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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 2019 2020e 2021e
Sales 776 777 808
Sales growth (%) 11,6 0,1 4
EBITDA 86 88 105
EBITDA margin (%) 11 11,4 13
EBIT adj 37 38 53
EBIT adj margin (%) 4,8 4,9 6,6
Pretax profit 33 32 47
EPS rep 0,24 0,24 0,35
EPS growth (%) -0,2 -0,1 46,8
EPS adj 0,24 0,24 0,35
DPS 0 0,12 0,18
EV/EBITDA (x) 5,5 4,1 3,3
EV/EBIT adj (x) 12,6 9,5 6,6
P/E (x) 12,6 9,2 6,3
P/E adj (x) 12,6 9,2 6,3
EV/sales (x) 0,6 0,5 0,4
FCF yield (%) 12,1 26,6 30,2
Dividend yield (%) 0 5,4 8
Net IB debt/EBITDA 1,8 1,5 1,1
SEKm 2019 2020e 2021e
Sales 776 777 808
COGS 0 0 0
Gross profit 776 777 808
Other operating items -691 -689 -703
EBITDA 86 88 105
Depreciation on tangibles -4 -4 -5
Depreciation on intangibles -4 -4 -5
EBITA 37 38 53
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 37 38 53
Other financial items 0 0 0
Net financial items -4 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 33 32 47
Tax -8 -7 -10
Net profit 25 25 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 25 37
EPS 0,24 0,24 0,35
EPS Adj 0,24 0,24 0,35
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,6 -21,4 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 11 11,4 13
EBITA margin (%) 4,8 4,9 6,6
EBIT margin (%) 4,8 4,9 6,6
Pretax margin (%) 4,3 4,2 5,8
Net margin (%) 3,3 3,3 4,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,6 0,1 4
EBITDA growth (%) 92,8 3,3 18,8
EBIT growth (%) 10,4 2,6 38,2
Net profit growth (%) 2,1 -0,1 46,8
EPS growth (%) -0,2 -0,1 46,8
Profitability 2019 2020 2021
ROE (%) 13,6 12,4 16,2
ROE Adj (%) 13,6 12,4 16,2
ROCE (%) 12,6 10,5 13,8
ROCE Adj(%) 12,6 10,5 13,8
ROIC (%) 10,1 8,7 11,9
ROIC Adj (%) 10,1 8,7 11,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 86 88 105
EBITDA Adj margin (%) 11 11,4 13
EBITA Adj 37 38 53
EBITA Adj margin (%) 4,8 4,9 6,6
EBIT Adj 37 38 53
EBIT Adj margin (%) 4,8 4,9 6,6
Pretax profit Adj 33 32 47
Net profit Adj 25 25 37
Net profit to shareholders Adj 25 25 37
Net Adj margin (%) 3,3 3,3 4,6
SEKm 2019 2020e 2021e
EBITDA 86 88 105
Net financial items -4 -6 -6
Paid tax -8 -7 -10
Non-cash items 0 0 0
Cash flow before change in WC 74 75 89
Change in WC 15 -1 -3
Operating cash flow 81 74 87
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -11 -9 -12
Acquisitions and disposals -28 0 0
Free cash flow 39 62 71
Dividend paid -13 0 -13
Share issues and buybacks 0 0 0
Other non cash items -98 0 0
Decrease in net IB debt -111 20 16
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 151 151 151
Indefinite intangible assets 0 0 0
Definite intangible assets 20 25 32
Tangible fixed assets 17 16 15
Other fixed assets 1 1 1
Fixed assets 302 306 312
Inventories 0 0 0
Receivables 98 98 103
Other current assets 67 67 67
Cash and liquid assets 12 27 31
Total assets 480 499 514
Shareholders equity 193 219 243
Minority 0 0 0
Total equity 193 219 243
Long-term debt 3 3 3
Pension debt 19 19 19
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 65 60 48
Accounts payable 42 41 43
Other current liabilities 81 81 81
Total liabilities and equity 480 499 514
Net IB debt 151 131 115
Net IB debt excl. pension debt 132 112 96
Capital invested 345 350 358
Working capital 42 44 46
EV breakdown 2019 2020 2021
Market cap. diluted (m) 321 234 234
Net IB debt Adj 151 131 115
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 472 365 349
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 187,8 158,7 159,5
Capital invested turnover (%) 273,8 223,8 228,1
Capital employed turnover (%) 261,7 212 210,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 6,4 7,1 6,8
Payables / sales (%) 5,2 5,3 5,2
Working capital / sales (%) 6,4 5,5 5,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 78,2 59,9 47,3
Net debt / market cap (%) 49,5 56 49,1
Equity ratio (%) 40,2 43,8 47,3
Net IB debt adj. / equity (%) 78,2 59,9 47,3
Current ratio (%) 94,5 106 117,3
EBITDA / net interest (%) 2099,2 1472,5 1749,9
Net IB debt / EBITDA (%) 176,6 148,2 109,4
Interest cover (%) 917,3 639,1 883,2
SEKm 2019 2020e 2021e
Shares outstanding adj. 106 106 106
Fully diluted shares Adj 106 106 106
EPS 0,24 0,24 0,35
Dividend per share Adj 0 0,1 0,2
EPS Adj 0,24 0,24 0,35
BVPS 1,82 2,06 2,29
BVPS Adj 0,2 0,39 0,56
Net IB debt / share 1,4 1,2 1,1
Share price 2,87 2,2 2,2
Market cap. (m) 305 234 234
Valuation 2019 2020 2021
P/E 12,6 9,2 6,3
EV/sales 0,61 0,47 0,43
EV/EBITDA 5,5 4,1 3,3
EV/EBITA 12,6 9,5 6,6
EV/EBIT 12,6 9,5 6,6
Dividend yield (%) 0 5,4 8
FCF yield (%) 12,1 26,6 30,2
P/BVPS 1,66 1,07 0,96
P/BVPS Adj 15,1 5,59 3,91
P/E Adj 12,6 9,2 6,3
EV/EBITDA Adj 5,5 4,1 3,3
EV/EBITA Adj 12,6 9,5 6,6
EV/EBIT Adj 12,6 9,5 6,6
EV/cap. employed 1,3 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 1,8 1,6 2
Capex / depreciation 190,9 143,6 152,1
Capex tangibles / tangible fixed assets 17,5 19,2 27,3
Capex intangibles / definite intangibles 53,1 36 37,3
Depreciation on intangibles / definite intangibles 17,7 16,7 16,4
Depreciation on tangibles / tangibles 21,2 26,7 35,9

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
Rolf Lundström 25.7 % 25.7 % 31 Dec 2019
Bengt Stillström 24.8 % 24.8 % 31 Dec 2019
Christoffer Lundström 4.3 % 4.3 % 31 Dec 2018
Uwe Löffler 4.0 % 4.0 % 31 Dec 2019
Torsten Söderberg med familj 3.5 % 3.5 % 31 Dec 2019
Anna-Maria Lundström Törnblom 3.0 % 3.0 % 31 Dec 2019
Eric Norlander 2.8 % 2.8 % 31 Dec 2019
Åke Bäckström 2.7 % 2.7 % 31 Dec 2019
David Stillström 2.6 % 2.6 % 31 Dec 2019
Avanza Pension 1.9 % 1.9 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Feelgood

Name Quantity Code Date
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
Anna Thulin + 50 000 Redemp 4 Jun 2018
Anna Cecilia Höjgård Höök + 150 000 Redemp 4 Jun 2018
JOACHIM MORATH + 500 000 Redemp 4 Jun 2018
MARIKA TAILLEFER + 100 000 Redemp 4 Jun 2018
JOHAN MÄHLER + 250 000 Redemp 4 Jun 2018
Åse Bandling + 10 000 BUY 20 Nov 2017

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