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Össur

Össur

Reykjavik, Iceland-based Embla Medical is a leading innovator, developer and manufacturer of non-invasive orthopaedic products such as prosthetics and braces. Embla's core competency lies within working with silicones, carbon composites and mechatronics to help patients live according to its motto “Life without Limitations”. Best known for its world leading lower limb prosthetics, Embla is at the forefront in incorporating electronics into prosthetics and thereby creating products that more naturally mimic normal gait, increasing amputees' quality of life.

Sustainability information

Primary risks include: 1) competitive product launches, with segments operating in highly competitive industries, 2) the growth in Prosthetics is currently driven primarily by increased unit prices as innovation drives trade up, while the volume growth is minimal. Failure by Embla Medical to prove its products’ value to payors and patients and thereby accept higher prices for innovation leaves Embla vulnerable to growth disappointments. 3) Embla is facing a balancing act, to improve efficiencies in its operations, diversify its supply chain while not disrupting its product quality or margins, and 4) high dependency on reimbursement changes (government and insurance) can trigger reduced spending and change product choices.

USDm 2023 2024e 2025e
Sales 786 866 936
Sales growth (%) 9,3 10,2 8,1
EBITDA 139 162 183
EBITDA margin (%) 17,7 18,7 19,5
EBIT adj. 89 113 134
EBIT adj. margin (%) 11,4 13 14,3
Pretax profit 76 100 124
EPS 0,14 0,18 0,22
EPS growth (%) 36,7 28,1 25,3
EPS adj. 0,14 0,18 0,22
DPS 0 0 0
EV/EBITDA (x) 16,1 14,3 12,2
EV/EBIT adj. (x) 25 20,4 16,6
P/E (x) 31,8 24,8 19,8
P/E adj. (x) 31,8 24,8 20
EV/sales (x) 2,85 2,67 2,37
FCF yield (%) 2,8 -5,4 4,7
Le. adj. FCF yld. (%) 2,8 -5,4 4,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,8 2,7 2
Le. adj. ND/EBITDA (x) 2,2 2,1 1,4
USDm 2023 2024e 2025e
Sales 786 866 936
COGS -300 -325 -348
Gross profit 486 541 588
Other operating items -346 -379 -405
EBITDA 139 162 183
Depreciation and amortisation -50 -49 -49
of which leasing depreciation -23 -20 -20
EBITA 89 113 134
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 89 113 134
Net financial items -17 -15 -12
Pretax profit 76 100 124
Tax -17 -24 -29
Net profit 59 77 95
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 77 95
EPS 0,14 0,18 0,22
EPS adj. 0,14 0,18 0,22
Total extraordinary items after tax 0 0 0
Leasing payments -23 -20 -20
Tax rate (%) 22,6 23,5 23,3
Gross margin (%) 61,8 62,5 62,8
EBITDA margin (%) 17,7 18,7 19,5
EBITA margin (%) 11,4 13 14,3
EBIT margin (%) 11,4 13 14,3
Pre-tax margin (%) 9,7 11,5 13,2
Net margin (%) 7,5 8,8 10,1
Sales growth (%) 9,3 10,2 8,1
EBITDA growth (%) 22 16,3 12,7
EBITA growth (%) 37,9 26,4 18,2
EBIT growth (%) 37,9 26,4 18,2
Net profit growth (%) 36,1 30,1 23,9
EPS growth (%) 36,7 28,1 25,3
Profitability N/A N/A N/A
ROE (%) 8,8 10,3 11,6
ROE adj. (%) 8,8 10,3 11,7
ROCE (%) 8,2 9,5 10,6
ROCE adj. (%) 8,2 9,5 10,6
ROIC (%) 6,5 7,5 8,4
ROIC adj. (%) 6,5 7,5 8,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 139 162 183
EBITDA adj. margin (%) 17,7 18,7 19,5
EBITDA lease adj. 117 142 163
EBITDA lease adj. margin (%) 14,9 16,4 17,4
EBITA adj. 89 113 134
EBITA adj. margin (%) 11,4 13 14,3
EBIT adj. 89 113 134
EBIT adj. margin (%) 11,4 13 14,3
Pretax profit Adj. 76 100 124
Net profit Adj. 59 77 96
Net profit to shareholders adj. 59 77 96
Net adj. margin (%) 7,5 8,8 10,2
USDm 2023 2024e 2025e
EBITDA 139 162 183
Goodwill 691 741 741
Net financial items -17 -15 -12
Other intangible assets 66 66 66
Paid tax -17 -24 -29
Tangible fixed assets 64 109 109
Non-cash items 42 3 -10
Right-of-use asset 122 122 122
Cash flow before change in WC 147 127 132
Total other fixed assets 67 67 67
Change in working capital -53 -24 -7
Fixed assets 1010 1105 1105
Operating cash flow 94 103 125
Inventories 136 150 162
Capex tangible fixed assets -42 -35 -37
Receivables 128 141 152
Capex intangible fixed assets 0 -60 0
Other current assets 39 39 39
Acquisitions and Disposals 0 -110 0
Cash and liquid assets 73 31 98
Free cash flow 52 -102 88
Total assets 1386 1466 1557
Dividend paid 0 0 0
Shareholders equity 705 782 855
Share issues and buybacks -15 0 -20
Minority 0 0 0
Leasing liability amortisation 0 0 1
Total equity 705 782 855
Other non-cash items -54 60 -1
Long-term debt 312 312 312
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 134 134 134
Total other long-term liabilities 60 60 60
Short-term debt 22 22 22
Accounts payable 31 34 37
Other current liabilities 122 122 136
Total liabilities and equity 1386 1465 1556
Net IB debt 395 437 369
Net IB debt excl. pension debt 395 437 369
Net IB debt excl. leasing 261 303 235
Capital employed 1173 1249 1323
Capital invested 1100 1219 1226
Working capital 150 174 181
Market cap. diluted (m) 1869 1898 1878
Net IB debt adj. 395 437 369
Market value of minority 0 0 0
Reversal of shares and participations -25 -25 -25
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2239 2310 2222
Total assets turnover (%) 58 60,8 61,9
Working capital/sales (%) 15,8 18,7 19
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 56 55,9 43,2
Net debt / market cap (%) 21,1 23 19,7
Equity ratio (%) 50,9 53,3 54,9
Net IB debt adj. / equity (%) 56 55,9 43,2
Current ratio 2,16 2,03 2,33
EBITDA/net interest 8,3 10,8 15,2
Net IB debt/EBITDA (x) 2,8 2,7 2
Net IB debt/EBITDA lease adj. (x) 2,2 2,1 1,4
Interest coverage 5,3 7,5 10,4
USDm 2023 2024e 2025e
Shares outstanding adj. 421 428 423
Diluted shares adj. 421 428 423
EPS 0,14 0,18 0,22
Dividend per share 0 0 0
EPS adj. 0,14 0,18 0,22
BVPS 1,67 1,83 2,02
BVPS adj. -0,12 -0,06 0,11
Net IB debt/share 0,94 1,02 0,87
Share price 30,5 30,5 30,5
Market cap. (m) 1869 1898 1878
P/E (x) 31,8 24,8 19,8
EV/sales (x) 2,85 2,67 2,37
EV/EBITDA (x) 16,1 14,3 12,2
EV/EBITA (x) 25 20,4 16,6
EV/EBIT (x) 25 20,4 16,6
Dividend yield (%) 0 0 0
FCF yield (%) 2,8 -5,4 4,7
Le. adj. FCF yld. (%) 2,8 -5,4 4,7
P/BVPS (x) 2,65 2,43 2,2
P/BVPS adj. (x) -36,16 -75,36 38,63
P/E adj. (x) 31,8 24,8 20
EV/EBITDA adj. (x) 16,1 14,3 12,2
EV/EBITA adj. (x) 25 20,4 16,6
EV/EBIT adj. (x) 25 20,4 16,6
EV/CE (x) 1,9 1,8 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 5,4 10,9 4
Capex/depreciation 1,5 3,3 1,3
Capex tangibles / tangible fixed assets 65,7 31,7 34,3
Capex intangibles / definite intangibles 0 91,1 0
Depreciation on intang / def. intang 15 15 15
Depreciation on tangibles / tangibles 27,38 17,38 17,38

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Media

Össur - Company presentation with President & CEO Sveinn Sölvason
Össur - Company presentation with IR Director Edda Lúdvígsdóttir

Main shareholders - Össur

Main shareholders Share capital % Voting shares % Verified
William Demant Fonden 52.1 % 52.1 % 31 Dec 2023
Interogo Holding AG 10.0 % 10.0 % 16 Nov 2023
Live Pension Fund 5.6 % 5.6 % 31 Dec 2021
Arbejdsmarkedets Tillægspension (ATP) 5.1 % 5.1 % 31 Dec 2023
LSR Pension Fund 4.6 % 4.6 % 31 Dec 2021
SEB Fonder 4.1 % 4.1 % 31 Mar 2024
Gildi Pension Fund 2.9 % 2.9 % 31 Dec 2021
Sellers Of Fior & Gentz 1.6 % 1.6 % 16 Jan 2024
Handelsbanken Fonder 1.3 % 1.3 % 31 Mar 2024
ODIN Fonder 1.2 % 1.2 % 31 Mar 2024
Source: Holdings by Modular Finance AB