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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 411 478 538
Sales growth (%) -17,7 16,4 12,7
EBITDA 66 88 110
EBITDA margin (%) 16 18,5 20,4
EBIT adj 35 66 87
EBIT adj margin (%) 8,4 13,8 16,2
Pretax profit -1 61 85
EPS rep -0,51 2,41 3,38
EPS growth (%) -126,6 568,8 40,3
EPS adj -1,01 2,41 3,38
DPS 0,7 1 1,2
EV/EBITDA (x) 17,3 12,9 10,3
EV/EBIT adj (x) 33 17,3 13
P/E (x) -112,7 24 17,1
P/E adj (x) -57,5 24 17,1
EV/sales (x) 2,8 2,4 2,1
FCF yield (%) 2,9 3,5 5,3
Dividend yield (%) 1,2 1,7 2,1
Net IB debt/EBITDA 0,2 0,2 0,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 411 478 538
COGS -225 -258 -283
Gross profit 186 220 255
Other operating items -120 -132 -145
EBITDA 66 88 110
Depreciation on tangibles -8 -8 -8
Depreciation on intangibles -4 -4 -4
EBITA 44 66 87
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 44 66 87
Other financial items 0 0 0
Net financial items -45 -5 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -1 61 85
Tax -9 -14 -20
Net profit -10 47 66
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -10 47 66
EPS -0,51 2,41 3,38
EPS Adj -1,01 2,41 3,38
Total extraordinary items after tax 9,6 0 0
Tax rate (%) 945,1 -23 -23
Gross margin (%) 45,3 46,1 47,4
EBITDA margin (%) 16 18,5 20,4
EBITA margin (%) 10,7 13,8 16,2
EBIT margin (%) 10,7 13,8 16,2
Pretax margin (%) -0,2 12,7 15,9
Net margin (%) -2,4 9,8 12,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -17,7 16,4 12,7
EBITDA growth (%) -28,1 34,4 24,3
EBIT growth (%) -37,1 49,7 32,3
Net profit growth (%) -126,6 568,8 40,3
EPS growth (%) -126,6 568,8 40,3
Profitability 2020 2021 2022
ROE (%) -3,1 14 17,5
ROE Adj (%) -6 14 17,5
ROCE (%) 11,9 17,1 20,4
ROCE Adj(%) 9,3 17,1 20,4
ROIC (%) 98,7 10,9 13,4
ROIC Adj (%) 77,2 10,9 13,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 56 88 110
EBITDA Adj margin (%) 13,7 18,5 20,4
EBITA Adj 35 66 87
EBITA Adj margin (%) 8,4 13,8 16,2
EBIT Adj 35 66 87
EBIT Adj margin (%) 8,4 13,8 16,2
Pretax profit Adj -11 61 85
Net profit Adj -20 47 66
Net profit to shareholders Adj -20 47 66
Net Adj margin (%) -4,8 9,8 12,2
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 66 88 110
Net financial items -45 -5 -2
Paid tax -9 -14 -20
Non-cash items 31 0 0
Cash flow before change in WC 43 69 88
Change in WC 26 -2 -9
Operating cash flow 69 67 79
CAPEX tangible fixed assets -7 -8 -9
CAPEX intangible fixed assets -30 -20 -10
Acquisitions and disposals 0 0 0
Free cash flow 32 39 60
Dividend paid 0 -14 -19
Share issues and buybacks 0 0 0
Other non cash items 18 -18 -20
Decrease in net IB debt 21 -4 9
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 78 78 78
Indefinite intangible assets 0 0 0
Definite intangible assets 154 190 218
Tangible fixed assets 21 19 18
Other fixed assets 103 115 129
Fixed assets 394 441 484
Inventories 53 57 39
Receivables 45 53 59
Other current assets 21 23 25
Cash and liquid assets 44 39 48
Total assets 557 613 655
Shareholders equity 319 352 398
Minority 0 0 0
Total equity 319 352 398
Long-term debt 2 2 2
Pension debt 4 4 4
Convertible debt 0 0 0
Deferred tax 28 28 28
Other long-term liabilities 89 89 89
Short-term debt 10 10 10
Accounts payable 25 48 43
Other current liabilities 42 42 42
Total liabilities and equity 557 613 655
Net IB debt 12 16 7
Net IB debt excl. pension debt 8 12 3
Capital invested 447 485 522
Working capital 53 43 38
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1126 1126 1126
Net IB debt Adj 12 16 7
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 1138 1142 1133
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 71,8 81,6 84,9
Capital invested turnover (%) 87,9 102,5 106,9
Capital employed turnover (%) 107,8 122,2 125
Inventories / sales (%) 13,5 11,6 8,9
Customer advances / sales (%) 7,8 6,7 5,9
Payables / sales (%) 6,7 7,6 8,4
Working capital / sales (%) 12,9 10,1 7,6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 3,7 4,5 1,8
Net debt / market cap (%) 1 1,4 0,6
Equity ratio (%) 57,2 57,4 60,8
Net IB debt adj. / equity (%) 3,7 4,5 1,8
Current ratio (%) 183 153,2 158,7
EBITDA / net interest (%) 146,1 1701,3 5497,8
Net IB debt / EBITDA (%) 17,9 18 6,4
Interest cover (%) 97,9 1113,7 3810,9
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS -0,51 2,41 3,38
Dividend per share Adj 0,7 1 1,2
EPS Adj -1,01 2,41 3,38
BVPS 16,42 18,13 20,52
BVPS Adj 4,47 4,33 5,27
Net IB debt / share 0,6 0,8 0,4
Share price 60,69 58 58
Market cap. (m) 1178 1126 1126
Valuation 2020 2021 2022
P/E -112,7 24 17,1
EV/sales 2,77 2,39 2,11
EV/EBITDA 17,3 12,9 10,3
EV/EBITA 25,8 17,3 13
EV/EBIT 25,8 17,3 13
Dividend yield (%) 1,2 1,7 2,1
FCF yield (%) 2,9 3,5 5,3
P/BVPS 3,53 3,2 2,83
P/BVPS Adj 12,96 13,38 11,01
P/E Adj -57,5 24 17,1
EV/EBITDA Adj 20,2 12,9 10,3
EV/EBITA Adj 33 17,3 13
EV/EBIT Adj 33 17,3 13
EV/cap. employed 3 2,8 2,5
Investment ratios 2020 2021 2022
Capex / sales 9 5,9 3,5
Capex / depreciation 320,6 230 155,1
Capex tangibles / tangible fixed assets 33 41,9 50,1
Capex intangibles / definite intangibles 19,5 10,5 4,6
Depreciation on intangibles / definite intangibles 2,6 2,1 1,9
Depreciation on tangibles / tangibles 35,7 42,5 45,2
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 Dec 2020
Tredje AP-fonden 8.4 % 8.4 % 31 Dec 2020
Nordea Fonder 6.4 % 6.4 % 31 Dec 2020
Länsförsäkringar Fonder 4.1 % 4.1 % 31 Dec 2020
Keel Capital 3.9 % 3.9 % 30 Jun 2020
Norges Bank 2.9 % 2.9 % 31 Dec 2020
TIN Fonder 2.9 % 2.9 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Boule Diagnostics

Name Quantity Code Date
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
Thomas Eklund + 8 800 BUY 19 Aug 2019
Thomas Eklund + 7 400 BUY 16 Aug 2019
Christina Rubenhag + 2 500 BUY 15 Aug 2019

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