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Össur

Össur

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

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 units prices as consumers trade up, while the volume growth is minimal. Failure by Össur to prove its products’ value to payors and patients and thereby accept higher prices for innovation leaves Össur vulnerable to growth disappointments. 3) Össur is facing a balancing act, to improve efficiencies in its operations while not disrupting its product quality, and 4) high dependency on reimbursement changes (government and insurance) can trigger reduced spending and change product choices.

USDm 2023 2024e 2025e
Sales 786 878 949
Sales growth (%) 9,3 11,7 8,1
EBITDA 139 164 186
EBITDA margin (%) 17,7 18,7 19,6
EBIT adj. 89 115 137
EBIT adj. margin (%) 11,4 13,2 14,4
Pretax profit 76 102 127
EPS 0,14 0,18 0,23
EPS growth (%) 36,7 31,3 25,3
EPS adj. 0,14 0,18 0,23
Dividend per share 0 0 0
DPS N/A N/A N/A
EV/EBITDA (x) 15,9 13,9 11,8
EV/EBIT adj. (x) 24,7 19,8 16,1
P/E (x) 31,3 23,8 19
P/E adj. (x) 31,3 23,8 19,2
EV/sales (x) 2,81 2,6 2,31
FCF yield (%) 2,8 -5,6 4,8
Le. adj. FCF yld. (%) 2,8 -5,6 4,9
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 786 878 949
COGS -300 -331 -353
Gross profit 486 547 596
Other operating items -346 -382 -410
EBITDA 139 164 186
Depreciation and amortisation -50 -49 -49
Depreciation on leased assets -23 -20 -20
of which leasing depreciation N/A N/A N/A
EBITA 89 115 137
Operating EO items 0 0 0
EO Items N/A N/A N/A
Impairment and amortisation charges 0 0 0
Impairment and PPA amortisation N/A N/A N/A
EBIT 89,39 115,47 136,64
Net financial items -17 -15 -12
Pretax profit 76 102 127
Tax -17 -24 -30
Net profit 59 78 97
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 59 78 97
EPS 0,14 0,18 0,23
EPS adj. 0,14 0,18 0,23
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 62,3 62,8
EBITDA margin (%) 17,7 18,7 19,6
EBITA margin (%) 11,4 13,2 14,4
EBIT margin (%) 11,4 13,2 14,4
Pre-tax margin (%) 9,7 11,7 13,4
Net margin (%) 7,5 8,9 10,2
Sales growth (%) 9,3 11,7 8,1
EBITDA growth (%) 22 18,1 12,9
EBITA growth (%) 37,9 29,2 18,3
EBIT growth (%) 37,9 29,2 18,3
Net profit growth (%) 36,1 33,3 23,9
EPS growth (%) 36,7 31,3 25,3
Profitability N/A N/A N/A
ROE (%) 8,8 10,5 11,8
ROE adj. (%) 8,8 10,5 11,9
ROCE (%) 8,2 9,7 10,8
ROCE adj. (%) 8,2 9,7 10,8
ROIC (%) 6,5 7,6 8,5
ROIC adj. (%) 6,5 7,6 8,5
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 139 164 186
EBITDA adj. margin (%) 17,7 18,7 19,6
EBITDA lease adj. 117 144 166
EBITDA lease adj. margin (%) 14,9 16,5 17,5
EBITA adj. 89 115 137
EBITA adj. margin (%) 11,4 13,2 14,4
EBIT adj. 89 115 137
EBIT adj. margin (%) 11,4 13,2 14,4
Pretax profit Adj. 76 102 127
Net profit Adj. 59 78 98
Net profit to shareholders adj. 59 78 98
Net adj. margin (%) 7,5 8,9 10,3
USDm 2023 2024e 2025e
EBITDA 139 164 186
Goodwill 691 741 741
Net financial items -17 -15 -12
Other intangible assets 66 66 66
Paid tax -17 -24 -30
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 147 128 134
Other Fixed Assets All 67 67 67
Total other fixed assets N/A N/A N/A
Change in working capital -53 -27 -7
Fixed assets 1010 1105 1105
Operating cash flow 94 101 127
Inventories 136 152 164
Capex tangible fixed assets -42 -35 -38
Receivables 128 143 154
Capex intangible fixed assets 0 -60 0
Other current assets 39 39 39
Acquisitions and Disposals 0 -110 0
Cash and liquid assets 73 29 98
Free cash flow 52 -104 89
Total assets 1386 1468 1561
Dividend paid 0 0 0
Shareholders equity 705 783 860
Share issues and buybacks -15 0 -20
Minority 0 0 0
Leasing liability amortisation 0 0 1
Total equity 705 783 860
Other changes in net debt -54 60 -1
Long-term debt 312 312 312
Other non-cash items N/A N/A N/A
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 1468 1561
Net IB debt 395 439 370
Net IB debt excl. pension debt 395 439 370
Net IB debt excl. leasing 261 305 235
Capital employed 1173 1251 1327
Capital invested 1100 1222 1229
Working capital 150 178 185
Market cap. diluted (m) 1841 1869 1849
Net IB debt adj. 395 439 370
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 2211 2283 2194
Total assets turnover (%) 58 61,5 62,6
Working capital/sales (%) 15,8 18,7 19,1
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 56 56 43
Net debt / market cap (%) 21,5 23,5 20
Equity ratio (%) 50,9 53,4 55,1
Net IB debt adj. / equity (%) 56 56 43
Current ratio 2,16 2,04 2,34
EBITDA/net interest 8,3 11 15,5
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 7,7 10,6
USDm 2023 2024e 2025e
Shares outstanding adj. 421 428 423
Diluted shares adj. 421 428 423
EPS 0,14 0,18 0,23
Dividend per share 0 0 0
EPS adj. 0,14 0,18 0,23
BVPS 1,67 1,83 2,03
BVPS adj. -0,12 -0,05 0,12
Net IB debt/share 0,94 1,03 0,87
Share price 30 30 30
Market cap. (m) 1841 1869 1849
P/E (x) 31,3 23,8 19
EV/sales (x) 2,81 2,6 2,31
EV/EBITDA (x) 15,9 13,9 11,8
EV/EBITA (x) 24,7 19,8 16,1
EV/EBIT (x) 24,7 19,8 16,1
Dividend yield (%) 0 0 0
FCF yield (%) 2,8 -5,6 4,8
Le. adj. FCF yld. (%) 2,8 -5,6 4,9
P/BVPS (x) 2,61 2,39 2,15
P/BVPS adj. (x) -35,61 -80,22 35,01
P/E adj. (x) 31,3 23,8 19,2
EV/EBITDA adj. (x) 15,9 13,9 11,8
EV/EBITA adj. (x) 24,7 19,8 16,1
EV/EBIT adj. (x) 24,7 19,8 16,1
EV/CE (x) 1,9 1,8 1,7
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -5,4 -10,8 -4
Capex/depreciation 1,5 3,3 1,3
Capex tangibles / tangible fixed assets 65,7 32,1 34,7
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 51.9 % 51.9 % 31 Dec 2022
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 Jan 2024
Gildi Pension Fund 2.9 % 2.9 % 31 Dec 2021
Sellers Of Fior & Gentz 1.6 % 1.6 % 16 Jan 2024
Invesco 1.3 % 1.3 % 31 Dec 2023
Handelsbanken Fonder 1.3 % 1.3 % 31 Jan 2024
Source: Holdings by Modular Finance AB