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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 2023 2024e 2025e
Sales 1994 2070 2153
Sales growth (%) 11,5 3,8 4
EBITDA 162 167 176
EBITDA margin (%) 8,1 8,1 8,2
EBIT adj. 148 142 149
EBIT adj. margin (%) 7,4 6,8 6,9
Pretax profit 129 135 142
EPS 10,43 10,75 11,3
EPS growth (%) -6,2 3,2 5,1
EPS adj. 11,29 10,75 11,3
DPS 6,5 6,8 7
EV/EBITDA (x) 4,8 4,7 4,2
EV/EBIT adj. (x) 5,2 5,5 5
P/E (x) 9,1 8,8 8,4
P/E adj. (x) 8,4 8,8 8,4
EV/sales (x) 0,39 0,38 0,35
FCF yield (%) 15 7,5 12,1
Le. adj. FCF yld. (%) 13,8 6,5 11,1
Dividend yield (%) 6,8 7,2 7,4
Net IB debt/EBITDA (x) -0,8 -0,8 -0,9
Le. adj. ND/EBITDA (x) -1 -0,9 -1,1
SEKm 2023 2024e 2025e
Sales 1994 2070 2153
COGS 0 0 0
Gross profit 1994 2070 2153
Other operating items -1832 -1903 -1978
EBITDA 162 167 176
Depreciation and amortisation -13 -26 -27
of which leasing depreciation -6 -7 -7
EBITA 148 142 149
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 148 142 149
Net financial items -9 -6 -6
Pretax profit 129 135 142
Tax -30 -32 -34
Net profit 100 103 108
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 100 103 108
EPS 10,43 10,75 11,3
EPS adj. 11,29 10,75 11,3
Total extraordinary items after tax -8 0 0
Leasing payments -10 -9 -9
Tax rate (%) 22,8 24 24
Gross margin (%) 100 100 100
EBITDA margin (%) 8,1 8,1 8,2
EBITA margin (%) 7,4 6,8 6,9
EBIT margin (%) 7,4 6,8 6,9
Pre-tax margin (%) 6,5 6,5 6,6
Net margin (%) 5 5 5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 11,5 3,8 4
EBITDA growth (%) 8,4 3,4 4,9
EBITA growth (%) 9,2 -4,6 5
EBIT growth (%) 9,2 -4,6 5
Net profit growth (%) -5,4 3,2 5,1
EPS growth (%) -6,2 3,2 5,1
Profitability N/A N/A N/A
ROE (%) 34,8 31,1 29
ROE adj. (%) 37,7 31,1 29
ROCE (%) 37,7 37 34,6
ROCE adj. (%) 40,7 37 34,6
ROIC (%) 54,5 53,3 49,6
ROIC adj. (%) 54,5 53,3 49,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 162 167 176
EBITDA adj. margin (%) 8,1 8,1 8,2
EBITDA lease adj. 151 158 167
EBITDA lease adj. margin (%) 7,6 7,6 7,7
EBITA adj. 148 142 149
EBITA adj. margin (%) 7,4 6,8 6,9
EBIT adj. 148 142 149
EBIT adj. margin (%) 7,4 6,8 6,9
Pretax profit Adj. 140 135 142
Net profit Adj. 108 103 108
Net profit to shareholders adj. 108 103 108
Net adj. margin (%) 5,4 5 5
SEKm 2023 2024e 2025e
EBITDA 162 167 176
Goodwill 117 109 116
Net financial items -9 -6 -6
Other intangible assets 48 42 30
Paid tax -30 -32 -34
Tangible fixed assets 3 2 2
Non-cash items -33 0 0
Right-of-use asset 22 24 26
Cash flow before change in WC 91 129 135
Total other fixed assets 5 5 5
Change in working capital 55 -57 -11
Fixed assets 195 182 178
Operating cash flow 145 72 124
Inventories 0 0 0
Capex tangible fixed assets 0 -1 -1
Receivables 219 279 291
Capex intangible fixed assets -5 -3 -3
Other current assets 136 136 136
Acquisitions and Disposals -5 0 -10
Cash and liquid assets 177 184 219
Free cash flow 136 68 110
Total assets 727 782 825
Dividend paid -57 -62 -65
Shareholders equity 310 351 394
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -10 -9 -9
Total equity 310 351 394
Other non-cash items 46 0 0
Long-term debt 19 29 29
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 22 22 22
Total other long-term liabilities 12 12 12
Short-term debt 7 7 7
Accounts payable 7 10 11
Other current liabilities 352 352 352
Total liabilities and equity 727 782 825
Net IB debt -130 -127 -162
Net IB debt excl. pension debt -130 -127 -162
Net IB debt excl. leasing -152 -148 -184
Capital employed 357 408 451
Capital invested 180 224 231
Working capital -3 54 65
EV breakdown N/A N/A N/A
Market cap. diluted (m) 907 907 907
Net IB debt adj. -130 -127 -162
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 777 781 745
Total assets turnover (%) 271,3 274,4 268,1
Working capital/sales (%) 1,2 1,2 2,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -42 -36,1 -41,3
Net debt / market cap (%) -14,3 -14 -17,9
Equity ratio (%) 42,6 44,9 47,7
Net IB debt adj. / equity (%) -42 -36,1 -41,3
Current ratio 1,46 1,63 1,75
EBITDA/net interest 19 27 27,2
Net IB debt/EBITDA (x) -0,8 -0,8 -0,9
Net IB debt/EBITDA lease adj. (x) -1 -0,9 -1,1
Interest coverage 17,5 22,8 23
SEKm 2023 2024e 2025e
Shares outstanding adj. 10 10 10
Diluted shares adj. 10 10 10
EPS 10,43 10,75 11,3
Dividend per share 6,5 6,8 7
EPS adj. 11,29 10,75 11,3
BVPS 32,41 36,66 41,16
BVPS adj. 15,13 20,92 25,95
Net IB debt/share -13,6 -13,24 -16,99
Share price 94,9 94,9 94,9
Market cap. (m) 907 907 907
Valuation N/A N/A N/A
P/E (x) 9,1 8,8 8,4
EV/sales (x) 0,39 0,38 0,35
EV/EBITDA (x) 4,8 4,7 4,2
EV/EBITA (x) 5,2 5,5 5
EV/EBIT (x) 5,2 5,5 5
Dividend yield (%) 6,8 7,2 7,4
FCF yield (%) 15 7,5 12,1
Le. adj. FCF yld. (%) 13,8 6,5 11,1
P/BVPS (x) 2,93 2,59 2,31
P/BVPS adj. (x) 6,27 4,54 3,66
P/E adj. (x) 8,4 8,8 8,4
EV/EBITDA adj. (x) 4,8 4,7 4,2
EV/EBITA adj. (x) 5,2 5,5 5
EV/EBIT adj. (x) 5,2 5,5 5
EV/CE (x) 2,2 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,2 0,2
Capex/depreciation 0,6 0,2 0,2
Capex tangibles / tangible fixed assets 0 47,3 61,3
Capex intangibles / definite intangibles 9,3 7,5 10,8
Depreciation on intang / def. intang 13 43 62
Depreciation on tangibles / tangibles 32,77 66,29 85,87

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Media

Dedicare - Company presentation with President, Krister Widström

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Björn Örås 26.9 % 38.1 % 27 Dec 2023
Jenny Pizzignacco 12.3 % 28.9 % 27 Dec 2023
HealthInvest Partners 6.3 % 3.4 % 31 Jan 2024
Avanza Pension 5.9 % 3.2 % 27 Dec 2023
Nordnet Pensionsförsäkring 2.3 % 1.3 % 27 Dec 2023
Caroline Örås 1.9 % 1.0 % 27 Dec 2023
Value Square NV 1.7 % 0.9 % 31 Jan 2024
Kasper Madsen 1.2 % 0.6 % 31 Dec 2022
Sara Örås 1.2 % 0.6 % 27 Dec 2023
Handelsbanken Fonder 0.6 % 0.3 % 31 Jan 2024
Source: Holdings by Modular Finance AB