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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 779 805 838
Sales growth (%) 12,1 3,3 4
EBITDA 86 93 108
EBITDA margin (%) 11 11,5 12,9
EBIT adj 38 43 56
EBIT adj margin (%) 4,9 5,3 6,7
Pretax profit 34 37 50
EPS rep 0,25 0,27 0,37
EPS growth (%) 2,1 10,7 37,5
EPS adj 0,25 0,27 0,37
DPS 0,12 0,14 0,19
EV/EBITDA (x) 5,6 5,2 4,3
EV/EBIT adj (x) 12,6 11,2 8,3
P/E (x) 11,8 10,7 7,8
P/E adj (x) 11,8 10,7 7,8
EV/sales (x) 0,6 0,6 0,6
FCF yield (%) 8,6 20,1 23,8
Dividend yield (%) 4,2 4,7 6,5
Net IB debt/EBITDA 2 1,8 1,4
SEKm 2019 2020e 2021e
Sales 779 805 838
COGS 0 0 0
Gross profit 779 805 838
Other operating items -693 -712 -730
EBITDA 86 93 108
Depreciation on tangibles -3 -4 -5
Depreciation on intangibles -3 -4 -5
EBITA 38 43 56
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 38 43 56
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 34 37 50
Tax -8 -8 -10
Net profit 26 29 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 26 29 40
EPS 0,25 0,27 0,37
EPS Adj 0,25 0,27 0,37
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,4 -21,4 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 11 11,5 12,9
EBITA margin (%) 4,9 5,3 6,7
EBIT margin (%) 4,9 5,3 6,7
Pretax margin (%) 4,4 4,6 6
Net margin (%) 3,3 3,6 4,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 12,1 3,3 4
EBITDA growth (%) 94 7,7 16,4
EBIT growth (%) 13,4 11,2 31
Net profit growth (%) 4,5 10,7 37,5
EPS growth (%) 2,1 10,7 37,5
Profitability 2019 2020 2021
ROE (%) 13,8 14,2 17,7
ROE Adj (%) 13,8 14,2 17,7
ROCE (%) 12,4 11 14
ROCE Adj(%) 12,4 11 14
ROIC (%) 11,8 10,3 13,3
ROIC Adj (%) 11,8 10,3 13,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 86 93 108
EBITDA Adj margin (%) 11 11,5 12,9
EBITA Adj 38 43 56
EBITA Adj margin (%) 4,9 5,3 6,7
EBIT Adj 38 43 56
EBIT Adj margin (%) 4,9 5,3 6,7
Pretax profit Adj 34 37 50
Net profit Adj 26 29 40
Net profit to shareholders Adj 26 29 40
Net Adj margin (%) 3,3 3,6 4,7
SEKm 2019 2020e 2021e
EBITDA 86 93 108
Net financial items -4 -6 -6
Paid tax -8 -8 -10
Non-cash items 0 0 0
Cash flow before change in WC 74 79 92
Change in WC -5 -4 -2
Operating cash flow 69 74 89
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -11 -10 -12
Acquisitions and disposals -28 0 0
Free cash flow 26 62 73
Dividend paid -13 -13 -14
Share issues and buybacks 0 0 0
Other non cash items -103 0 0
Decrease in net IB debt -130 7 17
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 130 130 130
Indefinite intangible assets 0 0 0
Definite intangible assets 19 24 32
Tangible fixed assets 41 40 39
Other fixed assets 10 10 10
Fixed assets 311 316 322
Inventories 0 0 0
Receivables 105 111 115
Other current assets 71 71 71
Cash and liquid assets 10 11 16
Total assets 496 509 524
Shareholders equity 196 211 237
Minority 0 0 0
Total equity 196 211 237
Long-term debt 5 5 5
Pension debt 21 21 21
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 60 55 43
Accounts payable 43 45 46
Other current liabilities 70 70 70
Total liabilities and equity 341 347 496
Net IB debt 170 163 146
Net IB debt excl. pension debt 149 142 125
Capital invested 320 329 338
Working capital 17 22 24
EV breakdown 2019 2020 2021
Market cap. diluted (m) 307 307 307
Net IB debt Adj 178 171 154
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 485 478 462
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 185 160,2 162,2
Capital invested turnover (%) 313,4 247,8 251
Capital employed turnover (%) 251,6 207,4 209,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 5,8 5,6 5,4
Payables / sales (%) 5,3 5,4 5,4
Working capital / sales (%) 1,9 2,4 2,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 86,8 77,1 61,9
Net debt / market cap (%) 55,6 53,1 47,7
Equity ratio (%) 39,4 41,5 45,2
Net IB debt adj. / equity (%) 90,9 80,9 65,3
Current ratio (%) 107 113,6 126,3
EBITDA / net interest (%) 1973,4 1544,6 1798,6
Net IB debt / EBITDA (%) 197,2 175,9 135,6
Interest cover (%) 880 711,3 931,9
SEKm 2019 2020e 2021e
Shares outstanding adj. 106 106 106
Fully diluted shares Adj 106 106 106
EPS 0,25 0,27 0,37
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,25 0,27 0,37
BVPS 1,84 1,99 2,23
BVPS Adj 0,43 0,53 0,7
Net IB debt / share 1,6 1,5 1,4
Share price 2,87 2,89 2,89
Market cap. (m) 305 307 307
Valuation 2019 2020 2021
P/E 11,8 10,7 7,8
EV/sales 0,62 0,59 0,55
EV/EBITDA 5,6 5,2 4,3
EV/EBITA 12,6 11,2 8,3
EV/EBIT 12,6 11,2 8,3
Dividend yield (%) 4,2 4,7 6,5
FCF yield (%) 8,6 20,1 23,8
P/BVPS 1,57 1,45 1,3
P/BVPS Adj 6,66 5,43 4,11
P/E Adj 11,8 10,7 7,8
EV/EBITDA Adj 5,6 5,2 4,3
EV/EBITA Adj 12,6 11,2 8,3
EV/EBIT Adj 12,6 11,2 8,3
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2019 2020 2021
Capex / sales 1,8 1,6 2
Capex / depreciation 208,3 151,1 157,6
Capex tangibles / tangible fixed assets 7,4 7,9 10,6
Capex intangibles / definite intangibles 57,4 39 39
Depreciation on intangibles / definite intangibles 17,6 17,2 16,5
Depreciation on tangibles / tangibles 8,2 10,5 13,4

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
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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