Swedencare
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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.
Margin expansion from selling high margin ”PlaqueOff Powder ingredient” to food producers. Growth potential from continued launch of new products and/or products on new markets. We view China, Russia and Brazil as interesting growth markets. The net cash position and solid cash generation also leave room for more M&A and/or future dividends.
Strong dependency on the PlaqueOff formula, for which the patent runs out in 2021 in most markets. Increased competition from larger animal health care companies entering Swedencare’s niche in the animal dental care market. With a poor M&A track record, there are risks for acquisition integration issues and inflated acquisition multiples if Swedencare decides to embark on the M&A path. New product and market launches involve risk and Swedencare has a high release tempo.
Financials
Swedencare
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 101 | 18 | 18 | 24 | 24 | 27 | 27 | 54 | 54 | 85 | 85 | 101 | 101 | 133 | 133 | 168 | 168 | ||
| Sales growth (%) | 18,1 | N/A | N/A | 32,3 | 32,3 | 11 | 11 | 100,2 | 100,2 | 59,1 | 59,1 | 18,1 | 18,1 | 31,5 | 31,5 | 26,4 | 26,4 | ||
| EBITDA | 33 | 2 | 2 | 6 | 6 | 9 | 9 | 14 | 14 | 24 | 24 | 33 | 33 | 43 | 43 | N/A | N/A | ||
| EBITDA margin (%) | 27,5 | 11,5 | 11,5 | 11,5 | 11,5 | 25,7 | 25,7 | 32,8 | 32,8 | 26,1 | 26,1 | 27,5 | 27,5 | 32,4 | 32,4 | 32,1 | 32,1 | ||
| EBIT adj | 22 | -2 | -2 | -2 | -2 | 6 | 6 | 9 | 9 | 11 | 11 | 22 | 22 | 32 | 32 | 41 | 41 | ||
| EBIT adj margin (%) | 25,6 | -8,2 | -8,2 | -8,2 | -8,2 | 25,6 | 25,6 | 32,2 | 32,2 | 21,1 | 21,1 | 25,6 | 25,6 | 32,1 | 32,1 | 30,8 | 30,8 | ||
| Pretax profit | 32 | -1 | -1 | 6 | 6 | 9 | 9 | 12 | 12 | 21 | 21 | 32 | 32 | 40 | 40 | 54 | 54 | ||
| EPS rep | 1,62 | 0 | 0 | 0 | 0 | 0 | 0 | 0,62 | 0,62 | 1,08 | 1,08 | 1,62 | 1,62 | 2 | 2 | 2,65 | 2,65 | ||
| EPS growth (%) | 50,2 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 74 | 74 | 50,2 | 50,2 | 23,6 | 23,6 | 32,5 | 32,5 | ||
| EPS adj | 1,57 | 0 | 0 | 0 | 0 | 0 | 0 | 0,64 | 0,64 | 1,13 | 1,13 | 1,57 | 1,57 | 2 | 2 | 2,65 | 2,65 | ||
| DPS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV/EBITDA (x) | 25,9 | N/A | N/A | N/A | N/A | N/A | N/A | 28,1 | 28,1 | 17,3 | 17,3 | 25,9 | 25,9 | 19,4 | 19,4 | 14,3 | 14,3 | ||
| EV/EBIT adj (x) | 26 | N/A | N/A | N/A | N/A | N/A | N/A | 34,9 | 34,9 | 18,6 | 18,6 | 26 | 26 | 20,2 | 20,2 | 14,8 | 14,8 | ||
| P/E (x) | 34,2 | N/A | N/A | N/A | N/A | N/A | N/A | 40 | 40 | 24,4 | 24,4 | 34,2 | 34,2 | 27,7 | 27,7 | 20,9 | 20,9 | ||
| P/E adj (x) | 35,3 | N/A | N/A | N/A | N/A | N/A | N/A | 38,8 | 38,8 | 23,3 | 23,3 | 35,3 | 35,3 | 27,7 | 27,7 | 20,9 | 20,9 | ||
| EV/sales (x) | 8,4 | N/A | N/A | N/A | N/A | N/A | N/A | 7,4 | 7,4 | 4,8 | 4,8 | 8,4 | 8,4 | 6,2 | 6,2 | 4,7 | 4,7 | ||
| FCF yield (%) | 2,4 | N/A | N/A | N/A | N/A | N/A | N/A | -8,8 | -8,8 | 2,8 | 2,8 | 2,4 | 2,4 | 3,1 | 3,1 | 4,3 | 4,3 | ||
| Dividend yield (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net IB debt/EBITDA | -0,9 | -0,2 | -0,2 | -0,5 | -0,5 | -0,5 | -0,5 | 0,3 | 0,3 | -0,3 | -0,3 | -0,9 | -0,9 | -1,1 | -1,1 | -1,4 | -1,4 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 101 | 18 | 18 | 24 | 24 | 27 | 27 | 54 | 54 | 85 | 85 | 101 | 101 | 133 | 133 | 168 | 168 | ||
| COGS | -26 | -8 | -8 | -9 | -9 | -9 | -9 | -12 | -12 | -22 | -22 | -26 | -26 | -36 | -36 | -46 | -46 | ||
| Gross profit | 75 | 11 | 11 | 15 | 15 | 18 | 18 | 42 | 42 | 64 | 64 | 75 | 75 | 97 | 97 | 122 | 122 | ||
| Other operating items | -42 | -9 | -9 | -9 | -9 | -9 | -9 | -28 | -28 | -40 | -40 | -42 | -42 | -54 | -54 | -66 | -66 | ||
| EBITDA | 33 | 2 | 2 | 6 | 6 | 9 | 9 | 14 | 14 | 24 | 24 | 33 | 33 | 43 | 43 | 56 | 56 | ||
| Depreciation on tangibles | -1 | 0 | 0 | 0 | 0 | 0 | 0 | -2 | -2 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | -2 | ||
| Depreciation on intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBITA | 32 | 2 | 2 | 6 | 6 | 9 | 9 | 12 | 12 | 23 | 23 | 32 | 32 | 41 | 41 | 54 | 54 | ||
| Goodwill impairment charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 1 | -4 | -4 | 0 | 0 | 0 | 0 | 0 | 0 | -1 | -1 | 1 | 1 | 0 | 0 | 0 | 0 | ||
| EBIT | 32 | -2 | -2 | 6 | 6 | 9 | 9 | 11 | 11 | 22 | 22 | 32 | 32 | 41 | 41 | 54 | 54 | ||
| Other financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Associated income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | 32 | -1 | -1 | 6 | 6 | 9 | 9 | 12 | 12 | 21 | 21 | 32 | 32 | 40 | 40 | 54 | 54 | ||
| Tax | -7 | 1 | 1 | -3 | -3 | -2 | -2 | -2 | -2 | -4 | -4 | -7 | -7 | -9 | -9 | -12 | -12 | ||
| Net profit | 26 | 0 | 0 | 4 | 4 | 7 | 7 | 10 | 10 | 17 | 17 | 26 | 26 | 32 | 32 | 42 | 42 | ||
| Minority interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | 26 | 0 | 0 | 4 | 4 | 7 | 7 | 10 | 10 | 17 | 17 | 26 | 26 | 32 | 32 | 42 | 42 | ||
| EPS | 1,62 | 0 | 0 | 0 | 0 | 0 | 0 | 0,62 | 0,62 | 1,08 | 1,08 | 1,62 | 1,62 | 2 | 2 | 2,65 | 2,65 | ||
| EPS Adj | 1,57 | 0 | 0 | 0 | 0 | 0 | 0 | 0,64 | 0,64 | 1,13 | 1,13 | 1,57 | 1,57 | 2 | 2 | 2,65 | 2,65 | ||
| Total extraordinary items after tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | -20,3 | -107,7 | -107,7 | -43,7 | -43,7 | -22,6 | -22,6 | -17,6 | -17,6 | -20,5 | -20,5 | -20,3 | -20,3 | -22 | -22 | -22 | -22 | ||
| Gross margin (%) | 74 | 58,5 | 58,5 | 61,8 | 61,8 | 67,3 | 67,3 | 78,3 | 78,3 | 74,4 | 74,4 | 74 | 74 | 72,8 | 72,8 | 72,5 | 72,5 | ||
| EBITDA margin (%) | 32,4 | 11,5 | 11,5 | 25,7 | 25,7 | 32,8 | 32,8 | 26,1 | 26,1 | 27,5 | 27,5 | 32,4 | 32,4 | 32,1 | 32,1 | 33,1 | 33,1 | ||
| EBITA margin (%) | 31,3 | 11,5 | 11,5 | 25,6 | 25,6 | 32,4 | 32,4 | 21,7 | 21,7 | 26,5 | 26,5 | 31,3 | 31,3 | 30,8 | 30,8 | 32,1 | 32,1 | ||
| EBIT margin (%) | 32,1 | -8,2 | -8,2 | 25,6 | 25,6 | 32,2 | 32,2 | 21,1 | 21,1 | 25,6 | 25,6 | 32,1 | 32,1 | 30,8 | 30,8 | 32,1 | 32,1 | ||
| Pretax margin (%) | 31,7 | -7,2 | -7,2 | 25,8 | 25,8 | 32,2 | 32,2 | 22,1 | 22,1 | 25 | 25 | 31,7 | 31,7 | 30,5 | 30,5 | 32 | 32 | ||
| Net margin (%) | 25,3 | 0,6 | 0,6 | 14,6 | 14,6 | 24,9 | 24,9 | 18,2 | 18,2 | 19,9 | 19,9 | 25,3 | 25,3 | 23,8 | 23,8 | 24,9 | 24,9 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | 18,1 | N/A | N/A | 32,3 | 32,3 | 11 | 11 | 100,2 | 100,2 | 59,1 | 59,1 | 18,1 | 18,1 | 31,5 | 31,5 | 26,4 | 26,4 | ||
| EBITDA growth (%) | 38,9 | N/A | N/A | 194,8 | 194,8 | 41,8 | 41,8 | 59,7 | 59,7 | 67,5 | 67,5 | 38,9 | 38,9 | 30,4 | 30,4 | 30,4 | 30,4 | ||
| EBIT growth (%) | 48,2 | N/A | N/A | 512,9 | 512,9 | 39,4 | 39,4 | 31,1 | 31,1 | 93,3 | 93,3 | 48,2 | 48,2 | 25,9 | 25,9 | 32 | 32 | ||
| Net profit growth (%) | 50,2 | N/A | N/A | 3378 | 3378 | 90 | 90 | 46,3 | 46,3 | 74 | 74 | 50,2 | 50,2 | 23,6 | 23,6 | 32,5 | 32,5 | ||
| EPS growth (%) | 50,2 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 74 | 74 | 50,2 | 50,2 | 23,6 | 23,6 | 32,5 | 32,5 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | 29,2 | N/A | N/A | 45,8 | 45,8 | 62,2 | 62,2 | 28 | 28 | 26 | 26 | 29,2 | 29,2 | 28,1 | 28,1 | 29,6 | 29,6 | ||
| ROE Adj (%) | 28,3 | N/A | N/A | 45,8 | 45,8 | 62,8 | 62,8 | 28,9 | 28,9 | 27,1 | 27,1 | 28,3 | 28,3 | 28,1 | 28,1 | 29,6 | 29,6 | ||
| ROCE (%) | 46,8 | N/A | N/A | 102,3 | 102,3 | 118,6 | 118,6 | 32,6 | 32,6 | 34,5 | 34,5 | 46,8 | 46,8 | 54,9 | 54,9 | 68,4 | 68,4 | ||
| ROCE Adj(%) | 45,7 | N/A | N/A | 102,3 | 102,3 | 119,5 | 119,5 | 33,5 | 33,5 | 35,7 | 35,7 | 45,7 | 45,7 | 54,9 | 54,9 | 68,4 | 68,4 | ||
| ROIC (%) | 37,3 | N/A | N/A | 57,6 | 57,6 | 91,8 | 91,8 | 26,8 | 26,8 | 27,4 | 27,4 | 37,3 | 37,3 | 42,8 | 42,8 | 53,4 | 53,4 | ||
| ROIC Adj (%) | 37,3 | N/A | N/A | 57,6 | 57,6 | 91,8 | 91,8 | 26,8 | 26,8 | 27,4 | 27,4 | 37,3 | 37,3 | 42,8 | 42,8 | 53,4 | 53,4 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 33 | 2 | 2 | 6 | 6 | 9 | 9 | 14 | 14 | 24 | 24 | 33 | 33 | 43 | 43 | 56 | 56 | ||
| EBITDA Adj margin (%) | 32,4 | 11,5 | 11,5 | 25,7 | 25,7 | 32,8 | 32,8 | 26,1 | 26,1 | 27,5 | 27,5 | 32,4 | 32,4 | 32,1 | 32,1 | 33,1 | 33,1 | ||
| EBITA Adj | 32 | 2 | 2 | 6 | 6 | 9 | 9 | 12 | 12 | 23 | 23 | 32 | 32 | 41 | 41 | 54 | 54 | ||
| EBITA Adj margin (%) | 31,3 | 11,5 | 11,5 | 25,6 | 25,6 | 32,4 | 32,4 | 21,7 | 21,7 | 26,5 | 26,5 | 31,3 | 31,3 | 30,8 | 30,8 | 32,1 | 32,1 | ||
| EBIT Adj | 32 | -2 | -2 | 6 | 6 | 9 | 9 | 11 | 11 | 22 | 22 | 32 | 32 | 41 | 41 | 54 | 54 | ||
| EBIT Adj margin (%) | 32,1 | -8,2 | -8,2 | 25,6 | 25,6 | 32,2 | 32,2 | 21,1 | 21,1 | 25,6 | 25,6 | 32,1 | 32,1 | 30,8 | 30,8 | 32,1 | 32,1 | ||
| Pretax profit Adj | 31 | 2 | 2 | 6 | 6 | 9 | 9 | 12 | 12 | 22 | 22 | 31 | 31 | 40 | 40 | 54 | 54 | ||
| Net profit Adj | 25 | 4 | 4 | 4 | 4 | 7 | 7 | 10 | 10 | 18 | 18 | 25 | 25 | 32 | 32 | 42 | 42 | ||
| Net profit to shareholders Adj | 25 | 4 | 4 | 4 | 4 | 7 | 7 | 10 | 10 | 18 | 18 | 25 | 25 | 32 | 32 | 42 | 42 | ||
| Net Adj margin (%) | 24,5 | 20,3 | 20,3 | 14,6 | 14,6 | 25,1 | 25,1 | 18,8 | 18,8 | 20,8 | 20,8 | 24,5 | 24,5 | 23,8 | 23,8 | 24,9 | 24,9 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 33 | 2 | 2 | 6 | 6 | 9 | 9 | 14 | 14 | 24 | 24 | 33 | 33 | 43 | 43 | 56 | 56 | ||
| Net financial items | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Paid tax | -7 | 1 | 1 | -3 | -3 | -2 | -2 | -2 | -2 | -4 | -4 | -7 | -7 | -9 | -9 | -12 | -12 | ||
| Non-cash items | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | 26 | 6 | 6 | 3 | 3 | 6 | 6 | 12 | 12 | 19 | 19 | 26 | 26 | 33 | 33 | 43 | 43 | ||
| Change in WC | 1 | N/A | N/A | 1 | 1 | -3 | -3 | -1 | -1 | -4 | -4 | 1 | 1 | -6 | -6 | -5 | -5 | ||
| Operating cash flow | 28 | -1 | -1 | 4 | 4 | 4 | 4 | 2 | 2 | 13 | 13 | 28 | 28 | 28 | 28 | 39 | 39 | ||
| CAPEX tangible fixed assets | -8 | 0 | 0 | 0 | 0 | -2 | -2 | -36 | -36 | -1 | -1 | -8 | -8 | -1 | -1 | -1 | -1 | ||
| CAPEX intangible fixed assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Acquisitions and disposals | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | 21 | -1 | -1 | 4 | 4 | 2 | 2 | -34 | -34 | 12 | 12 | 21 | 21 | 27 | 27 | 38 | 38 | ||
| Dividend paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Share issues and buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 0 | N/A | N/A | -2 | -2 | -1 | -1 | 26 | 26 | 0 | 0 | 0 | 0 | -8 | -8 | -8 | -8 | ||
| Decrease in net IB debt | 21 | N/A | N/A | 2 | 2 | 1 | 1 | -8 | -8 | 11 | 11 | 21 | 21 | 19 | 19 | 30 | 30 | ||
| Balance Sheet (SEKm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 50 | 0 | 0 | 0 | 0 | 0 | 0 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | 50 | ||
| Indefinite intangible assets | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Tangible fixed assets | 10 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 3 | 3 | 10 | 10 | 9 | 9 | 9 | 9 | ||
| Other fixed assets | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||
| Fixed assets | 61 | 0 | 0 | 0 | 0 | 2 | 2 | 52 | 52 | 54 | 54 | 61 | 61 | 60 | 60 | 60 | 60 | ||
| Inventories | 12 | 2 | 2 | 2 | 2 | 2 | 2 | 7 | 7 | 8 | 8 | 12 | 12 | 17 | 17 | 21 | 21 | ||
| Receivables | 15 | 7 | 7 | 7 | 7 | 12 | 12 | 10 | 10 | 13 | 13 | 15 | 15 | 19 | 19 | 23 | 23 | ||
| Other current assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash and liquid assets | 39 | 0 | 0 | 3 | 3 | 3 | 3 | 21 | 21 | 24 | 24 | 39 | 39 | 58 | 58 | 88 | 88 | ||
| Total assets | 127 | 10 | 10 | 12 | 12 | 19 | 19 | 90 | 90 | 100 | 100 | 127 | 127 | 153 | 153 | 192 | 192 | ||
| Shareholders equity | 101 | 7 | 7 | 8 | 8 | 13 | 13 | 57 | 57 | 74 | 74 | 101 | 101 | 124 | 124 | 158 | 158 | ||
| Minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 101 | 7 | 7 | 8 | 8 | 13 | 13 | 57 | 57 | 74 | 74 | 101 | 101 | 124 | 124 | 158 | 158 | ||
| Long-term debt | 11 | 0 | 0 | 0 | 0 | 0 | 0 | 25 | 25 | 17 | 17 | 11 | 11 | 11 | 11 | 11 | 11 | ||
| Pension debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other long-term liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Accounts payable | 15 | 3 | 3 | 3 | 3 | 5 | 5 | 8 | 8 | 9 | 9 | 15 | 15 | 18 | 18 | 23 | 23 | ||
| Other current liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total liabilities and equity | 90 | N/A | N/A | N/A | N/A | 10 | 10 | 12 | 12 | 19 | 19 | 90 | 90 | 100 | 100 | 127 | 127 | ||
| Net IB debt | -29 | 0 | 0 | -3 | -3 | -4 | -4 | 4 | 4 | -8 | -8 | -29 | -29 | -47 | -47 | -77 | -77 | ||
| Net IB debt excl. pension debt | -29 | 0 | 0 | -3 | -3 | -4 | -4 | 4 | 4 | -8 | -8 | -29 | -29 | -47 | -47 | -77 | -77 | ||
| Capital invested | 72 | 7 | 7 | 6 | 6 | 9 | 9 | 60 | 60 | 66 | 66 | 72 | 72 | 77 | 77 | 81 | 81 | ||
| Working capital | 12 | 7 | 7 | 5 | 5 | 8 | 8 | 9 | 9 | 13 | 13 | 12 | 12 | 17 | 17 | 22 | 22 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 874 | N/A | N/A | N/A | N/A | N/A | N/A | 391 | 391 | 415 | 415 | 874 | 874 | 874 | 874 | 874 | 874 | ||
| Net IB debt Adj | -29 | 0 | 0 | -3 | -3 | -4 | -4 | 4 | 4 | -8 | -8 | -29 | -29 | -47 | -47 | -77 | -77 | ||
| Market value of minority | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 845 | N/A | N/A | N/A | N/A | N/A | N/A | 395 | 395 | 407 | 407 | 845 | 845 | 826 | 826 | 796 | 796 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 89 | N/A | N/A | 227,6 | 227,6 | 177,8 | 177,8 | 99 | 99 | 90,1 | 90,1 | 89 | 89 | 94,7 | 94,7 | 97,3 | 97,3 | ||
| Capital invested turnover (%) | 145,7 | N/A | N/A | 399 | 399 | 368,2 | 368,2 | 154,6 | 154,6 | 134,7 | 134,7 | 145,7 | 145,7 | 178,4 | 178,4 | 212,9 | 212,9 | ||
| Capital employed turnover (%) | 145,7 | N/A | N/A | 398,9 | 398,9 | 368,2 | 368,2 | 154,5 | 154,5 | 134,7 | 134,7 | 145,7 | 145,7 | 178,4 | 178,4 | 212,9 | 212,9 | ||
| Inventories / sales (%) | 10,2 | N/A | N/A | 7,1 | 7,1 | 6,2 | 6,2 | 8,5 | 8,5 | 9,1 | 9,1 | 10,2 | 10,2 | 10,9 | 10,9 | 11,2 | 11,2 | ||
| Customer advances / sales (%) | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Payables / sales (%) | 11,9 | N/A | N/A | 12,2 | 12,2 | 16,2 | 16,2 | 12,7 | 12,7 | 9,9 | 9,9 | 11,9 | 11,9 | 12,5 | 12,5 | 12,1 | 12,1 | ||
| Working capital / sales (%) | 12,3 | N/A | N/A | 25 | 25 | 25,3 | 25,3 | 15,6 | 15,6 | 12,7 | 12,7 | 12,3 | 12,3 | 10,9 | 10,9 | 11,6 | 11,6 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | -28,5 | -6 | -6 | -33,8 | -33,8 | -31,2 | -31,2 | 6,7 | 6,7 | -10,4 | -10,4 | -28,5 | -28,5 | -38,2 | -38,2 | -48,9 | -48,9 | ||
| Net debt / market cap (%) | -4,2 | N/A | N/A | N/A | N/A | N/A | N/A | 1 | 1 | -2 | -2 | -4,2 | -4,2 | -5,4 | -5,4 | -8,9 | -8,9 | ||
| Equity ratio (%) | 79,2 | 72,6 | 72,6 | 72,1 | 72,1 | 70,7 | 70,7 | 63 | 63 | 74,3 | 74,3 | 79,2 | 79,2 | 81,1 | 81,1 | 82,5 | 82,5 | ||
| Net IB debt adj. / equity (%) | -28,5 | -6 | -6 | -33,8 | -33,8 | -31,2 | -31,2 | 6,7 | 6,7 | -10,4 | -10,4 | -28,5 | -28,5 | -38,2 | -38,2 | -48,9 | -48,9 | ||
| Current ratio (%) | 429,5 | 363,9 | 363,9 | 358,3 | 358,3 | 308,7 | 308,7 | 455 | 455 | 529,8 | 529,8 | 429,5 | 429,5 | 518,6 | 518,6 | 583,4 | 583,4 | ||
| EBITDA / net interest (%) | 8272,8 | -1129,2 | -1129,2 | -13196,8 | -13196,8 | 97725,6 | 97725,6 | -2577,4 | -2577,4 | 4752,9 | 4752,9 | 8272,8 | 8272,8 | 11992,1 | 11992,1 | 21261,8 | 21261,8 | ||
| Net IB debt / EBITDA (%) | -87,7 | -20,2 | -20,2 | -45,4 | -45,4 | -46,7 | -46,7 | 26,8 | 26,8 | -32,8 | -32,8 | -87,7 | -87,7 | -111,4 | -111,4 | -139,3 | -139,3 | ||
| Interest cover (%) | 8008,8 | -1126,7 | -1126,7 | -13186,9 | -13186,9 | 96726,7 | 96726,7 | -2134,9 | -2134,9 | 4575,2 | 4575,2 | 8008,8 | 8008,8 | 11500,8 | 11500,8 | 20641,2 | 20641,2 |
| SEKm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares outstanding adj. | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | ||
| Fully diluted shares Adj | 16 | 0 | 0 | 0 | 0 | 0 | 0 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | ||
| EPS | 1,62 | 0 | 0 | 0 | 0 | 0 | 0 | 0,62 | 0,62 | 1,08 | 1,08 | 1,62 | 1,62 | 2 | 2 | 2,65 | 2,65 | ||
| Dividend per share Adj | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EPS Adj | 1,57 | 0 | 0 | 0 | 0 | 0 | 0 | 0,64 | 0,64 | 1,13 | 1,13 | 1,57 | 1,57 | 2 | 2 | 2,65 | 2,65 | ||
| BVPS | 6,39 | 0 | 0 | 0 | 0 | 0 | 0 | 3,59 | 3,59 | 4,71 | 4,71 | 6,39 | 6,39 | 7,88 | 7,88 | 10,03 | 10,03 | ||
| BVPS Adj | 3,23 | 0 | 0 | 0 | 0 | 0 | 0 | 0,43 | 0,43 | 1,54 | 1,54 | 3,23 | 3,23 | 4,72 | 4,72 | 6,87 | 6,87 | ||
| Net IB debt / share | -1,8 | N/A | N/A | N/A | N/A | N/A | N/A | 0,2 | 0,2 | -0,5 | -0,5 | -1,8 | -1,8 | -3 | -3 | -4,9 | -4,9 | ||
| Share price | 43,24 | N/A | N/A | N/A | N/A | N/A | N/A | 24,31 | 24,31 | 25,01 | 25,01 | 43,24 | 43,24 | 55,4 | 55,4 | 55,4 | 55,4 | ||
| Market cap. (m) | 682 | N/A | N/A | N/A | N/A | N/A | N/A | 383 | 383 | 394 | 394 | 682 | 682 | 874 | 874 | 874 | 874 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | 34,2 | N/A | N/A | N/A | N/A | N/A | N/A | 40 | 40 | 24,4 | 24,4 | 34,2 | 34,2 | 27,7 | 27,7 | 20,9 | 20,9 | ||
| EV/sales | 8,37 | N/A | N/A | N/A | N/A | N/A | N/A | 7,35 | 7,35 | 4,76 | 4,76 | 8,37 | 8,37 | 6,22 | 6,22 | 4,75 | 4,75 | ||
| EV/EBITDA | 25,9 | N/A | N/A | N/A | N/A | N/A | N/A | 28,1 | 28,1 | 17,3 | 17,3 | 25,9 | 25,9 | 19,4 | 19,4 | 14,3 | 14,3 | ||
| EV/EBITA | 26,7 | N/A | N/A | N/A | N/A | N/A | N/A | 33,9 | 33,9 | 18 | 18 | 26,7 | 26,7 | 20,2 | 20,2 | 14,8 | 14,8 | ||
| EV/EBIT | 26 | N/A | N/A | N/A | N/A | N/A | N/A | 34,9 | 34,9 | 18,6 | 18,6 | 26 | 26 | 20,2 | 20,2 | 14,8 | 14,8 | ||
| Dividend yield (%) | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| FCF yield (%) | 2,4 | N/A | N/A | N/A | N/A | N/A | N/A | -8,8 | -8,8 | 2,8 | 2,8 | 2,4 | 2,4 | 3,1 | 3,1 | 4,3 | 4,3 | ||
| P/BVPS | 8,68 | N/A | N/A | N/A | N/A | N/A | N/A | 6,9 | 6,9 | 5,59 | 5,59 | 8,68 | 8,68 | 7,03 | 7,03 | 5,53 | 5,53 | ||
| P/BVPS Adj | 17,18 | N/A | N/A | N/A | N/A | N/A | N/A | 57,21 | 57,21 | 17,03 | 17,03 | 17,18 | 17,18 | 11,74 | 11,74 | 8,07 | 8,07 | ||
| P/E Adj | 35,3 | N/A | N/A | N/A | N/A | N/A | N/A | 38,8 | 38,8 | 23,3 | 23,3 | 35,3 | 35,3 | 27,7 | 27,7 | 20,9 | 20,9 | ||
| EV/EBITDA Adj | 25,9 | N/A | N/A | N/A | N/A | N/A | N/A | 28,1 | 28,1 | 17,3 | 17,3 | 25,9 | 25,9 | 19,4 | 19,4 | 14,3 | 14,3 | ||
| EV/EBITA Adj | 26,7 | N/A | N/A | N/A | N/A | N/A | N/A | 33,9 | 33,9 | 18 | 18 | 26,7 | 26,7 | 20,2 | 20,2 | 14,8 | 14,8 | ||
| EV/EBIT Adj | 26 | N/A | N/A | N/A | N/A | N/A | N/A | 34,9 | 34,9 | 18,6 | 18,6 | 26 | 26 | 20,2 | 20,2 | 14,8 | 14,8 | ||
| EV/cap. employed | 11,7 | N/A | N/A | N/A | N/A | N/A | N/A | 6,5 | 6,5 | 6,1 | 6,1 | 11,7 | 11,7 | 10,8 | 10,8 | 9,9 | 9,9 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 7,7 | 0 | 0 | 0 | 0 | 6,7 | 6,7 | 67,4 | 67,4 | 1,1 | 1,1 | 7,7 | 7,7 | 0,8 | 0,8 | 0,6 | 0,6 | ||
| Capex / depreciation | 746,9 | 0 | 0 | 0 | 0 | 1997,8 | 1997,8 | 1500,2 | 1500,2 | 111,4 | 111,4 | 746,9 | 746,9 | 57,3 | 57,3 | 61,7 | 61,7 | ||
| Capex tangibles / tangible fixed assets | 77,1 | 0 | 0 | 0 | 0 | 3665,3 | 3665,3 | 3106,1 | 3106,1 | 32,2 | 32,2 | 77,1 | 77,1 | 10,7 | 10,7 | 11,4 | 11,4 | ||
| Capex intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on intangibles / definite intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | ||
| Depreciation on tangibles / tangibles | 10,3 | 27,3 | 27,3 | 37,5 | 37,5 | 183,5 | 183,5 | 207 | 207 | 28,9 | 28,9 | 10,3 | 10,3 | 18,6 | 18,6 | 18,5 | 18,5 |
Equity research
Swedencare
Swedencare - Ready, set, pet
18 October 2018 Swedencare Preview of results
Media
Swedencare
Swedencare - Company presentation with CEO Håkan Lagerberg (in Swedish)
4 September 2018 Swedencare Media
Swedencare - Interview with CEO Håkan Lagerberg (in Swedish)
4 September 2018 Swedencare Media
Company news
Swedencare
Valberedning i Swedencare AB (publ) inför årsstämman 2019
19 December 2018
Main shareholders
Swedencare
| Main shareholders | Share capital % | Voting shares % | Verified | |
|---|---|---|---|---|
| Håkan Svanberg | 32.2 % | 32.2 % | 31 Dec 2018 | |
| Mastan AB (Håkan Lagerberg) | 13.4 % | 13.4 % | 17 Dec 2018 | |
| JCC Group Invest Sweden AB (Johan Bergdahl) | 13.3 % | 13.3 % | 31 Dec 2018 | |
| Staffan Persson | 5.1 % | 5.1 % | 31 Dec 2018 | |
| AMF Försäkring & Fonder | 4.8 % | 4.8 % | 31 Dec 2018 | |
| Handelsbanken Fonder | 2.7 % | 2.7 % | 31 Dec 2018 | |
| Aktia Asset Management | 2.6 % | 2.6 % | 31 Oct 2018 | |
| Nordnet Pensionsförsäkring | 2.5 % | 2.5 % | 31 Dec 2018 | |
| Investment AB Öresund | 2.2 % | 2.2 % | 31 Dec 2018 | |
| Martin Shimko | 1.9 % | 1.9 % | 30 Jun 2018 | |
| Source: Holdings by Modular Finance AB | ||||
Insider list
Swedencare
| Name | Code | Quantity | Date | |
|---|---|---|---|---|
| Lars Håkan Lagerberg | + 10 000 | BUY | + 10 000 | 17 Dec 2018 |
| JCC Group Invest Sweden AB | - 40 000 | SELL | - 40 000 | 12 Jan 2018 |
| Tammeo Aktiebolag | + 40 000 | BUY | + 40 000 | 12 Jan 2018 |
| Lars Håkan Lagerberg | + 3 010 | BUY | + 3 010 | 8 Dec 2017 |
| Mastan AB | - 100 000 | SELL | - 100 000 | 7 Jul 2017 |
| JCC Group Invest Sweden AB | - 100 000 | SELL | - 100 000 | 7 Jul 2017 |
| Håkan Svanberg & Co Health Care AB | - 100 000 | SELL | - 100 000 | 7 Jul 2017 |
| Håkan Svanberg & Co Health Care AB | - 100 000 | SELL | - 100 000 | 7 Jul 2017 |
| JCC Group Invest Sweden AB | - 100 000 | SELL | - 100 000 | 20 Jun 2017 |
| JCC Group Invest Sweden AB | - 150 000 | SELL | - 150 000 | 19 Jun 2017 |
QUICK FACTS
- Håkan Lagerberg
- Per Malmström
- Retail
- www.swedencare.se
- First North
- 873,7 MSEK
- SECARE
- Q4 Report 14 Feb 2019
QUICK FACTS
- CEO
- Håkan Lagerberg
- Chairman
- Per Malmström
- List
- First North
- Sector
- Retail
QUICK FACTS
- Market Cap
- 873,7 MSEK
- Ticker
- SECARE
- Next Event
- 14 Feb 2019
- Website
- www.swedencare.se
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