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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 3749,4 3986,48
Sales growth (%) -2,6 3,3 6,3
EBITDA 244 351 336
EBITDA margin (%) 6,7 9,4 8,4
EBIT adj. 133 165 198
EBIT adj. margin (%) 3,7 4,4 5
Pretax profit 24 191 170
EPS 0,07 1,09 0,89
EPS growth (%) -79 N/A -18,2
EPS adj. 0,54 1,05 1,16
DPS N/A N/A N/A
Dividend per share 0,22 0,32 0,32
EV/EBITDA (x) 7,4 4,8 4,8
EV/EBIT adj. (x) 13,6 10,2 8,2
P/E (x) N/A 9,53 11,65
P/E adj. (x) 19,1 9,9 9
EV/sales (x) 0,5 0,45 0,41
FCF yield (%) 13,7 12,9 11,3
Le. adj. FCF yld. (%) 10,1 9,3 7,1
Dividend yield (%) 2,1 3,1 3,1
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Le. adj. ND/EBITDA (x) 0,3 -0,2 -0,4
SEKm 2025 2026e 2027e
Sales 3630 3749,4 3986,48
COGS -2647 -2667 -2817
Gross profit 983 1083 1169
Other operating items -739 -731 -833
EBITDA 244 351 336
Depreciation and amortisation -95 -89 -88
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -54 -55 -56
EBITA 105 262,45 247,84
EO Items N/A N/A N/A
Operating EO items -75 52 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -91 -45 -50
EBIT 58 217,45 197,84
Net financial items -34 -26 -28
Pretax profit 24 191 170
Tax -14 -32 -40
Net profit 10 159 130
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 159 130
EPS 0,07 1,09 0,89
EPS adj. 0,54 1,05 1,16
Total extraordinary items after tax -31 43 0
Leasing payments -54 -55 -56
Tax rate (%) 58,3 17 23,5
Gross margin (%) 27,1 28,9 29,3
EBITDA margin (%) 6,7 9,4 8,4
EBITA margin (%) 2,9 7 6,2
EBIT margin (%) 1,6 5,8 5
Pre-tax margin (%) 0,7 5,1 4,3
Net margin (%) 0,3 4,2 3,3
Sales growth (%) -2,6 3,3 6,3
EBITDA growth (%) -12,9 44 -4,4
EBITA growth (%) -40,7 150 -5,6
EBIT growth (%) -54,7 N/A -9
Net profit growth (%) -78,7 1487,6 -18,2
EPS growth (%) -79 N/A -18,2
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 0,3 5,2 4,1
ROE adj. (%) 4,4 5,3 5,7
ROCE (%) 1,6 6 5,3
ROCE adj. (%) 6,2 5,8 6,7
ROIC (%) 1,3 6,7 5,7
ROIC adj. (%) 2,2 5,4 5,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 319 299 336
EBITDA adj. margin (%) 8,8 8 8,4
EBITDA lease adj. 265 244 280
EBITDA lease adj. margin (%) 7,3 6,5 7
EBITA adj. 180 210 248
EBITA adj. margin (%) 5 5,6 6,2
EBIT adj. 133 165 198
EBIT adj. margin (%) 3,7 4,4 5
Pretax profit Adj. 190 184 220
Net profit Adj. 132 161 180
Net profit to shareholders adj. 132 161 180
Net adj. margin (%) 3,6 4,3 4,5
SEKm 2025 2026e 2027e
EBITDA 244 351 336
Goodwill 1571 1571 1571
Net financial items -34 -26 -28
Other intangible assets 1200 1249 1211
Paid tax -25 -42 -40
Tangible fixed assets 78 60 68
Non-cash items 42 9 0
Right-of-use asset 214 214 222
Cash flow before change in WC 227 292 268
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 77 67 67
Change in working capital 2 -35 -45
Fixed assets 3140 3161 3139
Operating cash flow 229 257 223
Inventories 552 656 718
Capex tangible fixed assets -17 -25 -40
Receivables 383 385 415
Capex intangible fixed assets -5 -36 -12
Other current assets N/A N/A N/A
Acquisitions and Disposals 0 0 0
Cash and liquid assets 316 399 399
Free cash flow 207 196 171
Total assets 4391 4601 4671
Dividend paid -29 -32 -47
Shareholders equity 2933 3135 3218
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -55 -64
Total equity 2933 3135 3218
Other non-cash items N/A N/A N/A
Other changes in net debt 50 25 0
Long-term debt 391 352 292
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 3 3
Accounts payable 261 354 385
Other current liabilities 269 236 251
Total liabilities and equity 4391 4601 4671
Net IB debt 294 165 105
Net IB debt excl. pension debt 294 165 105
Net IB debt excl. leasing 80 -49 -109
Capital employed 3548 3704 3727
Capital invested 3227 3300 3323
Working capital 405 452 497
Market cap. diluted (m) 1512 1512 1512
Net IB debt adj. 299 170 110
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 1811 1683 1622
Total assets turnover (%) 81,3 83,4 86
Working capital/sales (%) 12 11,4 11,9
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 10 5,3 3,3
Net debt / market cap (%) 19,4 10,9 6,9
Equity ratio (%) 66,8 68,1 68,9
Net IB debt adj. / equity (%) 10,2 5,4 3,4
Current ratio 2,32 2,43 2,4
EBITDA/net interest 7,2 13,4 11,9
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Net IB debt/EBITDA lease adj. (x) 0,3 -0,2 -0,4
Interest coverage 3,1 10 8,8
SEKm 2025 2026e 2027e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,07 1,09 0,89
Dividend per share 0,22 0,32 0,32
EPS adj. 0,54 1,05 1,16
BVPS 20,17 21,56 22,13
BVPS adj. N/A N/A N/A
Net IB debt/share 2,06 1,17 0,76
Share price 10,4 10,4 10,4
Market cap. (m) 1512 1512 1512
P/E (x) N/A 9,53 11,65
EV/sales (x) 0,5 0,45 0,41
EV/EBITDA (x) 7,4 4,8 4,8
EV/EBITA (x) 17,3 6,4 6,5
EV/EBIT (x) 31,2 7,7 8,2
Dividend yield (%) 2,1 3,1 3,1
FCF yield (%) 13,7 12,9 11,3
Le. adj. FCF yld. (%) 10,1 9,3 7,1
P/BVPS (x) 0,52 0,48 0,47
P/BVPS adj. (x) 1,27 1,07 0,98
P/E adj. (x) 19,1 9,9 9
EV/EBITDA adj. (x) 5,7 5,6 4,8
EV/EBITA adj. (x) 10,1 8 6,5
EV/EBIT adj. (x) 13,6 10,2 8,2
EV/CE (x) 0,5 0,5 0,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,6 -1,6 -1,3
Capex/depreciation 0,5 1,8 1,6
Capex tangibles / tangible fixed assets 21,8 41,5 58,9
Capex intangibles / definite intangibles 2,9 24,6 12,5
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 52,56 56,59 47,25

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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 % 27 Aug 2026
Charles Jobson 9.6 % 9.3 % 11 Jun 2026
DNB Carnegie - Equity Proprietary Account 4.6 % 4.5 % 27 Aug 2026
Rune Bro Róin 2.5 % 3.6 % 27 Aug 2026
Nordea Funds 3.5 % 3.4 % 27 Aug 2026
Avanza Pension 2.3 % 2.3 % 27 Aug 2026
Protean Funds Scandinavia 2.2 % 2.1 % 31 Jul 2026
Ralph Mühlrad 2.0 % 2.0 % 27 Aug 2026
Nordnet Pensionsförsäkring 1.3 % 1.4 % 27 Aug 2026
Carnegie Fonder 0.9 % 0.9 % 27 Aug 2026
Source: Holdings by Modular Finance AB