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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 2024 2025e 2026e
Sales 3727 3877 3993
Sales growth (%) -1,7 4 3
EBITDA 280 317 348
EBITDA margin (%) 7,5 8,2 8,7
EBIT adj. 128 161 188
EBIT adj. margin (%) 3,4 4,1 4,7
Pretax profit 75 107 143
EPS 0,33 0,56 0,75
EPS growth (%) -194,3 71,1 33,6
EPS adj. 0,53 0,84 1,03
DPS 0,2 0,25 0,3
EV/EBITDA (x) 6 5,3 4,5
EV/EBIT adj. (x) 13,1 10,5 8,4
P/E (x) 25,8 15,1 11,3
P/E adj. (x) 15,9 10,1 8,3
EV/sales (x) 0,45 0,44 0,39
FCF yield (%) 9,5 6,5 16
Le. adj. FCF yld. (%) 4,9 2,3 11,7
Dividend yield (%) 2,4 2,9 3,5
Net IB debt/EBITDA (x) 1,6 1,4 0,9
Le. adj. ND/EBITDA (x) 0,9 0,8 0,4
SEKm 2024 2025e 2026e
Sales 3727 3877 3993
COGS -2658 -2766 -2840
Gross profit 1069 1111 1153
Other operating items -789 -795 -805
EBITDA 280 317 348
Depreciation and amortisation -103 -104 -108
of which leasing depreciation -33 -32 -32
EBITA 177 213 240
EO Items 0 0 0
Impairment and PPA amortisation -49 -52 -52
EBIT 128 161 188
Net financial items -53 -53 -44
Pretax profit 75 107 143
Tax -28 -25 -34
Net profit 47 82 110
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 47 82 110
EPS 0,33 0,56 0,75
EPS adj. 0,53 0,84 1,03
Total extraordinary items after tax 0 0 0
Leasing payments -33 -32 -32
Tax rate (%) 37,3 23,5 23,5
Gross margin (%) 28,7 28,7 28,9
EBITDA margin (%) 7,5 8,2 8,7
EBITA margin (%) 4,7 5,5 6
EBIT margin (%) 3,4 4,1 4,7
Pre-tax margin (%) 2 2,8 3,6
Net margin (%) 1,3 2,1 2,7
Sales growth (%) -1,7 4 3
EBITDA growth (%) 50,5 13,1 9,7
EBITA growth (%) 129,9 20,2 12,6
EBIT growth (%) N/A 25,6 16,7
Net profit growth (%) -188,7 74,7 33,6
EPS growth (%) -194,3 71,1 33,6
Profitability N/A N/A N/A
ROE (%) 1,6 2,7 3,5
ROE adj. (%) 3,2 4,3 5,1
ROCE (%) 3,5 4,4 5,1
ROCE adj. (%) 4,8 5,8 6,5
ROIC (%) 3,2 4,6 5,2
ROIC adj. (%) 3,2 4,6 5,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 280 317 348
EBITDA adj. margin (%) 7,5 8,2 8,7
EBITDA lease adj. 247 285 316
EBITDA lease adj. margin (%) 6,6 7,3 7,9
EBITA adj. 177 213 240
EBITA adj. margin (%) 4,7 5,5 6
EBIT adj. 128 161 188
EBIT adj. margin (%) 3,4 4,1 4,7
Pretax profit Adj. 124 159 195
Net profit Adj. 96 134 162
Net profit to shareholders adj. 96 134 162
Net adj. margin (%) 2,6 3,5 4
SEKm 2024 2025e 2026e
EBITDA 280 317 348
Goodwill 1571 1571 1571
Net financial items -53 -53 -44
Other intangible assets 1336 1296 1256
Paid tax -3 -25 -34
Tangible fixed assets 170 129 85
Non-cash items -1 0 0
Right-of-use asset 219 239 259
Cash flow before change in WC 223 238 270
Total other fixed assets 90 90 90
Change in working capital -81 -115 -29
Fixed assets 3386 3325 3261
Operating cash flow 142 123 241
Inventories 617 659 679
Capex tangible fixed assets -23 -31 -32
Receivables 351 409 420
Capex intangible fixed assets -2 -12 -12
Other current assets 40 137 153
Acquisitions and Disposals 0 0 0
Cash and liquid assets 141 73 136
Free cash flow 117 80 197
Total assets 4535 4602 4648
Dividend paid 0 -36 -22
Shareholders equity 3068 3114 3202
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -56 -52 -52
Total equity 3068 3114 3202
Other non-cash items -13 0 0
Long-term debt 306 246 186
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 336 336 336
Short-term debt 72 72 72
Accounts payable 302 376 388
Other current liabilities 237 244 251
Total liabilities and equity 4535 4602 4648
Net IB debt 445 453 330
Net IB debt excl. pension debt 445 453 330
Net IB debt excl. leasing 231 239 116
Capital employed 3660 3646 3674
Capital invested 3513 3567 3532
Working capital 469 584 613
Market cap. diluted (m) 1236 1236 1236
Net IB debt adj. 445 453 330
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 1681 1690 1566
Total assets turnover (%) 81,6 84,9 86,3
Working capital/sales (%) 11,5 13,6 15
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 14,5 14,6 10,3
Net debt / market cap (%) 36 36,7 26,7
Equity ratio (%) 67,7 67,7 68,9
Net IB debt adj. / equity (%) 14,5 14,6 10,3
Current ratio 1,88 1,85 1,95
EBITDA/net interest 5,3 5,9 7,9
Net IB debt/EBITDA (x) 1,6 1,4 0,9
Net IB debt/EBITDA lease adj. (x) 0,9 0,8 0,4
Interest coverage 3,3 4 5,4
SEKm 2024 2025e 2026e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,33 0,56 0,75
Dividend per share 0,2 0,25 0,3
EPS adj. 0,53 0,84 1,03
BVPS 21,1 21,41 22,02
BVPS adj. 1,11 1,7 2,58
Net IB debt/share 3,06 3,12 2,27
Share price 8,5 8,5 8,5
Market cap. (m) 1236 1236 1236
P/E (x) 25,8 15,1 11,3
EV/sales (x) 0,45 0,44 0,39
EV/EBITDA (x) 6 5,3 4,5
EV/EBITA (x) 9,5 7,9 6,5
EV/EBIT (x) 13,1 10,5 8,4
Dividend yield (%) 2,4 2,9 3,5
FCF yield (%) 9,5 6,5 16
Le. adj. FCF yld. (%) 4,9 2,3 11,7
P/BVPS (x) 0,4 0,4 0,39
P/BVPS adj. (x) 7,68 5 3,3
P/E adj. (x) 15,9 10,1 8,3
EV/EBITDA adj. (x) 6 5,3 4,5
EV/EBITA adj. (x) 9,5 7,9 6,5
EV/EBIT adj. (x) 13,1 10,5 8,4
EV/CE (x) 0,5 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,7 1,1 1,1
Capex/depreciation 0,4 0,6 0,6
Capex tangibles / tangible fixed assets 13,5 24 37,6
Capex intangibles / definite intangibles 0,1 0,9 1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 41,18 55,81 89,45

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Media

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

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 48.1 % 46.9 % 23 Dec 2024
Charles Jobson 5.0 % 4.9 % 22 Jun 2023
Rune Bro Róin 2.6 % 3.2 % 23 Dec 2024
Nordea Funds 3.1 % 3.0 % 23 Dec 2024
Avanza Pension 2.5 % 2.6 % 23 Dec 2024
Ralph Mühlrad 2.0 % 2.0 % 26 Jun 2024
Nordanland AB 1.7 % 1.7 % 23 Dec 2024
Nordnet Pensionsförsäkring 0.9 % 0.9 % 23 Dec 2024
Lars-Åke Adolfsson 0.7 % 0.7 % 23 Dec 2024
SEB Investment Management 0.7 % 0.7 % 31 Dec 2024
Source: Holdings by Modular Finance AB