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Swedencare

Swedencare is a high-growth animal health company that develops, promotes and sells OTC premium products within animal dental care. The company's main product, ProDen PlaqueOff, is proprietary, patented until 2021-2028 and sold in more than 50 countries. It reduces the amount of plaque, tartar as well as problems with bleeding gums and the target group is cats and dogs. Following acquisitions of its three largest distribution/sales partners in 2016, Swedencare has around 85% of its sales via direct sales and the remaining from external distributors.

Financials

Swedencare

SEKm 2018 2019 2020
Sales 101 133 168
Sales growth (%) 18,1 31,5 26,4
EBITDA 33 43 N/A
EBITDA margin (%) 27,5 32,4 32,1
EBIT adj 22 32 41
EBIT adj margin (%) 25,6 32,1 30,8
Pretax profit 32 40 54
EPS rep 1,62 2 2,65
EPS growth (%) 50,2 23,6 32,5
EPS adj 1,57 2 2,65
DPS 0 0 0
EV/EBITDA (x) 25,4 19 14,1
EV/EBIT adj (x) 25,6 19,8 14,5
P/E (x) 33,6 27,2 20,5
P/E adj (x) 34,7 27,2 20,5
EV/sales (x) 8,2 6,1 4,7
FCF yield (%) 2,4 3,1 4,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,9 -1,1 -1,4

Main shareholders

Swedencare

Main shareholders Share capital % Voting shares % Verified
Håkan Svanberg 32.2 % 32.2 % 31 Dec 2018
Mastan AB (Håkan Lagerberg) 13.4 % 13.4 % 17 Dec 2018
JCC Group Invest Sweden AB (Johan Bergdahl) 13.3 % 13.3 % 31 Dec 2018
Staffan Persson 5.1 % 5.1 % 31 Dec 2018
AMF Försäkring & Fonder 4.8 % 4.8 % 31 Dec 2018
Handelsbanken Fonder 2.7 % 2.7 % 31 Dec 2018
Aktia Asset Management 2.6 % 2.6 % 31 Oct 2018
Nordnet Pensionsförsäkring 2.5 % 2.5 % 31 Dec 2018
Investment AB Öresund 2.2 % 2.2 % 31 Dec 2018
Martin Shimko 1.9 % 1.9 % 30 Jun 2018
Source: Holdings by Modular Finance AB

Insider list

Swedencare

Name
Lars Håkan Lagerberg
JCC Group Invest Sweden AB
Tammeo Aktiebolag
Lars Håkan Lagerberg
Mastan AB
JCC Group Invest Sweden AB
Håkan Svanberg & Co Health Care AB
Håkan Svanberg & Co Health Care AB
JCC Group Invest Sweden AB
JCC Group Invest Sweden AB
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