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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 3776,17 3965,46
Sales growth (%) -2,6 4 5
EBITDA 244 372 352
EBITDA margin (%) 6,7 9,9 8,9
EBIT adj. 133 170 198
EBIT adj. margin (%) 3,7 4,5 5
Pretax profit 24 189 163
EPS 0,07 1,06 0,86
EPS growth (%) -79 N/A -19,4
EPS adj. 0,54 1,01 1,12
DPS N/A N/A N/A
Dividend per share 0,22 0,32 0,32
EV/EBITDA (x) 10 6,2 6,4
EV/EBIT adj. (x) 18,3 13,6 11,4
P/E (x) N/A 13,83 17,15
P/E adj. (x) 27 14,5 13,1
EV/sales (x) 0,67 0,61 0,57
FCF yield (%) 9,7 9,1 7,8
Le. adj. FCF yld. (%) 7,2 6,5 4,9
Dividend yield (%) 1,5 2,2 2,2
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Le. adj. ND/EBITDA (x) 0,3 -0,1 -0,3
SEKm 2025 2026e 2027e
Sales 3630 3776,17 3965,46
COGS -2647 -2686 -2803
Gross profit 983 1090 1163
Other operating items -739 -717 -811
EBITDA 244 372 352
Depreciation and amortisation -95 -99 -104
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -54 -56 -56
EBITA 105 273,39 247,78
EO Items N/A N/A N/A
Operating EO items -75 56 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -91 -47 -50
EBIT 58 226,39 197,78
Net financial items -34 -38 -35
Pretax profit 24 189 163
Tax -14 -34 -38
Net profit 10 155 125
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 155 125
EPS 0,07 1,06 0,86
EPS adj. 0,54 1,01 1,12
Total extraordinary items after tax -31 46 0
Leasing payments -54 -56 -56
Tax rate (%) 58,3 18,2 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 5 4,1
Net margin (%) 0,3 4,1 3,1
Sales growth (%) -2,6 4 5
EBITDA growth (%) -12,9 52,6 -5,5
EBITA growth (%) -40,7 160,4 -9,4
EBIT growth (%) -54,7 N/A -12,6
Net profit growth (%) -78,7 1445,7 -19,4
EPS growth (%) -79 N/A -19,4
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 0,3 5,1 4
ROE adj. (%) 4,4 5,2 5,6
ROCE (%) 1,6 6,2 5,3
ROCE adj. (%) 6,2 6 6,7
ROIC (%) 1,3 6,9 5,8
ROIC adj. (%) 2,2 5,5 5,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 319 316 352
EBITDA adj. margin (%) 8,8 8,4 8,9
EBITDA lease adj. 265 261 296
EBITDA lease adj. margin (%) 7,3 6,9 7,5
EBITA adj. 180 217 248
EBITA adj. margin (%) 5 5,8 6,2
EBIT adj. 133 170 198
EBIT adj. margin (%) 3,7 4,5 5
Pretax profit Adj. 190 180 213
Net profit Adj. 132 156 175
Net profit to shareholders adj. 132 156 175
Net adj. margin (%) 3,6 4,1 4,4
SEKm 2025 2026e 2027e
EBITDA 244 372 352
Goodwill 1571 1598 1598
Net financial items -34 -38 -35
Other intangible assets 1200 1219 1181
Paid tax -25 -37 -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 227 298 279
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 77 65 65
Change in working capital 2 -18 -59
Fixed assets 3140 3151 3113
Operating cash flow 229 279 219
Inventories 552 642 714
Capex tangible fixed assets -17 -31 -40
Receivables 383 388 413
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 316 429 426
Free cash flow 207 195 168
Total assets 4391 4610 4666
Dividend paid -29 -32 -47
Shareholders equity 2933 3104 3182
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -56 -64
Total equity 2933 3104 3182
Other non-cash items N/A N/A N/A
Other changes in net debt 50 22 0
Long-term debt 391 384 324
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 261 357 383
Other current liabilities 269 237 249
Total liabilities and equity 4391 4610 4666
Net IB debt 294 170 113
Net IB debt excl. pension debt 294 170 113
Net IB debt excl. leasing 80 -44 -101
Capital employed 3548 3708 3726
Capital invested 3227 3274 3295
Working capital 405 435 495
Market cap. diluted (m) 2138 2138 2138
Net IB debt adj. 299 175 118
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 2437 2313 2256
Total assets turnover (%) 81,3 83,9 85,5
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 5,5 3,6
Net debt / market cap (%) 13,8 8 5,3
Equity ratio (%) 66,8 67,3 68,2
Net IB debt adj. / equity (%) 10,2 5,6 3,7
Current ratio 2,32 2,43 2,43
EBITDA/net interest 7,2 9,9 10,1
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Net IB debt/EBITDA lease adj. (x) 0,3 -0,1 -0,3
Interest coverage 3,1 7,3 7,1
SEKm 2025 2026e 2027e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,07 1,06 0,86
Dividend per share 0,22 0,32 0,32
EPS adj. 0,54 1,01 1,12
BVPS 20,17 21,34 21,88
BVPS adj. N/A N/A N/A
Net IB debt/share 2,06 1,2 0,81
Share price 14,7 14,7 14,7
Market cap. (m) 2138 2138 2138
P/E (x) N/A 13,83 17,15
EV/sales (x) 0,67 0,61 0,57
EV/EBITDA (x) 10 6,2 6,4
EV/EBITA (x) 23,2 8,5 9,1
EV/EBIT (x) 42 10,2 11,4
Dividend yield (%) 1,5 2,2 2,2
FCF yield (%) 9,7 9,1 7,8
Le. adj. FCF yld. (%) 7,2 6,5 4,9
P/BVPS (x) 0,73 0,69 0,67
P/BVPS adj. (x) 1,79 1,58 1,44
P/E adj. (x) 27 14,5 13,1
EV/EBITDA adj. (x) 7,6 7,3 6,4
EV/EBITA adj. (x) 13,5 10,6 9,1
EV/EBIT adj. (x) 18,3 13,6 11,4
EV/CE (x) 0,7 0,6 0,6
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 55,2 83,5
Capex intangibles / definite intangibles 2,9 5,7 11,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 52,56 77,91 101,08

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Media

Midsona - Company presentation with President & CEO Henrik Hjalmarsson
Midsona - Company presentation with CEO Henrik Hjalmarsson

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 48.1 % 46.9 % 26 Jun 2026
Charles Jobson 9.6 % 9.3 % 11 Jun 2026
Rune Bro Róin 2.5 % 3.5 % 26 Jun 2026
Nordea Funds 3.5 % 3.4 % 26 Jun 2026
Avanza Pension 2.8 % 2.8 % 26 Jun 2026
Ralph Mühlrad 2.0 % 2.0 % 26 Jun 2026
Protean Funds Scandinavia 2.0 % 2.0 % 26 Jun 2026
Nordnet Pensionsförsäkring 1.1 % 1.2 % 26 Jun 2026
Carnegie Fonder 0.9 % 0.9 % 26 Jun 2026
Lars-Åke Adolfsson 0.7 % 0.7 % 26 Jun 2026
Source: Holdings by Modular Finance AB