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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 2018 2019e 2020e
Sales 424 470 512
Sales growth (%) -0,8 10,7 9
EBITDA 63 80 91
EBITDA margin (%) 14,9 17,1 17,8
EBIT adj 55 70 78
EBIT adj margin (%) 12,9 14,9 15,2
Pretax profit 55 69 77
EPS rep 2,06 2,66 2,97
EPS growth (%) 6 29,1 11,5
EPS adj 2,06 2,66 2,97
DPS 0,55 0,75 1
EV/EBITDA (x) 14,6 13,9 12
EV/EBIT adj (x) 16,9 16 14
P/E (x) 25,3 23,3 20,9
P/E adj (x) 25,3 23,3 20,9
EV/sales (x) 2,2 2,4 2,1
FCF yield (%) -6,7 1,1 3,1
Dividend yield (%) 1,1 1,2 1,6
Net IB debt/EBITDA -0,9 -0,8 -1
SEKm 2018 2019e 2020e
Sales 424 470 512
COGS -235 -248 -269
Gross profit 190 222 243
Other operating items -126 -141 -152
EBITDA 63 80 91
Depreciation on tangibles -5 -7 -7
Depreciation on intangibles -3 -4 -6
EBITA 55 70 78
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 55 70 78
Other financial items 0 0 0
Net financial items 0 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 55 69 77
Tax -14 -16 -18
Net profit 41 53 59
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 53 59
EPS 2,06 2,66 2,97
EPS Adj 2,06 2,66 2,97
Total extraordinary items after tax 0 0 0
Tax rate (%) -25 -23 -23
Gross margin (%) 44,7 47,2 47,4
EBITDA margin (%) 14,9 17,1 17,8
EBITA margin (%) 12,9 14,9 15,2
EBIT margin (%) 12,9 14,9 15,2
Pretax margin (%) 12,9 14,6 15
Net margin (%) 9,7 11,3 11,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,8 10,7 9
EBITDA growth (%) -2,8 26,9 13,2
EBIT growth (%) 0,8 27,6 11,7
Net profit growth (%) 10,1 29,1 11,5
EPS growth (%) 6 29,1 11,5
Profitability 2018 2019 2020
ROE (%) 14,6 16,4 16,2
ROE Adj (%) 14,6 16,4 16,2
ROCE (%) 28,9 27 27
ROCE Adj(%) 28,9 27 27
ROIC (%) 19,8 20,6 20,6
ROIC Adj (%) 19,8 20,6 20,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 63 80 91
EBITDA Adj margin (%) 14,9 17,1 17,8
EBITA Adj 55 70 78
EBITA Adj margin (%) 12,9 14,9 15,2
EBIT Adj 55 70 78
EBIT Adj margin (%) 12,9 14,9 15,2
Pretax profit Adj 55 69 77
Net profit Adj 41 53 59
Net profit to shareholders Adj 41 53 59
Net Adj margin (%) 9,7 11,3 11,5
SEKm 2018 2019e 2020e
EBITDA 63 80 91
Net financial items 0 -1 -1
Paid tax -9 -16 -18
Non-cash items -24 0 0
Cash flow before change in WC 30 63 72
Change in WC -7 -13 -7
Operating cash flow 23 51 65
CAPEX tangible fixed assets -12 -7 -7
CAPEX intangible fixed assets -53 -30 -20
Acquisitions and disposals -28 0 0
Free cash flow -69 14 38
Dividend paid -10 -11 -15
Share issues and buybacks 0 0 0
Other non cash items 26 0 0
Decrease in net IB debt -53 3 24
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 78 78 78
Indefinite intangible assets 0 0 0
Definite intangible assets 81 107 121
Tangible fixed assets 23 24 24
Other fixed assets 160 56 56
Fixed assets 342 264 278
Inventories 58 61 67
Receivables 65 73 79
Other current assets 6 6 6
Cash and liquid assets 30 137 161
Total assets 501 541 591
Shareholders equity 301 343 388
Minority 0 0 0
Total equity 301 343 388
Long-term debt 12 12 12
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 15 15 15
Other long-term liabilities 3 3 3
Short-term debt 63 63 63
Accounts payable 35 28 31
Other current liabilities 73 78 81
Total liabilities and equity 364 416 501
Net IB debt -60 -63 -87
Net IB debt excl. pension debt -60 -63 -87
Capital invested 242 281 302
Working capital 60 73 79
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1039 1234 1234
Net IB debt Adj -60 -63 -87
Market value of minority 0 0 0
Reversal of shares and participations -54 -54 -54
Reversal of conv. debt assumed equity 0 0 0
EV 926 1118 1094
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 92,5 90,1 90,4
Capital invested turnover (%) 204,2 179,4 175,7
Capital employed turnover (%) 217,7 180,2 176,3
Inventories / sales (%) 12,8 12,7 12,5
Customer advances / sales (%) 7,7 6,4 6,7
Payables / sales (%) 7 6,8 5,8
Working capital / sales (%) 13,3 14,2 14,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -19,8 -18,3 -22,4
Net debt / market cap (%) -4,1 -5,2 -7,2
Equity ratio (%) 60,1 63,4 65,5
Net IB debt adj. / equity (%) -19,8 -18,3 -22,4
Current ratio (%) 93,3 163,8 179,3
EBITDA / net interest (%) 63400 6817,2 6488,6
Net IB debt / EBITDA (%) -94,2 -78,3 -95,4
Interest cover (%) 3317,6 4144,9 4600,9
SEKm 2018 2019e 2020e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 20 20 20
EPS 2,06 2,66 2,97
Dividend per share Adj 0,6 0,8 1
EPS Adj 2,06 2,66 2,97
BVPS 15,5 17,67 19,97
BVPS Adj 7,31 8,15 9,72
Net IB debt / share -3,1 -3,2 -4,5
Share price 74,85 62 62
Market cap. (m) 1453 1204 1204
Valuation 2018 2019 2020
P/E 25,3 23,3 20,9
EV/sales 2,18 2,38 2,14
EV/EBITDA 14,6 13,9 12
EV/EBITA 16,9 16 14
EV/EBIT 16,9 16 14
Dividend yield (%) 1,1 1,2 1,6
FCF yield (%) -6,7 1,1 3,1
P/BVPS 3,37 3,51 3,11
P/BVPS Adj 7,14 7,61 6,38
P/E Adj 25,3 23,3 20,9
EV/EBITDA Adj 14,6 13,9 12
EV/EBITA Adj 16,9 16 14
EV/EBIT Adj 16,9 16 14
EV/cap. employed 3,8 4 3,6
Investment ratios 2018 2019 2020
Capex / sales 15,1 7,9 5,3
Capex / depreciation 746,5 352,4 207,7
Capex tangibles / tangible fixed assets 49,8 29,7 29,7
Capex intangibles / definite intangibles 65,3 28,1 16,6
Depreciation on intangibles / definite intangibles 4,1 3,7 5
Depreciation on tangibles / tangibles 22,9 27,5 29,7

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Main shareholders

Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Martin Gren (Grenspecialisten) 10.7 % 10.7 % 31 Mar 2019
Svolder 10.6 % 10.6 % 31 Mar 2019
SEB Fonder 9.4 % 9.4 % 31 Mar 2019
Thomas Eklund 9.3 % 9.3 % 31 Mar 2019
Swedbank Robur Fonder 9.2 % 9.2 % 31 Mar 2019
Tredje AP-fonden 7.7 % 7.7 % 31 Mar 2019
Handelsbanken Fonder 4.7 % 4.7 % 31 Mar 2019
Länsförsäkringar Fonder 4.2 % 4.2 % 31 Mar 2019
Berenberg Funds 3.8 % 3.8 % 31 Jan 2019
Keel Capital 2.9 % 2.9 % 30 Sep 2018
Source: Holdings by Modular Finance AB

Insider list

Boule Diagnostics

Name Quantity Code Date
Christina Rubenhag + 2 000 BUY 8 Feb 2019
Gustaf Peter Reinhold von Ehrenheim + 1 000 BUY 16 May 2018
Claes Blanche - 341 SELL 21 Feb 2018
Claes Blanche - 659 SELL 20 Feb 2018
Fredrik Ekdahl - 3 000 SELL 18 Dec 2017
Christina Rubenhag + 9 000 BUY 11 Dec 2017
Christina Rubenhag + 9 000 BUY 11 Dec 2017
Hans Johansson - 10 000 SELL 24 Nov 2017
Claes Blanche - 10 000 SELL 13 Nov 2017
Fredrik Dalborg + 48 631 BUY 6 Oct 2017

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