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Boule Diagnostics

Boule Diagnostics

Instruments and reagents for blood analysis

Boule Diagnostics is a Swedish diagnostics company that develops, manufactures and markets instruments and consumable products for blood diagnostics, specializing in blood cell counting (CBC) systems, in both human and veterinary hematology. Boule Diagnostics is a global company with approximately 170 employees located in Sweden, USA and Mexico and with a market presence via distributors in addition to its own sales and marketing organisation in more than 100 countries.

The main opportunity for Boule Diagnostics would be to gain market share in the global CBC market within hematology and/or broaden its product offering.

We note a number of risk factors for Boule Diagnostics, including market risk, competition, legal and regulatory risk, product development risk, and currency and macroeconomic risk.

SEKm 2020 2021e 2022e
Sales 400 464 533
Sales growth (%) -19,7 15,9 14,9
EBITDA 56 79 104
EBITDA margin (%) 13,9 17 19,6
EBIT adj 25 56 82
EBIT adj margin (%) 6,1 12,2 15,3
Pretax profit -49 51 80
EPS rep -2,47 2,03 3,16
EPS growth (%) -227,4 182,3 55,6
EPS adj 1,16 2,03 3,16
DPS 0,55 1 1,2
EV/EBITDA (x) 21 13,9 10,5
EV/EBIT adj (x) 47,8 19,4 13,5
P/E (x) -24,1 26,9 17,3
P/E adj (x) 51,4 26,9 17,3
EV/sales (x) 2,9 2,4 2,1
FCF yield (%) 3,3 2,1 4,3
Dividend yield (%) 0,9 1,8 2,2
Net IB debt/EBITDA 0,3 0,4 0,4
Lease adj. FCF yield (%) 2,3 1,1 3,3
Lease adj. ND/EBITDA -0,2 -0,2 -0,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 400 464 533
COGS -223 -254 -285
Gross profit 177 210 249
Other operating items -121 -132 -144
EBITDA 56 79 104
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles -4 -4 -4
EBITA 34 56 82
Goodwill impairment charges 0 0 0
Other impairment and amortisation -40 0 0
EBIT -6 56 82
Other financial items 0 0 0
Net financial items -43 -5 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -49 51 80
Tax 1 -12 -18
Net profit -48 39 61
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -48 39 61
EPS -2,47 2,03 3,16
EPS Adj 1,16 2,03 3,16
Total extraordinary items after tax -30,4 0 0
Tax rate (%) -2 -23 -23
Gross margin (%) 44,3 45,3 46,6
EBITDA margin (%) 13,9 17 19,6
EBITA margin (%) 8,5 12,2 15,3
EBIT margin (%) -1,5 12,2 15,3
Pretax margin (%) -12,2 11 14,9
Net margin (%) -12 8,5 11,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19,7 15,9 14,9
EBITDA growth (%) -39 41,2 32,2
EBIT growth (%) -108,4 1063 44,8
Net profit growth (%) -227,4 182,3 55,6
EPS growth (%) -227,4 182,3 55,6
Profitability 2020 2021 2022
ROE (%) -15,9 13,9 19,2
ROE Adj (%) 7,5 13,9 19,2
ROCE (%) -1 16,8 21,5
ROCE Adj(%) 18,9 16,8 21,5
ROIC (%) -1,3 10,8 14
ROIC Adj (%) 5,5 10,8 14
Adj earnings numbers 2020 2021 2022
EBITDA Adj 86 79 104
EBITDA Adj margin (%) 21,5 17 19,6
EBITA Adj 65 56 82
EBITA Adj margin (%) 16,1 12,2 15,3
EBIT Adj 25 56 82
EBIT Adj margin (%) 6,1 12,2 15,3
Pretax profit Adj 21 51 80
Net profit Adj 22 39 61
Net profit to shareholders Adj 22 39 61
Net Adj margin (%) 5,6 8,5 11,5
Depreciation and amortisation -22 -22 -23
Of which leasing depreciation -10 -10 -10
EO items -30 0 0
Impairment and PPA amortisation -40 0 0
EBITDA lease Adj 75 68 104
EBITDA lease Adj margin (%) 18,8 14,7 19,6
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 56 79 104
Net financial items -43 -5 -2
Paid tax 1 -12 -18
Non-cash items 25 0 0
Cash flow before change in WC 38 62 84
Change in WC 37 -11 -20
Operating cash flow 75 51 64
CAPEX tangible fixed assets -7 -8 -9
CAPEX intangible fixed assets -30 -20 -10
Acquisitions and disposals 0 0 0
Free cash flow 38 23 45
Dividend paid 0 -11 -19
Share issues and buybacks 0 0 0
Other non cash items 20 -17 -20
Decrease in net IB debt 14 -16 -5
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 73 73 73
Indefinite intangible assets 0 0 0
Definite intangible assets 116 152 179
Tangible fixed assets 20 16 15
Other fixed assets 100 115 128
Fixed assets 343 391 432
Inventories 55 49 38
Receivables 33 38 59
Other current assets 16 17 23
Cash and liquid assets 33 28 23
Total assets 480 524 574
Shareholders equity 269 298 340
Minority 0 0 0
Total equity 269 298 340
Long-term debt 2 1 1
Pension debt 3 3 3
Convertible debt 0 0 0
Deferred tax 16 16 16
Other long-term liabilities 77 77 77
Short-term debt 10 10 10
Accounts payable 29 34 43
Other current liabilities 36 36 36
Total liabilities and equity 480 524 574
Net IB debt 19 34 39
Net IB debt excl. pension debt 15 31 36
Capital invested 381 425 472
Working capital 38 34 41
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1155 1060 1060
Net IB debt Adj 19 34 39
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 1174 1094 1099
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 75,1 92,5 97,1
Capital invested turnover (%) 92,3 115,1 118,8
Capital employed turnover (%) 113,2 136,3 139,9
Inventories / sales (%) 14 11,2 8,2
Customer advances / sales (%) 7,6 6,2 5,4
Payables / sales (%) 7,4 6,8 7,2
Working capital / sales (%) 11,2 7,7 7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 6,9 11,4 11,5
Net debt / market cap (%) 1,6 3,2 3,7
Equity ratio (%) 56,1 56,9 59,2
Net IB debt adj. / equity (%) 6,9 11,4 11,5
Current ratio (%) 154,4 127,6 126,9
EBITDA / net interest (%) 129,7 1516,1 5213
Net IB debt / EBITDA (%) 33,1 43,3 37,4
Interest cover (%) 80,4 953,8 3564,8
Lease liability amortisation -11 -11 -11
Other intangible assets 116 152 179
Right-of-use asset 35 35 36
Total other fixed assets 100 115 128
Leasing liability 36 47 47
Total other long-term liabilities 93 93 93
Net IB debt excl. leasing -18 -13 -8
Net IB debt / EBITDA lease Adj (%) -23,4 -19,1 -7,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS -2,47 2,03 3,16
Dividend per share Adj 0,6 1 1,2
EPS Adj 1,16 2,03 3,16
BVPS 13,87 15,35 17,51
BVPS Adj 4,16 3,79 4,52
Net IB debt / share 1 1,8 2
Share price 60,69 54,6 54,6
Market cap. (m) 1178 1060 1060
Valuation 2020 2021 2022
P/E -24,1 26,9 17,3
EV/sales 2,93 2,36 2,06
EV/EBITDA 21 13,9 10,5
EV/EBITA 34,4 19,4 13,5
EV/EBIT -200,3 19,4 13,5
Dividend yield (%) 0,9 1,8 2,2
FCF yield (%) 3,3 2,1 4,3
P/BVPS 4,29 3,56 3,12
P/BVPS Adj 14,3 14,4 12,09
P/E Adj 51,4 26,9 17,3
EV/EBITDA Adj 13,6 13,9 10,5
EV/EBITA Adj 18,2 19,4 13,5
EV/EBIT Adj 47,8 19,4 13,5
EV/cap. employed 3,7 3 2,7
Investment ratios 2020 2021 2022
Capex / sales 9,2 6 3,6
Capex / depreciation 321 230,3 155,3
Capex tangibles / tangible fixed assets 35,4 48,5 58,9
Capex intangibles / definite intangibles 26 13,2 5,6
Depreciation on intangibles / definite intangibles 3,4 2,7 2,3
Depreciation on tangibles / tangibles 38,2 49,3 53,1
Lease adj. FCF yield (%) 2,3 1,1 3,3
N/A N/A N/A

Equity research

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Media

Boule Diagnostics - Company presentation with CEO Fredrik Dalborg
Boule Diagnostics - Interview with CEO Fredrik Dalborg (in English)

Main shareholders - Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Svolder 12.4 % 12.4 % 31 Dec 2020
Martin Gren (Grenspecialisten) 11.7 % 11.7 % 31 Dec 2020
Thomas Eklund 10.1 % 10.1 % 31 Dec 2020
Swedbank Robur Fonder 9.6 % 9.6 % 31 Jan 2021
Tredje AP-fonden 8.4 % 8.4 % 31 Dec 2020
Nordea Fonder 7.7 % 7.7 % 31 Jan 2021
Länsförsäkringar Fonder 4.1 % 4.1 % 31 Jan 2021
Keel Capital 3.9 % 3.9 % 30 Jun 2020
Norges Bank 2.9 % 2.9 % 31 Dec 2020
Andra AP-fonden 2.0 % 2.0 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Boule Diagnostics

Name Quantity Code Date
Gustaf Peter Reinhold von Ehrenheim + 20 000 BUY 18 Feb 2021
Gustaf Peter Reinhold von Ehrenheim + 12 125 BUY 17 Feb 2021
Gustaf Peter Reinhold von Ehrenheim + 7 875 BUY 11 Feb 2021
Mikael Ekholm + 10 000 BUY 19 Aug 2020
Jesper Söderqvist + 130 000 BUY 17 Aug 2020
Karin Helena Börjesson + 40 000 BUY 17 Aug 2020
Fredrik Ekdahl + 50 000 BUY 25 Sep 2019
Kiarash Moaierifar + 77 065 BUY 24 Sep 2019
Kiarash Moaierifar + 2 000 BUY 24 Sep 2019
Thomas Eklund + 1 003 BUY 20 Aug 2019

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