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Midsona

Midsona

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Midsona develops, manufactures and markets products within health and wellness, with revenues of c. SEK 4bn and c. 850 employees. The company is active all over Europe, working across three business segments: Nordics, North Europe and South Europe. Having successfully played a part in market consolidation in the Nordics, and with a track record of deriving synergies, the company is currently looking towards Europe to continue this journey.

Sustainability Information

Some risks include increased competition from retailers’ own brands, acquisition integration issues and inflated acquisition multiples. Naturally, Midsona is affected by consumer trends and the general economic environment.

Financials

SEKm 2025 2026e 2027e
Sales 3630 3695 3817
Sales growth (%) -2,6 1,8 3,3
EBITDA 244 312 342
EBITDA margin (%) 6,7 8,4 9
EBIT adj. 133 162 186
EBIT adj. margin (%) 3,7 4,4 4,9
Pretax profit 24 117 151
EPS 0,07 0,61 0,79
EPS growth (%) -78,8 N/A 29,3
EPS adj. 0,42 0,88 1,05
DPS 0,22 0,25 0,3
EV/EBITDA (x) 7,1 5,2 4,5
EV/EBIT adj. (x) 13 10 8,3
P/E (x) N/A 16,1 12,4
P/E adj. (x) 23,6 11,2 9,4
EV/sales (x) 0,48 0,44 0,4
FCF yield (%) 14 12,6 11,5
Le. adj. FCF yld. (%) 10,3 8,7 7
Dividend yield (%) 2,2 2,5 3
Net IB debt/EBITDA (x) 1,2 0,6 0,3
Le. adj. ND/EBITDA (x) 0,4 -0,1 -0,4
SEKm 2025 2026e 2027e
Sales 3630 3695 3817
COGS -2647 -2617 -2685
Gross profit 983 1078 1132
Other operating items -739 -767 -790
EBITDA 244 312 342
Depreciation and amortisation -95 -104 -108
of which leasing depreciation -54 -56 -56
EBITA 149 208 234
EO Items -31 -2 0
Impairment and PPA amortisation -91 -48 -48
EBIT 58 160 186
Net financial items -34 -43 -35
Pretax profit 24 117 151
Tax -14 -27 -35
Net profit 10 89 115
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 89 115
EPS 0,07 0,61 0,79
EPS adj. 0,42 0,88 1,05
Total extraordinary items after tax -13 -2 0
Leasing payments -54 -56 -56
Tax rate (%) 58,3 23,5 23,5
Gross margin (%) 27,1 29,2 29,7
EBITDA margin (%) 6,7 8,4 9
EBITA margin (%) 4,1 5,6 6,1
EBIT margin (%) 1,6 4,3 4,9
Pre-tax margin (%) 0,7 3,2 4
Net margin (%) 0,3 2,4 3
Sales growth (%) -2,6 1,8 3,3
EBITDA growth (%) -12,9 27,7 9,8
EBITA growth (%) -15,8 39,3 12,7
EBIT growth (%) -54,7 N/A 16,6
Net profit growth (%) -78,7 793,1 29,3
EPS growth (%) -78,8 N/A 29,3
Profitability N/A N/A N/A
ROE (%) 0,3 3 3,8
ROE adj. (%) 3,8 4,7 5,4
ROCE (%) 1,6 4,5 5,2
ROCE adj. (%) 5 5,9 6,5
ROIC (%) 1,8 4,9 5,6
ROIC adj. (%) 2,2 5 5,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 275 314 342
EBITDA adj. margin (%) 7,6 8,5 9
EBITDA lease adj. 221 258 286
EBITDA lease adj. margin (%) 6,1 7 7,5
EBITA adj. 180 210 234
EBITA adj. margin (%) 5 5,7 6,1
EBIT adj. 133 162 186
EBIT adj. margin (%) 3,7 4,4 4,9
Pretax profit Adj. 146 167 199
Net profit Adj. 114 139 163
Net profit to shareholders adj. 114 139 163
Net adj. margin (%) 3,1 3,8 4,3
SEKm 2025 2026e 2027e
EBITDA 244 312 342
Goodwill 1571 1571 1571
Net financial items -34 -43 -35
Other intangible assets 1200 1163 1127
Paid tax -25 -27 -35
Tangible fixed assets 78 67 53
Non-cash items -26 0 0
Right-of-use asset 214 214 222
Cash flow before change in WC 159 241 271
Total other fixed assets 77 77 77
Change in working capital 64 -12 -57
Fixed assets 3140 3092 3050
Operating cash flow 223 229 214
Inventories 552 628 687
Capex tangible fixed assets -17 -37 -38
Receivables 327 335 350
Capex intangible fixed assets -5 -11 -11
Other current assets 56 45 48
Acquisitions and Disposals 0 0 0
Cash and liquid assets 316 363 382
Free cash flow 201 181 165
Total assets 4391 4463 4516
Dividend paid -29 -18 -22
Shareholders equity 2933 3004 3098
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -56 -64
Total equity 2933 3004 3098
Other non-cash items 56 0 0
Long-term debt 391 331 271
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 313 313 313
Short-term debt 10 10 10
Accounts payable 261 359 370
Other current liabilities 269 232 240
Total liabilities and equity 4391 4463 4516
Net IB debt 294 187 108
Net IB debt excl. pension debt 294 187 108
Net IB debt excl. leasing 80 -27 -106
Capital employed 3548 3559 3593
Capital invested 3227 3191 3206
Working capital 405 417 474
Market cap. diluted (m) 1434 1434 1434
Net IB debt adj. 294 187 108
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 1728 1621 1542
Total assets turnover (%) 81,3 83,5 85
Working capital/sales (%) 12 11,1 11,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 10 6,2 3,5
Net debt / market cap (%) 20,5 13 7,5
Equity ratio (%) 66,8 67,3 68,6
Net IB debt adj. / equity (%) 10 6,2 3,5
Current ratio 2,32 2,28 2,36
EBITDA/net interest 7,2 7,3 9,7
Net IB debt/EBITDA (x) 1,2 0,6 0,3
Net IB debt/EBITDA lease adj. (x) 0,4 -0,1 -0,4
Interest coverage 4,4 4,8 6,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,07 0,61 0,79
Dividend per share 0,22 0,25 0,3
EPS adj. 0,42 0,88 1,05
BVPS 20,17 20,66 21,3
BVPS adj. 1,11 1,86 2,75
Net IB debt/share 2,02 1,29 0,74
Share price 9,86 9,86 9,86
Market cap. (m) 1434 1434 1434
P/E (x) N/A 16,1 12,4
EV/sales (x) 0,5 0,4 0,4
EV/EBITDA (x) 7,1 5,2 4,5
EV/EBITA (x) 11,6 7,8 6,6
EV/EBIT (x) 29,8 10,2 8,3
Dividend yield (%) 2,2 2,5 3
FCF yield (%) 14 12,6 11,5
Le. adj. FCF yld. (%) 10,3 8,7 7
P/BVPS (x) 0,49 0,48 0,46
P/BVPS adj. (x) 8,85 5,31 3,58
P/E adj. (x) 23,6 11,2 9,4
EV/EBITDA adj. (x) 6,3 5,2 4,5
EV/EBITA adj. (x) 9,6 7,7 6,6
EV/EBIT adj. (x) 13 10 8,3
EV/CE (x) 0,5 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,6 1,3 1,3
Capex/depreciation 0,5 1 1
Capex tangibles / tangible fixed assets 21,8 55,2 71,9
Capex intangibles / definite intangibles 0,4 1 1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 52,6 71,7 97,9

Equity research

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Media

Midsona - Company presentation with CEO Henrik Hjalmarsson
Midsona - Company presentation with CEO Peter Åsberg

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 48.1 % 46.9 % 23 Dec 2025
Charles Jobson 5.0 % 4.9 % 22 Jun 2023
Rune Bro Róin 2.6 % 3.7 % 23 Dec 2025
Nordea Funds 3.4 % 3.3 % 23 Dec 2025
Avanza Pension 3.1 % 3.1 % 23 Dec 2025
Ralph Mühlrad 2.0 % 2.0 % 23 Dec 2025
Nordanland AB 1.7 % 1.7 % 23 Dec 2025
Nordnet Pensionsförsäkring 0.9 % 0.9 % 23 Dec 2025
Protean Funds Scandinavia 0.9 % 0.8 % 31 Dec 2025
Lars-Åke Adolfsson 0.7 % 0.7 % 23 Dec 2025
Source: Holdings by Modular Finance AB