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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 776 754 785
Sales growth (%) 11,6 -2,9 4,1
EBITDA 86 78 103
EBITDA margin (%) 11 10,4 13,1
EBIT adj 37 18 38
EBIT adj margin (%) 4,8 2,4 4,8
Pretax profit 33 15 35
EPS rep 0,24 0,11 0,26
EPS growth (%) -0,2 -53,5 132
EPS adj 0,24 0,11 0,26
DPS 0 0,06 0,13
EV/EBITDA (x) 5,5 5,4 3,9
EV/EBIT adj (x) 12,6 23,3 10,7
P/E (x) 12,6 24,5 10,6
P/E adj (x) 12,6 24,5 10,6
EV/sales (x) 0,6 0,6 0,5
FCF yield (%) 12,1 20,9 25,6
Dividend yield (%) 0 2 4,7
Net IB debt/EBITDA 1,8 1,7 1,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 776 754 785
COGS -33 0 0
Gross profit 743 754 785
Other operating items -658 -675 -682
EBITDA 86 78 103
Depreciation on tangibles -3 -8 -10
Depreciation on intangibles -3 -8 -10
EBITA 37 18 38
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 37 18 38
Other financial items 0 0 0
Net financial items -4 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 33 15 35
Tax -8 -3 -7
Net profit 25 12 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 12 27
EPS 0,24 0,11 0,26
EPS Adj 0,24 0,11 0,26
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,6 -20,8 -20,6
Gross margin (%) 95,8 100 100
EBITDA margin (%) 11 10,4 13,1
EBITA margin (%) 4,8 2,4 4,8
EBIT margin (%) 4,8 2,4 4,8
Pretax margin (%) 4,3 2 4,4
Net margin (%) 3,3 1,6 3,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,6 -2,9 4,1
EBITDA growth (%) 92,8 -8,3 31
EBIT growth (%) 10,4 -51 106,9
Net profit growth (%) 2,1 -53,5 132
EPS growth (%) -0,2 -53,5 132
Profitability 2019 2020 2021
ROE (%) 13,6 5,9 12,7
ROE Adj (%) 13,6 5,9 12,7
ROCE (%) 12,6 5,1 10,3
ROCE Adj(%) 12,6 5,1 10,3
ROIC (%) 10,1 4,2 8,8
ROIC Adj (%) 10,1 4,2 8,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 86 78 103
EBITDA Adj margin (%) 11 10,4 13,1
EBITA Adj 37 18 38
EBITA Adj margin (%) 4,8 2,4 4,8
EBIT Adj 37 18 38
EBIT Adj margin (%) 4,8 2,4 4,8
Pretax profit Adj 33 15 35
Net profit Adj 25 12 27
Net profit to shareholders Adj 25 12 27
Net Adj margin (%) 3,3 1,6 3,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 86 78 103
Net financial items -4 -3 -3
Paid tax -8 -3 -7
Non-cash items 0 0 0
Cash flow before change in WC 74 72 92
Change in WC 7 0 -3
Operating cash flow 81 72 90
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -11 -9 -12
Acquisitions and disposals -28 0 0
Free cash flow 39 61 74
Dividend paid -13 0 -6
Share issues and buybacks 0 0 0
Other non cash items -97 0 0
Decrease in net IB debt -111 14 22
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 151 151 151
Indefinite intangible assets 0 0 0
Definite intangible assets 20 21 23
Tangible fixed assets 17 12 6
Other fixed assets 1 1 1
Fixed assets 302 300 297
Inventories 0 0 0
Receivables 98 96 100
Other current assets 67 67 67
Cash and liquid assets 12 22 32
Total assets 480 484 496
Shareholders equity 193 205 226
Minority 0 0 0
Total equity 193 205 226
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 40 42
Other current liabilities 81 81 81
Total liabilities and equity 480 484 496
Net IB debt 151 137 115
Net IB debt excl. pension debt 132 118 96
Capital invested 345 342 341
Working capital 42 42 45
EV breakdown 2019 2020 2021
Market cap. diluted (m) 321 290 290
Net IB debt Adj 151 137 115
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 472 427 405
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 187,8 156,4 160,1
Capital invested turnover (%) 273,8 219,6 229,7
Capital employed turnover (%) 261,7 209,6 213,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 6,4 7,3 7
Payables / sales (%) 5,2 5,4 5,2
Working capital / sales (%) 6,4 5,6 5,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 78,2 66,7 50,6
Net debt / market cap (%) 49,5 47,1 39,5
Equity ratio (%) 40,2 42,3 45,7
Net IB debt adj. / equity (%) 78,2 66,7 50,6
Current ratio (%) 94,5 102 116,7
EBITDA / net interest (%) 2099,2 2308,4 3065,2
Net IB debt / EBITDA (%) 176,6 174,3 111,4
Interest cover (%) 917,3 539,4 1131,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 106 106 106
Fully diluted shares Adj 106 106 106
EPS 0,24 0,11 0,26
Dividend per share Adj 0 0,1 0,1
EPS Adj 0,24 0,11 0,26
BVPS 1,82 1,93 2,13
BVPS Adj 0,2 0,3 0,49
Net IB debt / share 1,4 1,3 1,1
Share price 2,87 2,73 2,73
Market cap. (m) 305 290 290
Valuation 2019 2020 2021
P/E 12,6 24,5 10,6
EV/sales 0,61 0,57 0,52
EV/EBITDA 5,5 5,4 3,9
EV/EBITA 12,6 23,3 10,7
EV/EBIT 12,6 23,3 10,7
Dividend yield (%) 0 2 4,7
FCF yield (%) 12,1 20,9 25,6
P/BVPS 1,66 1,42 1,28
P/BVPS Adj 15,1 9,02 5,54
P/E Adj 12,6 24,5 10,6
EV/EBITDA Adj 5,5 5,4 3,9
EV/EBITA Adj 12,6 23,3 10,7
EV/EBIT Adj 12,6 23,3 10,7
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2019 2020 2021
Capex / sales 1,8 1,6 2
Capex / depreciation 201,8 74,5 75
Capex tangibles / tangible fixed assets 17,5 24,5 68,7
Capex intangibles / definite intangibles 53,1 41,5 51,2
Depreciation on intangibles / definite intangibles 16,8 37,1 45,5
Depreciation on tangibles / tangibles 20,1 65,7 183,1
N/A N/A N/A

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 Aug 2020
Bengt Stillström 24.9 % 24.9 % 31 Aug 2020
David Stillström 4.6 % 4.6 % 31 Aug 2020
Christoffer Lundström 4.3 % 4.3 % 31 Mar 2020
Uwe Löffler 4.0 % 4.0 % 31 Aug 2020
Torsten Söderberg med familj 3.5 % 3.5 % 31 Aug 2020
Anna-Maria Lundström Törnblom 3.0 % 3.0 % 31 Aug 2020
Eric Norlander 2.8 % 2.8 % 31 Aug 2020
Åke Bäckström 2.7 % 2.7 % 31 Aug 2020
Avanza Pension 2.1 % 2.1 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Feelgood

Name Quantity Code Date
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
Anna Cecilia Höjgård Höök + 150 000 Redemp 4 Jun 2018

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