Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 3790 3922
Sales growth (%) -2,7 -0,1 3,5
EBITDA 186 274 315
EBITDA margin (%) 4,9 7,2 8
EBIT adj. 60 122 163
EBIT adj. margin (%) 1,6 3,2 4,1
Pretax profit -35 60 99
EPS -0,35 0,3 0,52
EPS growth (%) -94,8 -185,1 75,1
EPS adj. 0,46 0,54 0,77
DPS 0 0 0
EV/EBITDA (x) 8,7 6,1 4,8
EV/EBIT adj. (x) 26,8 13,6 9,3
P/E (x) -22 25,9 14,8
P/E adj. (x) 16,8 14,3 9,9
EV/sales (x) 0,42 0,44 0,39
FCF yield (%) 28,5 1,4 17,7
Le. adj. FCF yld. (%) 23,5 -3,6 12,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,6 2 1,3
Le. adj. ND/EBITDA (x) 1,5 1,3 0,6
SEKm 2023 2024e 2025e
Sales 3793 3790 3922
COGS -2834 -2752 -2832
Gross profit 959 1038 1090
Other operating items -773 -763 -775
EBITDA 186 274 315
Depreciation and amortisation -109 -104 -104
of which leasing depreciation -38 -32 -32
EBITA 77 170 211
EO Items -31 0 0
Impairment and PPA amortisation -48 -48 -48
EBIT 29 122 163
Net financial items -64 -62 -63
Pretax profit -35 60 99
Tax -18 -16 -23
Net profit -53 43 76
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -53 43 76
EPS -0,35 0,3 0,52
EPS adj. 0,46 0,54 0,77
Total extraordinary items after tax -47 0 0
Leasing payments -38 -32 -32
Tax rate (%) -51,4 27,5 23,5
Gross margin (%) 25,3 27,4 27,8
EBITDA margin (%) 4,9 7,2 8
EBITA margin (%) 2 4,5 5,4
EBIT margin (%) 0,8 3,2 4,1
Pre-tax margin (%) -0,9 1,6 2,5
Net margin (%) -1,4 1,1 1,9
Sales growth (%) -2,7 -0,1 3,5
EBITDA growth (%) 5,7 47,4 14,7
EBITA growth (%) 24,2 120,9 23,8
EBIT growth (%) -106,2 N/A 33,1
Net profit growth (%) -89,4 -181,7 75,1
EPS growth (%) -94,8 -185,1 75,1
Profitability N/A N/A N/A
ROE (%) -1,7 1,4 2,4
ROE adj. (%) 1,4 3 4
ROCE (%) 0,8 3,3 4,4
ROCE adj. (%) 2,8 4,6 5,7
ROIC (%) 3,2 3,5 4,5
ROIC adj. (%) 4,5 3,5 4,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 217 274 315
EBITDA adj. margin (%) 5,7 7,2 8
EBITDA lease adj. 179 242 283
EBITDA lease adj. margin (%) 4,7 6,4 7,2
EBITA adj. 108 170 211
EBITA adj. margin (%) 2,8 4,5 5,4
EBIT adj. 60 122 163
EBIT adj. margin (%) 1,6 3,2 4,1
Pretax profit Adj. 44 108 147
Net profit Adj. 42 91 124
Net profit to shareholders adj. 42 91 124
Net adj. margin (%) 1,1 2,4 3,2
SEKm 2023 2024e 2025e
EBITDA 186 274 315
Goodwill 1571 1571 1571
Net financial items -64 -62 -63
Other intangible assets 1355 1356 1319
Paid tax -2 -9 -23
Tangible fixed assets 190 153 112
Non-cash items -8 9 0
Right-of-use asset 214 232 256
Cash flow before change in WC 112 211 228
Total other fixed assets 103 94 94
Change in working capital 231 -161 14
Fixed assets 3433 3405 3353
Operating cash flow 343 50 242
Inventories 554 644 637
Capex tangible fixed assets -29 -26 -31
Receivables 334 385 391
Capex intangible fixed assets 12 -9 -12
Other current assets 43 113 129
Acquisitions and Disposals -7 0 0
Cash and liquid assets 235 50 133
Free cash flow 319 16 199
Total assets 4599 4598 4643
Dividend paid 0 0 0
Shareholders equity 2987 3076 3152
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -56 -56 -56
Total equity 2987 3076 3152
Other non-cash items 32 -4 0
Long-term debt 449 314 254
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 338 333 333
Short-term debt 68 67 67
Accounts payable 312 360 378
Other current liabilities 231 234 245
Total liabilities and equity 4599 4598 4643
Net IB debt 491 540 397
Net IB debt excl. pension debt 491 540 397
Net IB debt excl. leasing 277 326 183
Capital employed 3718 3671 3687
Capital invested 3478 3616 3550
Working capital 388 549 535
Market cap. diluted (m) 1120 1120 1120
Net IB debt adj. 491 540 397
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 1611 1660 1517
Total assets turnover (%) 79,8 82,4 84,9
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 17,6 12,6
Net debt / market cap (%) 43,8 48,2 35,5
Equity ratio (%) 64,9 66,9 67,9
Net IB debt adj. / equity (%) 16,4 17,6 12,6
Current ratio 1,91 1,81 1,87
EBITDA/net interest 2,9 4,4 5
Net IB debt/EBITDA (x) 2,6 2 1,3
Net IB debt/EBITDA lease adj. (x) 1,5 1,3 0,6
Interest coverage 1,2 2,7 3,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS -0,35 0,3 0,52
Dividend per share 0 0 0
EPS adj. 0,46 0,54 0,77
BVPS 20,54 21,15 21,67
BVPS adj. 0,42 1,03 1,8
Net IB debt/share 3,38 3,71 2,73
Share price 7,7 7,7 7,7
Market cap. (m) 1120 1120 1120
P/E (x) -22 25,9 14,8
EV/sales (x) 0,42 0,44 0,39
EV/EBITDA (x) 8,7 6,1 4,8
EV/EBITA (x) 20,9 9,8 7,2
EV/EBIT (x) 55,5 13,6 9,3
Dividend yield (%) 0 0 0
FCF yield (%) 28,5 1,4 17,7
Le. adj. FCF yld. (%) 23,5 -3,6 12,7
P/BVPS (x) 0,37 0,36 0,36
P/BVPS adj. (x) 18,36 7,48 4,28
P/E adj. (x) 16,8 14,3 9,9
EV/EBITDA adj. (x) 7,4 6,1 4,8
EV/EBITA adj. (x) 14,9 9,8 7,2
EV/EBIT adj. (x) 26,8 13,6 9,3
EV/CE (x) 0,4 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,9 1,1
Capex/depreciation 0,2 0,5 0,6
Capex tangibles / tangible fixed assets 15,3 16,9 27,9
Capex intangibles / definite intangibles 0,9 0,6 0,9
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 37,37 47,09 64,14

Equity research

Read earlier research

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 % 30 Apr 2024
Source: Holdings by Modular Finance AB