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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 2019 2020e 2021e
Sales 499 522 569
Sales growth (%) 17,5 4,6 9
EBITDA 92 104 115
EBITDA margin (%) 18,4 19,9 20,2
EBIT adj 76 80 90
EBIT adj margin (%) 15,2 15,4 15,8
Pretax profit 51 73 88
EPS rep 1,89 2,83 3,41
EPS growth (%) -8,3 49,9 20,5
EPS adj 2,19 2,83 3,41
DPS 0,6 0,85 1
EV/EBITDA (x) 14,7 10,9 9,7
EV/EBIT adj (x) 17,7 14 12,4
P/E (x) 36,1 20,2 16,8
P/E adj (x) 31,2 20,2 16,8
EV/sales (x) 2,7 2,2 2
FCF yield (%) -0,7 2,5 5
Dividend yield (%) 0,9 1,5 1,7
Net IB debt/EBITDA 0,4 0,3 0,1
SEKm 2019 2020e 2021e
Sales 499 522 569
COGS -273 -282 -305
Gross profit 226 240 264
Other operating items -135 -136 -149
EBITDA 92 104 115
Depreciation on tangibles -7 -7 -8
Depreciation on intangibles -4 -6 -7
EBITA 70 80 90
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 70 80 90
Other financial items 0 0 0
Net financial items -19 -7 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 73 88
Tax -13 -17 -20
Net profit 38 56 68
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 56 68
EPS 1,89 2,83 3,41
EPS Adj 2,19 2,83 3,41
Total extraordinary items after tax -5,9 0 0
Tax rate (%) -25,8 -23 -23
Gross margin (%) 45,3 45,9 46,4
EBITDA margin (%) 18,4 19,9 20,2
EBITA margin (%) 14,1 15,4 15,8
EBIT margin (%) 14,1 15,4 15,8
Pretax margin (%) 10,2 14 15,5
Net margin (%) 7,5 10,8 11,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 17,5 4,6 9
EBITDA growth (%) 44,4 13,4 10,4
EBIT growth (%) 28 14,6 11,9
Net profit growth (%) -8,3 49,9 20,5
EPS growth (%) -8,3 49,9 20,5
Profitability 2019 2020 2021
ROE (%) 11,9 15,9 16,8
ROE Adj (%) 13,7 15,9 16,8
ROCE (%) 18,9 19,8 19,7
ROCE Adj(%) 20,4 19,8 19,7
ROIC (%) 14 12,2 12,7
ROIC Adj (%) 15,1 12,2 12,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 97 104 115
EBITDA Adj margin (%) 19,5 19,9 20,2
EBITA Adj 76 80 90
EBITA Adj margin (%) 15,2 15,4 15,8
EBIT Adj 76 80 90
EBIT Adj margin (%) 15,2 15,4 15,8
Pretax profit Adj 57 73 88
Net profit Adj 44 56 68
Net profit to shareholders Adj 44 56 68
Net Adj margin (%) 8,7 10,8 11,9
SEKm 2019 2020e 2021e
EBITDA 92 104 115
Net financial items -19 -7 -2
Paid tax -13 -17 -20
Non-cash items 19 0 0
Cash flow before change in WC 78 80 93
Change in WC -32 -15 -7
Operating cash flow 54 65 85
CAPEX tangible fixed assets -7 -7 -8
CAPEX intangible fixed assets -30 -30 -20
Acquisitions and disposals -26 0 0
Free cash flow -9 28 57
Dividend paid -11 -12 -17
Share issues and buybacks 0 0 0
Other non cash items -131 -2 -22
Decrease in net IB debt -92 4 16
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 81 81 81
Indefinite intangible assets 0 0 0
Definite intangible assets 119 144 171
Tangible fixed assets 24 24 25
Other fixed assets 165 165 165
Fixed assets 434 460 488
Inventories 58 69 77
Receivables 50 59 71
Other current assets 24 24 24
Cash and liquid assets 22 26 42
Total assets 587 638 701
Shareholders equity 333 378 429
Minority 0 0 0
Total equity 333 378 429
Long-term debt 2 2 2
Pension debt 4 4 4
Convertible debt 0 0 0
Deferred tax 20 20 20
Other long-term liabilities 101 101 101
Short-term debt 0 0 0
Accounts payable 30 37 41
Other current liabilities 49 49 56
Total liabilities and equity 587 638 701
Net IB debt 33 28 12
Net IB debt excl. pension debt 29 24 8
Capital invested 487 527 562
Working capital 52 67 74
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1358 1141 1141
Net IB debt Adj 33 28 12
Market value of minority 0 0 0
Reversal of shares and participations -40 -40 -40
Reversal of conv. debt assumed equity 0 0 0
EV 1350 1129 1113
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 91,7 85,2 85
Capital invested turnover (%) 133,9 103 104,5
Capital employed turnover (%) 130,9 127,5 124,4
Inventories / sales (%) 11,6 12,2 12,8
Customer advances / sales (%) 6 6,1 5,6
Payables / sales (%) 6,6 6,4 6,8
Working capital / sales (%) 7,3 11,4 12,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 9,8 7,4 2,8
Net debt / market cap (%) 3 2,5 1,1
Equity ratio (%) 56,7 59,2 61,2
Net IB debt adj. / equity (%) 9,8 7,4 2,8
Current ratio (%) 167 181,9 194,3
EBITDA / net interest (%) 470,5 1442,1 6743,1
Net IB debt / EBITDA (%) 35,5 27,1 10,6
Interest cover (%) 338,1 1014,8 4511,6
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 20 20 20
EPS 1,89 2,83 3,41
Dividend per share Adj 0,6 0,8 1
EPS Adj 2,19 2,83 3,41
BVPS 17,15 19,45 22,1
BVPS Adj 6,89 7,89 9,14
Net IB debt / share 1,7 1,4 0,6
Share price 55,42 57,3 57,3
Market cap. (m) 1076 1113 1113
Valuation 2019 2020 2021
P/E 36,1 20,2 16,8
EV/sales 2,71 2,16 1,96
EV/EBITDA 14,7 10,9 9,7
EV/EBITA 19,2 14 12,4
EV/EBIT 19,2 14 12,4
Dividend yield (%) 0,9 1,5 1,7
FCF yield (%) -0,7 2,5 5
P/BVPS 3,98 2,95 2,59
P/BVPS Adj 9,9 7,26 6,27
P/E Adj 31,2 20,2 16,8
EV/EBITDA Adj 13,9 10,9 9,7
EV/EBITA Adj 17,7 14 12,4
EV/EBIT Adj 17,7 14 12,4
EV/cap. employed 3,5 2,6 2,3
Investment ratios 2019 2020 2021
Capex / sales 7,4 7,1 4,9
Capex / depreciation 336,4 275,2 193,1
Capex tangibles / tangible fixed assets 29,3 28,8 31,6
Capex intangibles / definite intangibles 25,3 20,8 11,7
Depreciation on intangibles / definite intangibles 3,4 4,2 4,1
Depreciation on tangibles / tangibles 29,3 30,7 29,6

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 % 29 Feb 2020
Martin Gren (Grenspecialisten) 10.7 % 10.7 % 31 Dec 2019
Thomas Eklund 10.1 % 10.1 % 31 Dec 2019
Swedbank Robur Fonder 9.6 % 9.6 % 29 Feb 2020
Tredje AP-fonden 8.4 % 8.4 % 31 Dec 2019
Nordea Fonder 6.1 % 6.1 % 31 Jan 2020
Länsförsäkringar Fonder 4.9 % 4.9 % 29 Feb 2020
TIN Fonder 3.3 % 3.3 % 29 Feb 2020
Keel Capital 2.9 % 2.9 % 30 Sep 2018
Norges Bank 2.6 % 2.6 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Boule Diagnostics

Name Quantity Code Date
Fredrik Ekdahl + 50 000 BUY 25 Sep 2019
Kiarash Moaierifar + 2 000 BUY 24 Sep 2019
Kiarash Moaierifar + 77 065 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
Karin Dahllöf + 3 750 BUY 25 Jun 2019
Thomas Eklund + 150 000 BUY 20 Jun 2019
Christina Rubenhag + 2 000 BUY 8 Feb 2019

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