Premium animal health products

Swedencare

Swedencare is a high-growth animal health company that develops, promotes and sells OTC premium products within animal dental care. The company's main product, ProDen PlaqueOff, is proprietary, patented until 2021-2028 and sold in more than 50 countries. It reduces the amount of plaque, tartar as well as problems with bleeding gums and the target group is cats and dogs. Following acquisitions of its three largest distribution/sales partners in 2016, Swedencare has around 85% of its sales via direct sales and the remaining from external distributors.

Financials

Swedencare

SEKm 2017 2018 2019
Sales 85 104 126
Sales growth (%) 59,1 21,8 21,3
EBITDA 24 32 40
EBITDA margin (%) 27,5 30,9 31,3
EBIT adj 17 32 38
EBIT adj margin (%) 19,5 30,6 30,2
Pretax profit 16 31 38
EPS rep 0,75 1,55 1,82
EPS growth (%) 20,9 106,2 18
EPS adj 0,8 1,5 1,82
DPS 0 0 0
EV/EBITDA (x) 17,3 29,4 23,5
EV/EBIT adj (x) 24,4 29,7 24,3
P/E (x) 35,1 40 33,9
P/E adj (x) 33 41,3 33,9
EV/sales (x) 4,8 9,1 7,3
FCF yield (%) 2,8 2,3 2,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,3 -0,9 -1,2