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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 2018 2019e 2020e
Sales 696 779 805
Sales growth (%) 1,9 12,1 3,3
EBITDA 44 86 93
EBITDA margin (%) 6,4 11 11,5
EBIT adj 35 38 43
EBIT adj margin (%) 5,1 4,9 5,3
Pretax profit 33 34 37
EPS rep 0,24 0,25 0,27
EPS growth (%) 4,3 2,1 10,7
EPS adj 0,25 0,25 0,27
DPS 0,12 0,12 0,14
EV/EBITDA (x) 7,8 5,6 5,1
EV/EBIT adj (x) 9,8 12,6 11,2
P/E (x) 11,7 11,8 10,6
P/E adj (x) 11,3 11,8 10,6
EV/sales (x) 0,5 0,6 0,6
FCF yield (%) 8,9 8,6 20,2
Dividend yield (%) 4,3 4,3 4,7
Net IB debt/EBITDA 0,9 2 1,8
SEKm 2018 2019e 2020e
Sales 696 779 805
COGS -29 0 0
Gross profit 667 779 805
Other operating items -622 -693 -712
EBITDA 44 86 93
Depreciation on tangibles -7 -3 -4
Depreciation on intangibles -3 -3 -4
EBITA 34 38 43
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 34 38 43
Other financial items 0 0 0
Net financial items -1 -4 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 33 34 37
Tax -8 -8 -8
Net profit 25 26 29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 26 29
EPS 0,24 0,25 0,27
EPS Adj 0,25 0,25 0,27
Total extraordinary items after tax -1,3 0 0
Tax rate (%) -24,3 -23,4 -21,4
Gross margin (%) 95,8 100 100
EBITDA margin (%) 6,4 11 11,5
EBITA margin (%) 4,9 4,9 5,3
EBIT margin (%) 4,9 4,9 5,3
Pretax margin (%) 4,7 4,4 4,6
Net margin (%) 3,6 3,3 3,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 1,9 12,1 3,3
EBITDA growth (%) 1,1 94 7,7
EBIT growth (%) 2,8 13,4 11,2
Net profit growth (%) 2,7 4,5 10,7
EPS growth (%) 4,3 2,1 10,7
Profitability 2018 2019 2020
ROE (%) 14,3 13,8 14,2
ROE Adj (%) 15 13,8 14,2
ROCE (%) 14,3 12,4 11
ROCE Adj(%) 14,8 12,4 11
ROIC (%) 14,7 11,8 10,3
ROIC Adj (%) 15,3 11,8 10,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 46 86 93
EBITDA Adj margin (%) 6,6 11 11,5
EBITA Adj 35 38 43
EBITA Adj margin (%) 5,1 4,9 5,3
EBIT Adj 35 38 43
EBIT Adj margin (%) 5,1 4,9 5,3
Pretax profit Adj 34 34 37
Net profit Adj 26 26 29
Net profit to shareholders Adj 26 26 29
Net Adj margin (%) 3,8 3,3 3,6
SEKm 2018 2019e 2020e
EBITDA 44 86 93
Net financial items -1 -4 -6
Paid tax -8 -8 -8
Non-cash items 0 0 0
Cash flow before change in WC 35 74 79
Change in WC 4 -5 -4
Operating cash flow 44 69 74
CAPEX tangible fixed assets -10 -3 -3
CAPEX intangible fixed assets -9 -11 -10
Acquisitions and disposals 2 -28 0
Free cash flow 27 26 62
Dividend paid -8 -13 -13
Share issues and buybacks 3 0 0
Other non cash items -12 -103 0
Decrease in net IB debt 8 -130 7
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 130 130 130
Indefinite intangible assets 0 0 0
Definite intangible assets 12 19 24
Tangible fixed assets 22 41 40
Other fixed assets 10 10 10
Fixed assets 173 311 316
Inventories 0 0 0
Receivables 96 105 111
Other current assets 71 71 71
Cash and liquid assets 7 10 11
Total assets 347 496 509
Shareholders equity 182 196 211
Minority 0 0 0
Total equity 182 196 211
Long-term debt 5 5 5
Pension debt 20 21 21
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 30 60 55
Accounts payable 39 43 45
Other current liabilities 70 70 70
Total liabilities and equity 310 341 347
Net IB debt 40 170 163
Net IB debt excl. pension debt 20 149 142
Capital invested 177 320 329
Working capital 12 17 22
EV breakdown 2018 2019 2020
Market cap. diluted (m) 296 306 306
Net IB debt Adj 48 178 171
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 344 484 477
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 202,2 185 160,2
Capital invested turnover (%) 400 313,4 247,8
Capital employed turnover (%) 293,4 251,6 207,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 6,7 5,8 5,6
Payables / sales (%) 4,9 5,3 5,4
Working capital / sales (%) 2 1,9 2,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 21,9 86,8 77,1
Net debt / market cap (%) 11 55,5 53,3
Equity ratio (%) 52,6 39,4 41,5
Net IB debt adj. / equity (%) 26,3 90,9 80,9
Current ratio (%) 124,6 107 113,6
EBITDA / net interest (%) 4837,9 1973,4 1544,6
Net IB debt / EBITDA (%) 89,9 197,2 175,9
Interest cover (%) 3692,3 880 711,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 106 106 106
Fully diluted shares Adj 106 106 106
EPS 0,24 0,25 0,27
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,25 0,25 0,27
BVPS 1,72 1,84 1,99
BVPS Adj 0,38 0,43 0,53
Net IB debt / share 0,4 1,6 1,5
Share price 3,42 2,88 2,88
Market cap. (m) 363 306 306
Valuation 2018 2019 2020
P/E 11,7 11,8 10,6
EV/sales 0,5 0,62 0,59
EV/EBITDA 7,8 5,6 5,1
EV/EBITA 10,2 12,6 11,2
EV/EBIT 10,2 12,6 11,2
Dividend yield (%) 4,3 4,3 4,7
FCF yield (%) 8,9 8,6 20,2
P/BVPS 1,63 1,57 1,45
P/BVPS Adj 7,33 6,64 5,41
P/E Adj 11,3 11,8 10,6
EV/EBITDA Adj 7,5 5,6 5,1
EV/EBITA Adj 9,8 12,6 11,2
EV/EBIT Adj 9,8 12,6 11,2
EV/cap. employed 1,5 1,3 1,2
Investment ratios 2018 2019 2020
Capex / sales 2,7 1,8 1,6
Capex / depreciation 178,5 208,3 151,1
Capex tangibles / tangible fixed assets 47,3 7,4 7,9
Capex intangibles / definite intangibles 73,8 57,4 39
Depreciation on intangibles / definite intangibles 26,1 17,6 17,2
Depreciation on tangibles / tangibles 34,6 8,2 10,5

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Media

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

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Main shareholders - Feelgood

Main shareholders Share capital % Voting shares % Verified
Rolf Lundström 25.7 % 25.7 % 30 Sep 2019
Bengt Stillström 24.5 % 24.5 % 30 Sep 2019
Christoffer Lundström 4.3 % 4.3 % 31 Dec 2018
Uwe Löffler 4.0 % 4.0 % 30 Sep 2019
Torsten Söderberg med familj 3.5 % 3.5 % 30 Sep 2019
Anna-Maria Lundström Törnblom 3.0 % 3.0 % 30 Sep 2019
Eric Norlander 2.8 % 2.8 % 30 Sep 2019
Åke Bäckström 2.7 % 2.7 % 30 Sep 2019
David Stillström 2.6 % 2.6 % 30 Sep 2019
Avanza Pension 2.0 % 2.0 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Feelgood

Name Quantity Code Date
Torsten Söderberg + 200 000 BUY 4 Sep 2019
RCL Holding Aktiebolag + 100 000 BUY 14 Aug 2018
Johan Mähler - 100 000 SELL 14 Aug 2018
JOHAN MÄHLER + 250 000 Redemp 4 Jun 2018
Anna Thulin + 50 000 Redemp 4 Jun 2018
JOACHIM MORATH + 500 000 Redemp 4 Jun 2018
MARIKA TAILLEFER + 100 000 Redemp 4 Jun 2018
Michael McKeogh + 360 000 Redemp 4 Jun 2018
Anna Cecilia Höjgård Höök + 150 000 Redemp 4 Jun 2018
Åse Bandling + 10 000 BUY 20 Nov 2017

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