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Midsona

Midsona

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For a healthier living

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.

Favourable market trends and conditions for healthy food and ecological products. Materialization of synergies from the most recent acquisitions, both cost savings as well as increased cross-selling. M&A opportunities in Europe and potential for continued bolt-on acquisitions in Scandinavia.

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 2021 2022e 2023e
Sales 3773 4047 4212
Sales growth (%) 1,7 7,3 4,1
EBITDA 329 305 390
EBITDA margin (%) 8,7 7,5 9,3
EBIT adj 157 142 222
EBIT adj margin (%) 4,2 3,5 5,3
Pretax profit 115 101 178
EPS rep 1,31 1,09 1,87
EPS growth (%) -51,3 -17,1 72,4
EPS adj 2,06 1,74 2,53
DPS 0 0 1,35
EV/EBITDA (x) 15,5 9,9 7,4
EV/EBIT adj (x) 32,6 21,2 12,9
P/E (x) 41,3 20,4 11,8
P/E adj (x) 26,3 12,8 8,7
EV/sales (x) 1,4 0,7 0,7
FCF yield (%) -6,4 4,8 13,1
Dividend yield (%) 0 0 6,1
Net IB debt/EBITDA 4,4 4,6 3,2
Lease adj. FCF yield (%) -8 1,3 9,6
Lease adj. ND/EBITDA 4,6 4,8 3,1
SEKm 2021 2022e 2023e
Sales 3773 4047 4212
COGS -2758 -2996 -3069
Gross profit 1015 1051 1144
Other operating items -686 -746 -754
EBITDA 329 305 390
Depreciation on tangibles -57 -68 -72
Depreciation on intangibles -48 -56 -56
EBITA 216 189 270
Goodwill impairment charges 0 0 0
Other impairment and amortisation -48 -56 -56
EBIT 161 142 222
Other financial items 0 0 0
Net financial items -46 -41 -44
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 115 101 178
Tax -26 -22 -42
Net profit 89 79 136
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 89 79 136
EPS 1,31 1,09 1,87
EPS Adj 2,06 1,74 2,53
Total extraordinary items after tax 4 0 0
Tax rate (%) -22,6 -22,2 -23,5
Gross margin (%) 26,9 26 27,1
EBITDA margin (%) 8,7 7,5 9,3
EBITA margin (%) 5,7 4,7 6,4
EBIT margin (%) 4,3 3,5 5,3
Pretax margin (%) 3 2,5 4,2
Net margin (%) 2,4 1,9 3,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 1,7 7,3 4,1
EBITDA growth (%) -18,6 -7,3 27,8
EBIT growth (%) -37,4 -11,8 56,2
Net profit growth (%) -49,4 -11,7 73,2
EPS growth (%) -51,3 -17,1 72,4
Profitability 2021 2022 2023
ROE (%) 3,4 2,7 4,4
ROE Adj (%) 5,4 4,3 6
ROCE (%) 3,8 3,2 4,8
ROCE Adj(%) 5 4,3 5,9
ROIC (%) 3 2,5 3,9
ROIC Adj (%) 3 2,5 3,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 325 305 390
EBITDA Adj margin (%) 8,6 7,5 9,3
EBITA Adj 212 189 270
EBITA Adj margin (%) 5,6 4,7 6,4
EBIT Adj 157 142 222
EBIT Adj margin (%) 4,2 3,5 5,3
Pretax profit Adj 166 148 226
Net profit Adj 140 126 184
Net profit to shareholders Adj 140 126 184
Net Adj margin (%) 3,7 3,1 4,4
Depreciation and amortisation -168 -163 -168
Of which leasing depreciation -39 -45 -44
EO items 4 0 0
Impairment and PPA amortisation -55 -47 -48
EBITDA lease Adj 267 249 334
EBITDA lease Adj margin (%) 7,1 6,2 7,9
Leasing payments -58 -56 -56
SEKm 2021 2022e 2023e
EBITDA 329 305 390
Net financial items -46 -41 -44
Paid tax -46 -41 -44
Non-cash items 15 27 12
Cash flow before change in WC 252 250 314
Change in WC -316 -128 -57
Operating cash flow -64 121 257
CAPEX tangible fixed assets -54 -34 -34
CAPEX intangible fixed assets -5 -10 -13
Acquisitions and disposals -114 0 0
Free cash flow -237 78 211
Dividend paid -86 0 0
Share issues and buybacks 496 0 0
Other non cash items 82 -5 -9
Decrease in net IB debt -257 104 190
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 1880 1880 1880
Indefinite intangible assets 0 0 0
Definite intangible assets 1409 1366 1323
Tangible fixed assets 308 267 224
Other fixed assets 89 89 89
Fixed assets 3981 3955 3889
Inventories 783 865 918
Receivables 403 450 468
Other current assets 67 68 68
Cash and liquid assets 53 107 261
Total assets 5287 5444 5604
Shareholders equity 2875 2995 3131
Minority 0 0 0
Total equity 2875 2995 3131
Long-term debt 1155 1135 1135
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 380 380 380
Short-term debt 120 168 168
Accounts payable 342 343 357
Other current liabilities 223 231 241
Total liabilities and equity 5287 5444 5604
Net IB debt 1432 1406 1252
Net IB debt excl. pension debt 1432 1406 1252
Capital invested 4307 4401 4383
Working capital 688 809 856
EV breakdown 2021 2022 2023
Market cap. diluted (m) 3675 1603 1611
Net IB debt Adj 1436 1410 1256
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 5111 3014 2866
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 72,5 75,4 76,3
Capital invested turnover (%) 89 98,3 102,7
Capital employed turnover (%) 93,4 101,3 102,2
Inventories / sales (%) 15,8 16,2 17
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,3 10,3 10,7
Working capital / sales (%) 13,8 18,5 19,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 49,8 47 40
Net debt / market cap (%) 29,9 87,7 77,7
Equity ratio (%) 54,4 55 55,9
Net IB debt adj. / equity (%) 49,9 47,1 40,1
Current ratio (%) 176,5 186,9 209
EBITDA / net interest (%) 715,2 744 886,1
Net IB debt / EBITDA (%) 435,3 461 321,1
Interest cover (%) 469,6 461,1 613,4
Lease liability amortisation -58 -56 -56
Other intangible assets 1484 1490 1455
Right-of-use asset 214 223 235
Total other fixed assets 95 95 95
Leasing liability 214 214 214
Total other long-term liabilities 358 359 359
Net IB debt excl. leasing 1222 1196 1042
Net IB debt / EBITDA lease Adj (%) 457,7 480,4 312
SEKm 2021 2022e 2023e
Shares outstanding adj. 68 72 73
Fully diluted shares Adj 68 72 73
EPS 1,31 1,09 1,87
Dividend per share Adj 0 0 1,4
EPS Adj 2,06 1,74 2,53
BVPS 42,32 41,37 43,05
BVPS Adj -7,2 -5,19 -2,81
Net IB debt / share 21,1 19,4 17,2
Share price 70,42 22,15 22,15
Market cap. (m) 4784 1603 1611
Valuation 2021 2022 2023
P/E 41,3 20,4 11,8
EV/sales 1,35 0,74 0,68
EV/EBITDA 15,5 9,9 7,4
EV/EBITA 23,7 15,9 10,6
EV/EBIT 31,7 21,2 12,9
Dividend yield (%) 0 0 6,1
FCF yield (%) -6,4 4,8 13,1
P/BVPS 1,28 0,54 0,51
P/BVPS Adj -7,52 -4,27 -7,89
P/E Adj 26,3 12,8 8,7
EV/EBITDA Adj 15,7 9,9 7,4
EV/EBITA Adj 24,1 15,9 10,6
EV/EBIT Adj 32,6 21,2 12,9
EV/cap. employed 1,2 0,7 0,6
Investment ratios 2021 2022 2023
Capex / sales 1,6 1,1 1,1
Capex / depreciation 45,7 37,1 37,4
Capex tangibles / tangible fixed assets 17,5 12,6 15
Capex intangibles / definite intangibles 0,3 0,7 0,9
Depreciation on intangibles / definite intangibles 3,7 3,2 3,3
Depreciation on tangibles / tangibles 24 26,6 33,9
Lease adj. FCF yield (%) -8 1,3 9,6

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Media

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

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 29.8 % 29.8 % 31 Mar 2022
Swedbank Robur Fonder 8.9 % 8.6 % 31 May 2022
La Financière de l'Echiquier 7.5 % 7.2 % 31 May 2022
Peter Wahlberg 4.5 % 4.3 % 28 Feb 2022
Skandia Fonder 3.5 % 3.4 % 31 May 2022
Creades AB 3.7 % 3.4 % 10 Mar 2021
Avanza Pension 3.2 % 3.3 % 31 Mar 2022
Nordea Fonder 3.0 % 2.9 % 31 Mar 2022
Tredje AP-fonden 2.5 % 2.4 % 31 Mar 2022
Ralph Mühlrad 2.0 % 1.9 % 28 Feb 2022
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Johan Wester + 15 000 BUY 26 Aug 2021
Johan Wester +2 850 000 SUBS 25 Aug 2021
johan wester + 130 BUY 25 Aug 2021
johan wester + 770 BUY 23 Jul 2021
johan wester + 100 BUY 3 May 2021
Ola Erici + 100 000 Redemp 3 May 2021
johan wester + 150 BUY 25 Mar 2021
Ola Erici - 24 730 SELL 19 Feb 2021
Johan Wester + 24 730 BUY 19 Feb 2021
Peter Åsberg - 35 150 SELL 11 Feb 2021

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