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Feelgood

Feelgood

Occupational healthcare

Feelgood operates in the occupational health market. It is the leading Swedish provider of services such as primary care, psychiatrists, physiotherapy and managerial/HR support, in order to achieve its vision of having Sweden’s healthiest customer employees. In recent years, Feelgood streamlined its organisation, restructured its core offering, and improved its overall performance. Its business model is built on long-term framework agreements across the public and private sectors, with a large customer base of 8,300, targeting ~830,000 customer employees.

Feelgood is gradually shifting away its revenue mix from lower margin, traditional occupational health services such as blood tests. Efforts are being put into value-added services such as psychologist visits and stress prevention paired with a solid digital offering. This increases Feelgood’s ability to sell on quality of outcome and bundle service solutions. Another high-value proposition stems from the subscription-based Feelgood Plus application, offering prospects for high-margin, recurring revenues.

Feelgood is fundamentally dependent on the Swedish labour market, leaving the company exposed should there be a recession with large-scale layoffs. The company is operating in a highly competitive space where Feelgood could risk losing market share and pricing power. We also note potential execution risks as Feelgood ventures into new adjacent and digital service offerings.

SEKm 2020 2021e 2022e
Sales 743 766 793
Sales growth (%) -4,3 3,1 3,6
EBITDA 81 103 111
EBITDA margin (%) 10,9 13,4 14
EBIT adj 4 42 49
EBIT adj margin (%) 0,5 5,5 6,2
Pretax profit 18 37 47
EPS rep 0,14 0,28 0,35
EPS growth (%) -40,7 95 26,3
EPS adj -0,04 0,28 0,35
DPS 0 0,14 0,17
EV/EBITDA (x) 5,7 4,4 3,8
EV/EBIT adj (x) 120,2 10,6 8,7
P/E (x) 19,7 10,1 8
P/E adj (x) -78,2 10,1 8
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) 16,7 19,9 27,6
Dividend yield (%) 0 5 6,3
Net IB debt/EBITDA 2 1,5 1,2
N/A N/A N/A
Lease adj. FCF yield (%) 1,2 4,3 12,1
Lease adj. ND/EBITDA 5,4 1,3 0,8
SEKm 2020 2021e 2022e
Sales 743 766 793
COGS 0 0 0
Gross profit 743 766 793
Other operating items -662 -664 -682
EBITDA 81 103 111
Depreciation on tangibles -7 -8 -9
Depreciation on intangibles -7 -8 -9
EBITA 23 42 49
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 23 42 49
Other financial items 0 0 0
Net financial items -4 -5 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 18 37 47
Tax -3 -8 -10
Net profit 15 29 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 15 29 37
EPS 0,14 0,28 0,35
EPS Adj -0,04 0,28 0,35
Total extraordinary items after tax 18,9 0 0
Tax rate (%) -18,1 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 10,9 13,4 14
EBITA margin (%) 3,1 5,5 6,2
EBIT margin (%) 3,1 5,5 6,2
Pretax margin (%) 2,5 4,8 5,9
Net margin (%) 2 3,8 4,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -4,3 3,1 3,6
EBITDA growth (%) -5,2 26,4 8,5
EBIT growth (%) -39,2 85,5 16
Net profit growth (%) -40,7 95 26,3
EPS growth (%) -40,7 95 26,3
Profitability 2020 2021 2022
ROE (%) 7,5 13,3 15
ROE Adj (%) -1,9 13,3 15
ROCE (%) 6 10,3 11,6
ROCE Adj(%) 1 10,3 11,6
ROIC (%) 5,2 8,7 9,8
ROIC Adj (%) 0,9 8,7 9,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 62 103 111
EBITDA Adj margin (%) 8,4 13,4 14
EBITA Adj 4 42 49
EBITA Adj margin (%) 0,5 5,5 6,2
EBIT Adj 4 42 49
EBIT Adj margin (%) 0,5 5,5 6,2
Pretax profit Adj 0 37 47
Net profit Adj -4 29 37
Net profit to shareholders Adj -4 29 37
Net Adj margin (%) -0,5 3,8 4,7
N/A N/A N/A
Depreciation and amortisation -58 -60 -62
Of which leasing depreciation -44 -44 -44
EO items 19 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 16 56 65
EBITDA lease Adj margin (%) 2,2 7,4 8,2
SEKm 2020 2021e 2022e
EBITDA 81 103 111
Net financial items -4 -5 -2
Paid tax -3 -8 -10
Non-cash items 0 0 0
Cash flow before change in WC 73 90 100
Change in WC -5 -16 -2
Operating cash flow 69 74 98
CAPEX tangible fixed assets -9 -4 -4
CAPEX intangible fixed assets -10 -11 -12
Acquisitions and disposals 0 0 0
Free cash flow 50 59 82
Dividend paid 0 0 -15
Share issues and buybacks 0 0 0
Other non cash items -11 0 0
Decrease in net IB debt -13 13 21
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 182 185 188
Tangible fixed assets 22 17 12
Other fixed assets 0 0 0
Fixed assets 330 331 331
Inventories 0 0 0
Receivables 84 99 102
Other current assets 67 67 67
Cash and liquid assets 28 28 37
Total assets 509 526 537
Shareholders equity 207 237 259
Minority 0 0 0
Total equity 207 237 259
Long-term debt 0 0 0
Pension debt 21 21 21
Convertible debt 0 0 0
Deferred tax 6 6 6
Other long-term liabilities 0 0 0
Short-term debt 94 82 70
Accounts payable 42 41 42
Other current liabilities 62 62 62
Total liabilities and equity 509 526 537
Net IB debt 164 152 131
Net IB debt excl. pension debt 144 131 110
Capital invested 377 394 395
Working capital 47 63 64
EV breakdown 2020 2021 2022
Market cap. diluted (m) 298 297 297
Net IB debt Adj 164 152 131
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 462 448 427
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 150,3 148,1 149,3
Capital invested turnover (%) 205,9 198,7 201,1
Capital employed turnover (%) 196,7 187,8 188,1
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 6,5 5,5 5,3
Payables / sales (%) 5,6 5,4 5,3
Working capital / sales (%) 6 7,1 8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 79,4 64,1 50,4
Net debt / market cap (%) 57,3 51,1 44
Equity ratio (%) 40,7 45 48,2
Net IB debt adj. / equity (%) 79,4 64,1 50,4
Current ratio (%) 90,2 104,9 118,3
EBITDA / net interest (%) 1880,4 1999,7 5229,6
Net IB debt / EBITDA (%) 202,8 147,9 117,4
Interest cover (%) 527,4 822,6 2299,2
N/A N/A N/A
Lease liability amortisation -46 -46 -46
Other intangible assets 182 185 188
Right-of-use asset 127 128 130
Total other fixed assets 0 0 0
Leasing liability 77 77 77
Total other long-term liabilities 6 6 6
Net IB debt excl. leasing 87 74 53
Net IB debt / EBITDA lease Adj (%) 542,5 131,8 81,8
SEKm 2020 2021e 2022e
Shares outstanding adj. 106 106 106
Fully diluted shares Adj 106 106 106
EPS 0,14 0,28 0,35
Dividend per share Adj 0 0,1 0,2
EPS Adj -0,04 0,28 0,35
BVPS 1,95 2,23 2,44
BVPS Adj 0,24 0,48 0,67
Net IB debt / share 1,5 1,4 1,2
Share price 2,7 2,79 2,79
Market cap. (m) 287 297 297
Valuation 2020 2021 2022
P/E 19,7 10,1 8
EV/sales 0,62 0,59 0,54
EV/EBITDA 5,7 4,4 3,8
EV/EBITA 20,3 10,6 8,7
EV/EBIT 20,3 10,6 8,7
Dividend yield (%) 0 5 6,3
FCF yield (%) 16,7 19,9 27,6
P/BVPS 1,44 1,25 1,14
P/BVPS Adj 11,87 5,8 4,19
P/E Adj -78,2 10,1 8
EV/EBITDA Adj 7,4 4,4 3,8
EV/EBITA Adj 120,2 10,6 8,7
EV/EBIT Adj 120,2 10,6 8,7
EV/cap. employed 1,2 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 2,6 2 2
Capex / depreciation 137,5 94,6 86,9
Capex tangibles / tangible fixed assets 41,4 21,9 32,1
Capex intangibles / definite intangibles 5,7 6,1 6,3
Depreciation on intangibles / definite intangibles 3,9 4,3 4,8
Depreciation on tangibles / tangibles 32,6 46,3 73,8
N/A N/A N/A
Lease adj. FCF yield (%) 1,2 4,3 12,1

Equity research

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Media

Feelgood - Interview with CEO Joachim Morath (in Swedish)
Feelgood - Company presentation with CEO Joachim Morath (in Swedish)

Main shareholders - Feelgood

Main shareholders Share capital % Voting shares % Verified
Provobis Holding AB 25.4 % 25.4 % 28 Feb 2021
Bengt Stillström 24.9 % 24.9 % 28 Feb 2021
David Stillström 4.8 % 4.8 % 28 Feb 2021
Christoffer Lundström 4.3 % 4.3 % 31 Mar 2020
Uwe Löffler 4.0 % 4.0 % 28 Feb 2021
Torsten Söderberg med familj 3.5 % 3.5 % 28 Feb 2021
Anna-Maria Lundström Törnblom 3.0 % 3.0 % 28 Feb 2021
Eric Norlander 2.8 % 2.8 % 28 Feb 2021
Åke Bäckström 2.7 % 2.7 % 28 Feb 2021
Avanza Pension 1.7 % 1.7 % 28 Feb 2021
Source: Holdings by Modular Finance AB

Insider list - Feelgood

Name Quantity Code Date
Christoffer Lundström +9 013 281 GIFT 18 Dec 2020
Göran Hägglund + 10 000 BUY 15 May 2020
Göran Hägglund + 9 954 BUY 15 May 2020
Göran Hägglund + 36 574 BUY 7 May 2020
Göran Hägglund + 3 426 BUY 6 May 2020
Torsten Söderberg + 200 000 BUY 4 Sep 2019
Johan Mähler - 100 000 SELL 14 Aug 2018
RCL Holding Aktiebolag + 100 000 BUY 14 Aug 2018
Michael McKeogh + 360 000 Redemp 4 Jun 2018
JOACHIM MORATH + 500 000 Redemp 4 Jun 2018

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