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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 3744,34 3914,95
Sales growth (%) -2,6 3,1 4,6
EBITDA 244 370 348
EBITDA margin (%) 6,7 9,9 8,9
EBIT adj. 89 168 194
EBIT adj. margin (%) 2,5 4,5 5
Pretax profit 24 185 160
EPS 0,07 1,04 0,84
EPS growth (%) -79 N/A -19,4
EPS adj. 0,42 0,99 1,1
DPS N/A N/A N/A
Dividend per share 0,22 0,25 0,3
EV/EBITDA (x) 8,3 5,1 5,1
EV/EBIT adj. (x) 22,6 11,2 9,2
P/E (x) N/A 11,31 14,02
P/E adj. (x) 28,2 11,9 10,7
EV/sales (x) 0,56 0,5 0,46
FCF yield (%) 12,1 11,6 9,6
Le. adj. FCF yld. (%) 8,9 8,4 5,9
Dividend yield (%) 1,9 2,1 2,5
Net IB debt/EBITDA (x) 1,2 0,4 0,2
Le. adj. ND/EBITDA (x) 0,4 -0,2 -0,5
SEKm 2025 2026e 2027e
Sales 3630 3744,34 3914,95
COGS -2647 -2661 -2767
Gross profit 983 1083 1148
Other operating items -739 -714 -800
EBITDA 244 370 348
Depreciation and amortisation -95 -99 -104
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -54 -56 -56
EBITA 105 270,59 244,22
EO Items N/A N/A N/A
Operating EO items -31 56 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -91 -47 -50
EBIT 58 223,59 194,22
Net financial items -34 -38 -34
Pretax profit 24 185 160
Tax -14 -33 -38
Net profit 10 152 122
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 152 122
EPS 0,07 1,04 0,84
EPS adj. 0,42 0,99 1,1
Total extraordinary items after tax -13 46 0
Leasing payments -54 -56 -56
Tax rate (%) 58,3 18,1 23,5
Gross margin (%) 27,1 28,9 29,3
EBITDA margin (%) 6,7 9,9 8,9
EBITA margin (%) 2,9 7,2 6,2
EBIT margin (%) 1,6 6 5
Pre-tax margin (%) 0,7 4,9 4,1
Net margin (%) 0,3 4,1 3,1
Sales growth (%) -2,6 3,1 4,6
EBITDA growth (%) -12,9 51,5 -5,8
EBITA growth (%) -40,7 157,7 -9,7
EBIT growth (%) -54,7 N/A -13,1
Net profit growth (%) -78,7 1417,8 -19,4
EPS growth (%) -79 N/A -19,4
Profitability N/A N/A N/A
ROE (%) 0,3 5 3,9
ROE adj. (%) 3,8 5,1 5,4
ROCE (%) 1,6 6,2 5,3
ROCE adj. (%) 5 5,9 6,6
ROIC (%) 1,3 6,8 5,7
ROIC adj. (%) 1,7 5,4 5,7
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 275 314 348
EBITDA adj. margin (%) 7,6 8,4 8,9
EBITDA lease adj. 221 258 292
EBITDA lease adj. margin (%) 6,1 6,9 7,5
EBITA adj. 136 215 244
EBITA adj. margin (%) 3,7 5,7 6,2
EBIT adj. 89 168 194
EBIT adj. margin (%) 2,5 4,5 5
Pretax profit Adj. 146 176 210
Net profit Adj. 114 153 172
Net profit to shareholders adj. 114 153 172
Net adj. margin (%) 3,1 4,1 4,4
SEKm 2025 2026e 2027e
EBITDA 244 370 348
Goodwill 1571 1598 1598
Net financial items -34 -38 -34
Other intangible assets 1200 1219 1180
Paid tax -25 -36 -38
Tangible fixed assets 78 56 47
Non-cash items 42 0 0
Right-of-use asset 214 214 222
Cash flow before change in WC 227 295 276
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 77 65 65
Change in working capital 2 -11 -60
Fixed assets 3140 3151 3112
Operating cash flow 229 283 216
Inventories 552 637 705
Capex tangible fixed assets -17 -31 -39
Receivables 383 385 408
Capex intangible fixed assets -5 -9 -12
Other current assets N/A N/A N/A
Acquisitions and Disposals 0 -45 0
Cash and liquid assets 316 404 428
Free cash flow 207 199 166
Total assets 4391 4577 4652
Dividend paid -29 -16 -18
Shareholders equity 2933 3117 3221
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -56 -64
Total equity 2933 3117 3221
Other non-cash items N/A N/A N/A
Other changes in net debt 50 22 0
Long-term debt 391 339 279
Pension debt N/A N/A N/A
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 313 308 308
Short-term debt 10 6 6
Accounts payable 261 358 378
Other current liabilities 269 235 246
Total liabilities and equity 4391 4577 4652
Net IB debt 294 150 66
Net IB debt excl. pension debt 294 150 66
Net IB debt excl. leasing 80 -64 -148
Capital employed 3548 3676 3720
Capital invested 3227 3266 3287
Working capital 405 428 488
Market cap. diluted (m) 1716 1716 1716
Net IB debt adj. 299 155 71
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 2015 1871 1787
Total assets turnover (%) 81,3 83,5 84,8
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 4,8 2,1
Net debt / market cap (%) 17,1 8,7 3,9
Equity ratio (%) 66,8 68,1 69,2
Net IB debt adj. / equity (%) 10,2 5 2,2
Current ratio 2,32 2,38 2,44
EBITDA/net interest 7,2 9,6 10,2
Net IB debt/EBITDA (x) 1,2 0,4 0,2
Net IB debt/EBITDA lease adj. (x) 0,4 -0,2 -0,5
Interest coverage 3,1 7,1 7,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,07 1,04 0,84
Dividend per share 0,22 0,25 0,3
EPS adj. 0,42 0,99 1,1
BVPS 20,17 21,43 22,15
BVPS adj. N/A N/A N/A
Net IB debt/share 2,06 1,06 0,49
Share price 11,8 11,8 11,8
Market cap. (m) 1716 1716 1716
P/E (x) N/A 11,31 14,02
EV/sales (x) 0,56 0,5 0,46
EV/EBITDA (x) 8,3 5,1 5,1
EV/EBITA (x) 19,2 6,9 7,3
EV/EBIT (x) 34,7 8,4 9,2
Dividend yield (%) 1,9 2,1 2,5
FCF yield (%) 12,1 11,6 9,6
Le. adj. FCF yld. (%) 8,9 8,4 5,9
P/BVPS (x) 0,59 0,55 0,53
P/BVPS adj. (x) 1,44 1,26 1,13
P/E adj. (x) 28,2 11,9 10,7
EV/EBITDA adj. (x) 7,3 6 5,1
EV/EBITA adj. (x) 14,8 8,7 7,3
EV/EBIT adj. (x) 22,6 11,2 9,2
EV/CE (x) 0,6 0,5 0,5
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,6 -1 -1,3
Capex/depreciation 0,5 0,9 1,1
Capex tangibles / tangible fixed assets 21,8 55 83,9
Capex intangibles / definite intangibles 2,9 5,6 11,5
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 52,56 78,36 102,87

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 % 27 Mar 2026
Charles Jobson 5.0 % 4.9 % 22 Jun 2023
Rune Bro Róin 2.5 % 3.5 % 27 Mar 2026
Nordea Funds 3.5 % 3.4 % 27 Mar 2026
Avanza Pension 3.0 % 3.0 % 27 Mar 2026
Ralph Mühlrad 2.0 % 2.0 % 27 Mar 2026
Nordnet Pensionsförsäkring 1.4 % 1.5 % 27 Mar 2026
Protean Funds Scandinavia 0.9 % 0.8 % 27 Mar 2026
Lars-Åke Adolfsson 0.7 % 0.7 % 27 Mar 2026
SEB Funds 0.7 % 0.7 % 31 Mar 2026
Source: Holdings by Modular Finance AB