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Midsona

Midsona

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.

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 2023 2024e 2025e
Sales 3793 3767 3898
Sales growth (%) -2,7 -0,7 3,5
EBITDA 186 274 313
EBITDA margin (%) 4,9 7,3 8
EBIT adj. 60 122 161
EBIT adj. margin (%) 1,6 3,2 4,1
Pretax profit -35 54 96
EPS -0,35 0,28 0,5
EPS growth (%) -94,8 -181 77,4
EPS adj. 0,46 0,52 0,73
DPS 0 0 0
EV/EBITDA (x) 8,7 6,2 4,9
EV/EBIT adj. (x) 27,1 13,8 9,6
P/E (x) -22,3 27,5 15,5
P/E adj. (x) 17 15,1 10,6
EV/sales (x) 0,43 0,45 0,4
FCF yield (%) 28,1 -0,5 17,3
Le. adj. FCF yld. (%) 23,2 -5,4 12,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,6 2 1,3
Le. adj. ND/EBITDA (x) 1,5 1,4 0,7
SEKm 2023 2024e 2025e
Sales 3793 3767 3898
COGS -2834 -2739 -2826
Gross profit 959 1028 1072
Other operating items -773 -754 -759
EBITDA 186 274 313
Depreciation and amortisation -109 -108 -108
of which leasing depreciation -38 -36 -36
EBITA 77 166 205
EO Items -31 0 0
Impairment and PPA amortisation -48 -44 -44
EBIT 29 122 161
Net financial items -64 -68 -65
Pretax profit -35 54 96
Tax -18 -13 -22
Net profit -53 41 73
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -53 41 73
EPS -0,35 0,28 0,5
EPS adj. 0,46 0,52 0,73
Total extraordinary items after tax -47 0 0
Leasing payments -38 -36 -36
Tax rate (%) -51,4 23,5 23,5
Gross margin (%) 25,3 27,3 27,5
EBITDA margin (%) 4,9 7,3 8
EBITA margin (%) 2 4,4 5,3
EBIT margin (%) 0,8 3,2 4,1
Pre-tax margin (%) -0,9 1,4 2,5
Net margin (%) -1,4 1,1 1,9
Sales growth (%) -2,7 -0,7 3,5
EBITDA growth (%) 5,7 47,5 14,1
EBITA growth (%) 24,2 116 23,2
EBIT growth (%) -106,2 N/A 31,5
Net profit growth (%) -89,4 -177,8 77,4
EPS growth (%) -94,8 -181 77,4
Profitability N/A N/A N/A
ROE (%) -1,7 1,4 2,4
ROE adj. (%) 1,4 2,8 3,8
ROCE (%) 0,8 3,3 4,3
ROCE adj. (%) 2,8 4,5 5,5
ROIC (%) 3,2 3,6 4,4
ROIC adj. (%) 4,5 3,6 4,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 217 274 313
EBITDA adj. margin (%) 5,7 7,3 8
EBITDA lease adj. 179 238 277
EBITDA lease adj. margin (%) 4,7 6,3 7,1
EBITA adj. 108 166 205
EBITA adj. margin (%) 2,8 4,4 5,3
EBIT adj. 60 122 161
EBIT adj. margin (%) 1,6 3,2 4,1
Pretax profit Adj. 44 98 140
Net profit Adj. 42 85 117
Net profit to shareholders adj. 42 85 117
Net adj. margin (%) 1,1 2,3 3
SEKm 2023 2024e 2025e
EBITDA 186 274 313
Goodwill 1459 1459 1459
Net financial items -64 -68 -65
Other intangible assets 1467 1434 1402
Paid tax -2 -13 -22
Tangible fixed assets 190 148 107
Non-cash items -8 0 0
Right-of-use asset 214 234 254
Cash flow before change in WC 112 193 225
Total other fixed assets 103 103 103
Change in working capital 231 -158 14
Fixed assets 3433 3378 3325
Operating cash flow 343 36 239
Inventories 554 640 633
Capex tangible fixed assets -29 -30 -31
Receivables 334 383 389
Capex intangible fixed assets 12 -11 -12
Other current assets 43 112 128
Acquisitions and Disposals -7 0 0
Cash and liquid assets 235 113 193
Free cash flow 319 -6 196
Total assets 4599 4627 4669
Dividend paid 0 0 0
Shareholders equity 2987 3028 3101
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -56 -56 -56
Total equity 2987 3028 3101
Other non-cash items 32 0 0
Long-term debt 449 389 329
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 338 338 338
Short-term debt 68 68 68
Accounts payable 312 358 376
Other current liabilities 231 232 243
Total liabilities and equity 4599 4627 4669
Net IB debt 491 553 413
Net IB debt excl. pension debt 491 553 413
Net IB debt excl. leasing 277 339 199
Capital employed 3718 3699 3712
Capital invested 3478 3581 3514
Working capital 388 546 532
Market cap. diluted (m) 1134 1134 1134
Net IB debt adj. 491 553 413
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 1625 1687 1547
Total assets turnover (%) 79,8 81,7 83,9
Working capital/sales (%) 13,3 12,4 13,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 16,4 18,3 13,3
Net debt / market cap (%) 43,3 48,7 36,4
Equity ratio (%) 64,9 65,4 66,4
Net IB debt adj. / equity (%) 16,4 18,3 13,3
Current ratio 1,91 1,9 1,96
EBITDA/net interest 2,9 4 4,8
Net IB debt/EBITDA (x) 2,6 2 1,3
Net IB debt/EBITDA lease adj. (x) 1,5 1,4 0,7
Interest coverage 1,2 2,4 3,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS -0,35 0,28 0,5
Dividend per share 0 0 0
EPS adj. 0,46 0,52 0,73
BVPS 20,54 20,82 21,33
BVPS adj. 0,42 0,93 1,65
Net IB debt/share 3,38 3,8 2,84
Share price 7,8 7,8 7,8
Market cap. (m) 1134 1134 1134
P/E (x) -22,3 27,5 15,5
EV/sales (x) 0,43 0,45 0,4
EV/EBITDA (x) 8,7 6,2 4,9
EV/EBITA (x) 21,1 10,1 7,6
EV/EBIT (x) 56 13,8 9,6
Dividend yield (%) 0 0 0
FCF yield (%) 28,1 -0,5 17,3
Le. adj. FCF yld. (%) 23,2 -5,4 12,4
P/BVPS (x) 0,38 0,37 0,37
P/BVPS adj. (x) 18,6 8,41 4,72
P/E adj. (x) 17 15,1 10,6
EV/EBITDA adj. (x) 7,5 6,2 4,9
EV/EBITA adj. (x) 15 10,1 7,6
EV/EBIT adj. (x) 27,1 13,8 9,6
EV/CE (x) 0,4 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 1,1 1,1
Capex/depreciation 0,2 0,6 0,6
Capex tangibles / tangible fixed assets 15,3 20,3 29,1
Capex intangibles / definite intangibles 0,8 0,8 0,8
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 37,37 48,6 67,09

Equity research

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Media

Midsona - Fireside chat 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 Mar 2024
Charles Jobson 5.0 % 4.9 % 22 Jun 2023
Nordea Funds 3.0 % 2.9 % 26 Mar 2024
Rune Bro Róin 2.4 % 2.9 % 26 Mar 2024
Avanza Pension 2.5 % 2.6 % 26 Mar 2024
Ralph Mühlrad 2.0 % 2.0 % 26 Mar 2024
Nordanland AB 1.7 % 1.7 % 26 Mar 2024
Nordnet Pensionsförsäkring 0.9 % 0.9 % 26 Mar 2024
Lars-Åke Adolfsson 0.7 % 0.7 % 26 Mar 2024
SEB Fonder 0.7 % 0.7 % 31 Mar 2024
Source: Holdings by Modular Finance AB