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Midsona

Midsona

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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.

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 2022 2023e 2024e
Sales 3899 4113 4259
Sales growth (%) 3,3 5,5 3,6
EBITDA 176 355 411
EBITDA margin (%) 4,5 8,6 9,7
EBIT adj. 30 187 243
EBIT adj. margin (%) 0,8 4,5 5,7
Pretax profit -529 141 203
EPS -6,73 0,74 1,07
EPS growth (%) -617,7 -111 44,1
EPS adj. 0,08 0,99 1,32
DPS 0 0 0,63
EV/EBITDA (x) 12,2 5,8 4,7
EV/EBIT adj. (x) 71,6 11 7,9
P/E (x) -1,4 12,8 8,9
P/E adj. (x) 112 9,5 7,2
EV/sales (x) 0,55 0,5 0,45
FCF yield (%) 12,6 11,2 16,9
Le. adj. FCF yld. (%) 8,4 6,9 12,5
Dividend yield (%) 0 0 6,6
Net IB debt/EBITDA (x) 4,4 1,9 1,3
Le. adj. ND/EBITDA (x) 3,8 1,5 0,9
SEKm 2022 2023e 2024e
Sales 3899 4113 4259
COGS -3021 -3043 -3104
Gross profit 878 1070 1155
Other operating items -702 -715 -743
EBITDA 176 355 411
Depreciation and amortisation -114 -120 -120
of which leasing depreciation -44 -44 -44
EBITA 62 235 291
EO Items -15 0 0
Impairment and PPA amortisation -527 -48 -48
EBIT -465 187 243
Net financial items -64 -46 -40
Pretax profit -529 141 203
Tax 28 -33 -48
Net profit -501 108 155
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -501 108 155
EPS -6,73 0,74 1,07
EPS adj. 0,08 0,99 1,32
Total extraordinary items after tax -14 0 0
Leasing payments -44 -44 -44
Tax rate (%) 5,3 23,5 23,5
Gross margin (%) 22,5 26 27,1
EBITDA margin (%) 4,5 8,6 9,7
EBITA margin (%) 1,6 5,7 6,8
EBIT margin (%) -11,9 4,5 5,7
Pre-tax margin (%) -13,6 3,4 4,8
Net margin (%) -12,8 2,6 3,7
Sales growth (%) 3,3 5,5 3,6
EBITDA growth (%) -46,5 101,7 15,9
EBITA growth (%) -71,3 279,1 23,9
EBIT growth (%) -388,8 -140,2 30,1
Net profit growth (%) -662,9 -121,5 44,1
EPS growth (%) -617,7 -111 44,1
Profitability N/A N/A N/A
ROE (%) -16,8 3,4 4,8
ROE adj. (%) 1,3 5 6,3
ROCE (%) -11,1 4,6 5,9
ROCE adj. (%) 1,8 5,8 7
ROIC (%) -12 6 7,8
ROIC adj. (%) 0,8 6 7,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 191 355 411
EBITDA adj. margin (%) 4,9 8,6 9,7
EBITDA lease adj. 147 311 367
EBITDA lease adj. margin (%) 3,8 7,6 8,6
EBITA adj. 77 235 291
EBITA adj. margin (%) 2 5,7 6,8
EBIT adj. 30 187 243
EBIT adj. margin (%) 0,8 4,5 5,7
Pretax profit Adj. 13 189 251
Net profit Adj. 40 156 203
Net profit to shareholders adj. 40 156 203
Net adj. margin (%) 1 3,8 4,8
SEKm 2022 2023e 2024e
EBITDA 176 355 411
Goodwill 1459 1459 1459
Net financial items -64 -46 -40
Other intangible assets 1561 1525 1490
Paid tax -13 -33 -48
Tangible fixed assets 237 194 152
Non-cash items 35 0 0
Right-of-use asset 214 230 246
Cash flow before change in WC 134 276 323
Total other fixed assets 121 121 121
Change in working capital 69 -76 -44
Fixed assets 3592 3529 3468
Operating cash flow 203 200 280
Inventories 727 808 858
Capex tangible fixed assets -27 -33 -34
Receivables 398 479 496
Capex intangible fixed assets -2 -12 -13
Other current assets 66 66 66
Acquisitions and Disposals 0 0 0
Cash and liquid assets 121 216 343
Free cash flow 174 155 233
Total assets 4904 5098 5231
Dividend paid 0 0 -45
Shareholders equity 3082 3190 3300
Share issues and buybacks 591 0 0
Minority 0 0 0
Leasing liability amortisation -58 -60 -60
Total equity 3082 3190 3300
Other non-cash items -41 0 0
Long-term debt 617 617 617
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 355 355 355
Short-term debt 64 64 64
Accounts payable 358 399 413
Other current liabilities 214 259 268
Total liabilities and equity 4904 5098 5231
Net IB debt 769 674 547
Net IB debt excl. pension debt 769 674 547
Net IB debt excl. leasing 555 460 333
Capital employed 3977 4085 4195
Capital invested 3851 3864 3847
Working capital 619 695 739
Market cap. diluted (m) 1379 1379 1379
Net IB debt adj. 769 674 547
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 2148 2053 1926
Total assets turnover (%) 76,5 82,2 82,5
Working capital/sales (%) 16,8 16 16,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 25 21,1 16,6
Net debt / market cap (%) 55,8 48,9 39,7
Equity ratio (%) 62,8 62,6 63,1
Net IB debt adj. / equity (%) 25 21,1 16,6
Current ratio 2,06 2,17 2,37
EBITDA/net interest 2,8 7,7 10,3
Net IB debt/EBITDA (x) 4,4 1,9 1,3
Net IB debt/EBITDA lease adj. (x) 3,8 1,5 0,9
Interest coverage 1 5,1 7,3
SEKm 2022 2023e 2024e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS -6,73 0,74 1,07
Dividend per share 0 0 0,63
EPS adj. 0,08 0,99 1,32
BVPS 21,19 21,93 22,69
BVPS adj. 0,43 1,41 2,41
Net IB debt/share 5,29 4,64 3,76
Share price 9,5 9,5 9,5
Market cap. (m) 1379 1379 1379
P/E (x) -1,4 12,8 8,9
EV/sales (x) 0,55 0,5 0,45
EV/EBITDA (x) 12,2 5,8 4,7
EV/EBITA (x) 34,6 8,7 6,6
EV/EBIT (x) -4,6 11 7,9
Dividend yield (%) 0 0 6,6
FCF yield (%) 12,6 11,2 16,9
Le. adj. FCF yld. (%) 8,4 6,9 12,5
P/BVPS (x) 0,45 0,43 0,42
P/BVPS adj. (x) 22,24 6,71 3,93
P/E adj. (x) 112 9,5 7,2
EV/EBITDA adj. (x) 11,2 5,8 4,7
EV/EBITA adj. (x) 27,9 8,7 6,6
EV/EBIT adj. (x) 71,6 11 7,9
EV/CE (x) 0,5 0,5 0,5
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 11,4 17 22,4
Capex intangibles / definite intangibles 0,1 0,8 0,9
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 29,54 39,2 50,01

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Media

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

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 48.1 % 46.9 % 24 Feb 2023
Tredje AP-fonden 4.2 % 4.1 % 24 Feb 2023
La Financière de l'Echiquier 4.2 % 4.1 % 16 Nov 2022
Nordea Fonder 3.0 % 2.9 % 24 Feb 2023
Swedbank Robur Fonder 2.6 % 2.5 % 28 Feb 2023
Avanza Pension 2.5 % 2.5 % 24 Feb 2023
Ralph Mühlrad 2.0 % 1.9 % 24 Feb 2023
Copenhagen Infrastructure Partners 1.2 % 1.6 % 24 Feb 2023
Invesco 1.4 % 1.4 % 31 Jan 2023
Nordanland AB 1.4 % 1.3 % 24 Feb 2023
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Johan Wester + 15 000 BUY 26 Aug 2021
Johan Wester +2 850 000 SUBS 25 Aug 2021
johan wester + 130 BUY 25 Aug 2021
johan wester + 770 BUY 23 Jul 2021
johan wester + 100 BUY 3 May 2021
Ola Erici + 100 000 Redemp 3 May 2021
johan wester + 150 BUY 25 Mar 2021
Ola Erici - 24 730 SELL 19 Feb 2021
Johan Wester + 24 730 BUY 19 Feb 2021
Peter Åsberg - 35 150 SELL 11 Feb 2021

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