 73
Other intangible assets 17 12 8
Tangible fixed assets 2 1 1
Right-of-use asset 11 10 9
Total other fixed assets 6 6 6
Fixed assets 97 111 98
Inventories 0 0 0
Receivables 132 160 159
Other current assets 136 136 136
Cash and liquid assets 132 153 215
Total assets 498 561 609
Shareholders equity 178 240 288
Minority 0 0 0
Total equity 178 240 288
Long-term debt 58 58 58
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 11 11 11
Total other long-term liabilities 11 11 11
Short-term debt 7 7 7
Accounts payable 7 8 8
Other current liabilities 226 226 226
Total liabilities and equity 498 561 609
Net IB debt -57 -78 -140
Net IB debt excl. pension debt -57 -78 -140
Net IB debt excl. leasing -68 -89 -151
Capital invested 132 174 159
Working capital 35 63 62
EV breakdown 2021 2022 2023
Market cap. diluted (m) 646 742 742
Net IB debt Adj -57 -78 -140
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 590 665 603
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 283,3 302,7 272,1
Working capital / sales (%) 2,5 3 3,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -31,8 -32,2 -48,5
Net debt / market cap (%) -9,2 -10,4 -18,8
Equity ratio (%) 35,9 42,9 47,4
Net IB debt adj. / equity (%) -31,8 -32,2 -48,5
Current ratio (%) 162,6 181,8 206,5
EBITDA / net interest (%) 14377 9577 9241,7
Net IB debt / EBITDA (%) -56 -53,9 -95
Net IB debt / EBITDA lease Adj (%) -71,5 -64,5 -107
Interest cover (%) 12468,9 8030,3 7817,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 6,98 9,71 9,93
Dividend per share Adj 4 4,9 5
EPS Adj 6,98 9,71 9,93
BVPS 19 25,6 30,67
BVPS Adj 10,64 15,68 22,03
Net IB debt / share -6 -8,3 -14,9
Share price 65,61 79 79
Market cap. (m) 616 742 742
Valuation 2021 2022 2023
P/E 9,9 8,1 8
EV/sales 0,47 0,41 0,38
EV/EBITDA 5,8 4,6 4,1
EV/EBITA 6,7 5,5 4,8
EV/EBIT 6,7 5,5 4,8
Dividend yield (%) 5,8 6,1 6,3
FCF yield (%) 10,4 7,6 15,3
Lease adj. FCF yield (%) 9,4 6,7 14,5
P/BVPS 3,62 3,09 2,58
P/BVPS Adj 6,47 5,04 3,59
P/E Adj 9,9 8,1 8
EV/EBITDA Adj 5,8 4,6 4,1
EV/EBITA Adj 6,7 5,5 4,8
EV/EBIT Adj 6,7 5,5 4,8
EV/cap. employed 2,3 2,1 1,7
Investment ratios 2021 2022 2023
Capex / sales 0,2 0,2 0,2
Capex / depreciation 31,6 19,4 20,6
Capex tangibles / tangible fixed assets 30,7 59,4 77,2
Capex intangibles / definite intangibles 10,5 20,3 30,3
Depreciation on intangibles / definite intangibles 37,9 129,8 182,3
Depreciation on tangibles / tangibles 51 83,2 108,1

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 37.3 % 66.0 % 31 Mar 2022
HealthInvest Partners 9.7 % 5.3 % 30 Apr 2022
Avanza Pension 6.1 % 3.3 % 31 Mar 2022
Säljare av KonZenta Aps 3.6 % 1.9 % 1 Apr 2020
Jenny Pizzignacco 2.1 % 1.1 % 31 Mar 2022
Caroline Örås 1.9 % 1.0 % 31 Mar 2022
Nordnet Pensionsförsäkring 1.8 % 1.0 % 31 Mar 2022
Sellers of H&P Search & Interim AB (Johan Walde, Leif Olsson och Torbjörn Ströberg) 1.3 % 0.7 % 1 Apr 2022
Kasper Madsen 1.2 % 0.6 % 31 Dec 2020
Sara Örås 1.2 % 0.6 % 31 Mar 2022
Source: Holdings by Modular Finance AB

Insider list -

Name Quantity Code Date
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
Björn Örås +1 540 722 BUY 16 May 2019
Krister Widström + 1 550 BUY 2 May 2019
Anna Lefevre Skjöldebrand + 100 BUY 25 Oct 2017
Stig Olov Kenneth Engcrantz - 6 863 SELL 22 Sep 2017
Stig Olov Kenneth Engcrantz - 2 272 SELL 20 Sep 2017
Stig Olov Kenneth Engcrantz - 2 907 SELL 18 Sep 2017

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