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Midsona

Midsona

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.

SEKm 2024 2025e 2026e
Sales 3727 3638 3757
Sales growth (%) -1,7 -2,4 3,3
EBITDA 280 234 309
EBITDA margin (%) 7,5 6,4 8,2
EBIT adj. 128 108 153
EBIT adj. margin (%) 3,4 3 4,1
Pretax profit 75 43 114
EPS 0,33 0,18 0,6
EPS growth (%) N/A -44,1 N/A
EPS adj. 0,53 0,48 0,85
DPS 0,2 0,2 0,3
EV/EBITDA (x) 5,7 6,3 4,4
EV/EBIT adj. (x) 12,6 13,6 8,9
P/E (x) 24,2 43,4 13,3
P/E adj. (x) 15 16,6 9,4
EV/sales (x) 0,43 0,4 0,36
FCF yield (%) 10,1 16,3 16,5
Le. adj. FCF yld. (%) 5,2 11,5 11,7
Dividend yield (%) 2,5 2,5 3,8
Net IB debt/EBITDA (x) 1,6 1,3 0,6
Le. adj. ND/EBITDA (x) 0,9 0,4 -0,1
SEKm 2024 2025e 2026e
Sales 3727 3638 3757
COGS -2658 -2589 -2648
Gross profit 1069 1049 1109
Other operating items -789 -815 -801
EBITDA 280 234 309
Depreciation and amortisation -103 -102 -108
of which leasing depreciation -33 -32 -32
EBITA 177 132 201
EO Items 0 -24 0
Impairment and PPA amortisation -49 -48 -48
EBIT 128 84 153
Net financial items -53 -42 -38
Pretax profit 75 43 114
Tax -28 -16 -27
Net profit 47 26 87
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 26 87
EPS 0,33 0,18 0,6
EPS adj. 0,53 0,48 0,85
Total extraordinary items after tax 0 -15 0
Leasing payments -33 -32 -32
Tax rate (%) 37,3 38,7 23,5
Gross margin (%) 28,7 28,8 29,5
EBITDA margin (%) 7,5 6,4 8,2
EBITA margin (%) 4,7 3,6 5,3
EBIT margin (%) 3,4 2,3 4,1
Pre-tax margin (%) 2 1,2 3
Net margin (%) 1,3 0,7 2,3
Sales growth (%) -1,7 -2,4 3,3
EBITDA growth (%) 50,5 -16,3 31,8
EBITA growth (%) 129,9 -25,3 51,7
EBIT growth (%) N/A -34,2 81,2
Net profit growth (%) -188,7 -44,5 235,1
EPS growth (%) N/A -44,1 N/A
Profitability N/A N/A N/A
ROE (%) 1,6 0,9 2,9
ROE adj. (%) 3,2 2,9 4,5
ROCE (%) 3,5 2,3 4,2
ROCE adj. (%) 4,8 4,3 5,6
ROIC (%) 3,2 2,4 4,7
ROIC adj. (%) 3,2 2,8 4,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 280 258 309
EBITDA adj. margin (%) 7,5 7,1 8,2
EBITDA lease adj. 247 226 277
EBITDA lease adj. margin (%) 6,6 6,2 7,4
EBITA adj. 177 156 201
EBITA adj. margin (%) 4,7 4,3 5,3
EBIT adj. 128 108 153
EBIT adj. margin (%) 3,4 3 4,1
Pretax profit Adj. 124 115 162
Net profit Adj. 96 89 135
Net profit to shareholders adj. 96 89 135
Net adj. margin (%) 2,6 2,4 3,6
SEKm 2024 2025e 2026e
EBITDA 280 234 309
Goodwill 1571 1571 1571
Net financial items -53 -42 -38
Other intangible assets 1336 1248 1211
Paid tax -3 -23 -27
Tangible fixed assets 170 98 52
Non-cash items -1 -2 0
Right-of-use asset 219 242 266
Cash flow before change in WC 223 167 243
Total other fixed assets 90 81 81
Change in working capital -81 57 -10
Fixed assets 3386 3239 3181
Operating cash flow 142 224 233
Inventories 617 618 639
Capex tangible fixed assets -23 -27 -30
Receivables 351 341 346
Capex intangible fixed assets -2 -9 -11
Other current assets 40 34 38
Acquisitions and Disposals 0 0 0
Cash and liquid assets 141 277 331
Free cash flow 117 189 192
Total assets 4535 4510 4535
Dividend paid 0 -29 -22
Shareholders equity 3068 3007 3073
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -56 -55 -56
Total equity 3068 3007 3073
Other non-cash items -13 37 0
Long-term debt 306 371 311
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 336 333 333
Short-term debt 72 3 3
Accounts payable 302 353 365
Other current liabilities 237 229 236
Total liabilities and equity 4535 4510 4535
Net IB debt 445 306 192
Net IB debt excl. pension debt 445 306 192
Net IB debt excl. leasing 231 92 -22
Capital employed 3660 3595 3601
Capital invested 3513 3313 3264
Working capital 469 412 422
Market cap. diluted (m) 1163 1163 1163
Net IB debt adj. 445 306 192
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 1608 1469 1355
Total assets turnover (%) 81,6 80,4 83,1
Working capital/sales (%) 11,5 12,1 11,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 14,5 10,2 6,2
Net debt / market cap (%) 38,2 26,3 16,5
Equity ratio (%) 67,7 66,7 67,8
Net IB debt adj. / equity (%) 14,5 10,2 6,2
Current ratio 1,88 2,17 2,24
EBITDA/net interest 5,3 5,6 8,1
Net IB debt/EBITDA (x) 1,6 1,3 0,6
Net IB debt/EBITDA lease adj. (x) 0,9 0,4 -0,1
Interest coverage 3,3 3,2 5,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,33 0,18 0,6
Dividend per share 0,2 0,2 0,3
EPS adj. 0,53 0,48 0,85
BVPS 21,1 20,68 21,13
BVPS adj. 1,11 1,3 2
Net IB debt/share 3,06 2,1 1,32
Share price 8 8 8
Market cap. (m) 1163 1163 1163
P/E (x) 24,2 43,4 13,3
EV/sales (x) 0,4 0,4 0,4
EV/EBITDA (x) 5,7 6,3 4,4
EV/EBITA (x) 9,1 11,1 6,8
EV/EBIT (x) 12,6 17,4 8,9
Dividend yield (%) 2,5 2,5 3,8
FCF yield (%) 10,1 16,3 16,5
Le. adj. FCF yld. (%) 5,2 11,5 11,7
P/BVPS (x) 0,38 0,39 0,38
P/BVPS adj. (x) 7,23 6,17 4
P/E adj. (x) 15 16,6 9,4
EV/EBITDA adj. (x) 5,7 5,7 4,4
EV/EBITA adj. (x) 9,1 9,4 6,8
EV/EBIT adj. (x) 12,6 13,6 8,9
EV/CE (x) 0,4 0,4 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 1 1,1
Capex/depreciation 0,4 0,5 0,5
Capex tangibles / tangible fixed assets 13,5 27,3 58,1
Capex intangibles / definite intangibles 0,1 0,7 0,9
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 41,2 71,7 146,9

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Media

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

Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 48.1 % 46.9 % 26 Jun 2025
Charles Jobson 5.0 % 4.9 % 22 Jun 2023
Rune Bro Róin 2.6 % 3.6 % 26 Jun 2025
Nordea Funds 3.1 % 3.0 % 26 Jun 2025
Avanza Pension 2.6 % 2.6 % 26 Jun 2025
Ralph Mühlrad 2.0 % 2.0 % 26 Jun 2025
Nordanland AB 1.7 % 1.7 % 26 Jun 2025
Nordnet Pensionsförsäkring 0.9 % 1.0 % 26 Jun 2025
Lars-Åke Adolfsson 0.7 % 0.7 % 26 Jun 2025
SEB Funds 0.7 % 0.7 % 30 Jun 2025
Source: Holdings by Modular Finance AB