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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 3750,28 3911,22
Sales growth (%) -2,6 3,3 4,3
EBITDA 244 378 351
EBITDA margin (%) 6,7 10,1 9
EBIT adj. 89 164 193
EBIT adj. margin (%) 2,5 4,4 4,9
Pretax profit 24 178 156
EPS 0,07 0,94 0,82
EPS growth (%) -79 N/A -12,3
EPS adj. 0,42 0,89 1,09
DPS N/A N/A N/A
Dividend per share 0,22 0,25 0,3
EV/EBITDA (x) 9,3 5,7 5,9
EV/EBIT adj. (x) 25,4 13,2 10,8
P/E (x) N/A 14,38 16,4
P/E adj. (x) 32,3 15,2 12,4
EV/sales (x) 0,62 0,58 0,53
FCF yield (%) 10,5 8,9 8,5
Le. adj. FCF yld. (%) 7,8 6,1 5,3
Dividend yield (%) 1,6 1,9 2,2
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Le. adj. ND/EBITDA (x) 0,4 -0,1 -0,4
SEKm 2025 2026e 2027e
Sales 3630 3750,28 3911,22
COGS -2647 -2674 -2764
Gross profit 983 1076 1147
Other operating items -739 -699 -796
EBITDA 244 378 351
Depreciation and amortisation -95 -108 -108
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -54 -56 -56
EBITA 105 269,51 242,89
EO Items N/A N/A N/A
Operating EO items -31 58 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -91 -48 -50
EBIT 58 221,51 192,89
Net financial items -34 -43 -36
Pretax profit 24 178 156
Tax -14 -42 -37
Net profit 10 137 120
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 137 120
EPS 0,07 0,94 0,82
EPS adj. 0,42 0,89 1,09
Total extraordinary items after tax -13 44 0
Leasing payments -54 -56 -56
Tax rate (%) 58,3 23,5 23,5
Gross margin (%) 27,1 28,7 29,3
EBITDA margin (%) 6,7 10,1 9
EBITA margin (%) 2,9 7,2 6,2
EBIT margin (%) 1,6 5,9 4,9
Pre-tax margin (%) 0,7 4,8 4
Net margin (%) 0,3 3,6 3,1
Sales growth (%) -2,6 3,3 4,3
EBITDA growth (%) -12,9 54,7 -7,1
EBITA growth (%) -40,7 156,7 -9,9
EBIT growth (%) -54,7 N/A -12,9
Net profit growth (%) -78,7 1265,5 -12,3
EPS growth (%) -79 N/A -12,3
Profitability N/A N/A N/A
ROE (%) 0,3 4,6 3,9
ROE adj. (%) 3,8 4,7 5,5
ROCE (%) 1,6 6,2 5,3
ROCE adj. (%) 5 5,9 6,7
ROIC (%) 1,3 6,4 5,7
ROIC adj. (%) 1,7 5 5,7
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 275 320 351
EBITDA adj. margin (%) 7,6 8,5 9
EBITDA lease adj. 221 264 295
EBITDA lease adj. margin (%) 6,1 7 7,5
EBITA adj. 136 212 243
EBITA adj. margin (%) 3,7 5,7 6,2
EBIT adj. 89 164 193
EBIT adj. margin (%) 2,5 4,4 4,9
Pretax profit Adj. 146 169 206
Net profit Adj. 114 141 170
Net profit to shareholders adj. 114 141 170
Net adj. margin (%) 3,1 3,7 4,3
SEKm 2025 2026e 2027e
EBITDA 244 378 351
Goodwill 1571 1598 1598
Net financial items -34 -43 -36
Other intangible assets 1200 1181 1143
Paid tax -25 -42 -37
Tangible fixed assets 78 64 51
Non-cash items 42 0 0
Right-of-use asset 214 214 222
Cash flow before change in WC 227 293 278
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 77 77 77
Change in working capital 2 -24 -59
Fixed assets 3140 3134 3091
Operating cash flow 229 269 218
Inventories 552 638 704
Capex tangible fixed assets -17 -38 -39
Receivables 383 386 407
Capex intangible fixed assets -5 -11 -12
Other current assets N/A N/A N/A
Acquisitions and Disposals 0 -45 0
Cash and liquid assets 316 359 385
Free cash flow 207 175 168
Total assets 4391 4516 4587
Dividend paid -29 -16 -18
Shareholders equity 2933 3054 3155
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -56 -64
Total equity 2933 3054 3155
Other non-cash items N/A N/A N/A
Other changes in net debt 50 0 0
Long-term debt 391 331 271
Pension debt N/A N/A N/A
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 261 359 378
Other current liabilities 269 236 246
Total liabilities and equity 4391 4516 4587
Net IB debt 294 191 105
Net IB debt excl. pension debt 294 191 105
Net IB debt excl. leasing 80 -23 -109
Capital employed 3548 3609 3650
Capital invested 3227 3244 3260
Working capital 405 429 488
Market cap. diluted (m) 1963 1963 1963
Net IB debt adj. 299 196 110
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 2262 2159 2074
Total assets turnover (%) 81,3 84,2 85,9
Working capital/sales (%) 12 11,1 11,7
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 10 6,2 3,3
Net debt / market cap (%) 15 9,7 5,4
Equity ratio (%) 66,8 67,6 68,8
Net IB debt adj. / equity (%) 10,2 6,4 3,5
Current ratio 2,32 2,29 2,36
EBITDA/net interest 7,2 8,8 9,6
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Net IB debt/EBITDA lease adj. (x) 0,4 -0,1 -0,4
Interest coverage 3,1 6,3 6,7
SEKm 2025 2026e 2027e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,07 0,94 0,82
Dividend per share 0,22 0,25 0,3
EPS adj. 0,42 0,89 1,09
BVPS 20,17 21 21,7
BVPS adj. N/A N/A N/A
Net IB debt/share 2,06 1,35 0,76
Share price 13,5 13,5 13,5
Market cap. (m) 1963 1963 1963
P/E (x) N/A 14,38 16,4
EV/sales (x) 0,62 0,58 0,53
EV/EBITDA (x) 9,3 5,7 5,9
EV/EBITA (x) 21,5 8 8,5
EV/EBIT (x) 39 9,7 10,8
Dividend yield (%) 1,6 1,9 2,2
FCF yield (%) 10,5 8,9 8,5
Le. adj. FCF yld. (%) 7,8 6,1 5,3
P/BVPS (x) 0,67 0,64 0,62
P/BVPS adj. (x) 1,65 1,49 1,34
P/E adj. (x) 32,3 15,2 12,4
EV/EBITDA adj. (x) 8,2 6,7 5,9
EV/EBITA adj. (x) 16,6 10,2 8,5
EV/EBIT adj. (x) 25,4 13,2 10,8
EV/CE (x) 0,6 0,6 0,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,6 -1,3 -1,3
Capex/depreciation 0,5 0,9 1
Capex tangibles / tangible fixed assets 21,8 59,1 77,3
Capex intangibles / definite intangibles 2,9 8 13
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 52,56 81,89 102,74

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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 % 31 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 % 28 Feb 2026
Lars-Åke Adolfsson 0.7 % 0.7 % 23 Dec 2025
Source: Holdings by Modular Finance AB