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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 494 528 567
Sales growth (%) 16,5 6,9 7,4
EBITDA 94 101 111
EBITDA margin (%) 19,1 19,2 19,6
EBIT adj 71 78 86
EBIT adj margin (%) 14,3 14,7 15,3
Pretax profit 52 71 85
EPS rep 2,02 2,72 3,28
EPS growth (%) -2,1 35,1 20,4
EPS adj 2,02 2,72 3,28
DPS 0,75 1 1,2
EV/EBITDA (x) 16 14,8 13,2
EV/EBIT adj (x) 21,4 19,2 16,9
P/E (x) 35,7 26,4 21,9
P/E adj (x) 35,7 26,4 21,9
EV/sales (x) 3,1 2,8 2,6
FCF yield (%) -0,8 2,8 4,3
Dividend yield (%) 1 1,4 1,7
Net IB debt/EBITDA 1,3 1,1 0,7
SEKm 2019 2020e 2021e
Sales 494 528 567
COGS -269 -284 -302
Gross profit 226 244 265
Other operating items -131 -143 -154
EBITDA 94 101 111
Depreciation on tangibles -9 -7 -8
Depreciation on intangibles -4 -6 -7
EBITA 71 78 86
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 71 78 86
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 52 71 85
Tax -12 -16 -19
Net profit 40 54 65
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 40 54 65
EPS 2,02 2,72 3,28
EPS Adj 2,02 2,72 3,28
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,9 -23,1 -23
Gross margin (%) 45,7 46,1 46,8
EBITDA margin (%) 19,1 19,2 19,6
EBITA margin (%) 14,3 14,7 15,3
EBIT margin (%) 14,3 14,7 15,3
Pretax margin (%) 10,5 13,4 15
Net margin (%) 8,1 10,3 11,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 16,5 6,9 7,4
EBITDA growth (%) 48,9 7,2 9,9
EBIT growth (%) 29 10 11,3
Net profit growth (%) -2,1 35,1 20,4
EPS growth (%) -2,1 35,1 20,4
Profitability 2019 2020 2021
ROE (%) 12,7 15,5 16,6
ROE Adj (%) 12,7 15,5 16,6
ROCE (%) 16,6 15,5 15,8
ROCE Adj(%) 16,6 15,5 15,8
ROIC (%) 14,2 12,3 13
ROIC Adj (%) 14,2 12,3 13
Adj earnings numbers 2019 2020 2021
EBITDA Adj 94 101 111
EBITDA Adj margin (%) 19,1 19,2 19,6
EBITA Adj 71 78 86
EBITA Adj margin (%) 14,3 14,7 15,3
EBIT Adj 71 78 86
EBIT Adj margin (%) 14,3 14,7 15,3
Pretax profit Adj 52 71 85
Net profit Adj 40 54 65
Net profit to shareholders Adj 40 54 65
Net Adj margin (%) 8,1 10,3 11,5
SEKm 2019 2020e 2021e
EBITDA 94 101 111
Net financial items -19 -7 -2
Paid tax -12 -16 -19
Non-cash items 0 0 0
Cash flow before change in WC 64 78 90
Change in WC 5 -9 -8
Operating cash flow 52 77 90
CAPEX tangible fixed assets -7 -7 -8
CAPEX intangible fixed assets -30 -30 -20
Acquisitions and disposals -26 0 0
Free cash flow -12 40 62
Dividend paid -11 -15 -19
Share issues and buybacks 0 0 0
Other non cash items -134 -8 -7
Decrease in net IB debt -184 15 32
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 80 80 80
Indefinite intangible assets 0 0 0
Definite intangible assets 107 131 144
Tangible fixed assets 21 20 21
Other fixed assets 160 160 160
Fixed assets 413 437 450
Inventories 67 72 78
Receivables 54 60 65
Other current assets 34 34 34
Cash and liquid assets 33 48 80
Total assets 601 651 708
Shareholders equity 330 370 416
Minority 0 0 0
Total equity 330 370 416
Long-term debt 22 22 22
Pension debt 3 3 3
Convertible debt 0 0 0
Deferred tax 18 18 18
Other long-term liabilities 0 0 0
Short-term debt 86 86 86
Accounts payable 35 37 41
Other current liabilities 61 68 76
Total liabilities and equity 416 501 601
Net IB debt 124 109 77
Net IB debt excl. pension debt 122 107 75
Capital invested 468 501 522
Working capital 56 64 72
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1431 1431 1431
Net IB debt Adj 124 109 77
Market value of minority 0 0 0
Reversal of shares and participations -45 -45 -45
Reversal of conv. debt assumed equity 0 0 0
EV 1511 1496 1464
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 89,7 84,4 83,5
Capital invested turnover (%) 129 109 110,9
Capital employed turnover (%) 114,6 104,1 103,1
Inventories / sales (%) 12,6 13,2 13,3
Customer advances / sales (%) 5,9 5,8 5,4
Payables / sales (%) 7,1 6,8 6,9
Working capital / sales (%) 11,7 11,4 12
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 37,6 29,6 18,6
Net debt / market cap (%) 11,5 7,8 5,5
Equity ratio (%) 55 56,8 58,8
Net IB debt adj. / equity (%) 37,6 29,6 18,6
Current ratio (%) 97,7 105,6 120,4
EBITDA / net interest (%) 506,1 1405,2 6540,1
Net IB debt / EBITDA (%) 131,6 108,1 69,7
Interest cover (%) 364,2 981,6 4339,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 20 20 20
EPS 2,02 2,72 3,28
Dividend per share Adj 0,8 1 1,2
EPS Adj 2,02 2,72 3,28
BVPS 17,01 19,06 21,42
BVPS Adj 7,39 8,19 9,89
Net IB debt / share 6,4 5,6 4
Share price 55,42 71,9 71,9
Market cap. (m) 1076 1396 1396
Valuation 2019 2020 2021
P/E 35,7 26,4 21,9
EV/sales 3,06 2,83 2,58
EV/EBITDA 16 14,8 13,2
EV/EBITA 21,4 19,2 16,9
EV/EBIT 21,4 19,2 16,9
Dividend yield (%) 1 1,4 1,7
FCF yield (%) -0,8 2,8 4,3
P/BVPS 4,23 3,77 3,36
P/BVPS Adj 9,73 8,77 7,27
P/E Adj 35,7 26,4 21,9
EV/EBITDA Adj 16 14,8 13,2
EV/EBITA Adj 21,4 19,2 16,9
EV/EBIT Adj 21,4 19,2 16,9
EV/cap. employed 3,1 2,8 2,6
Investment ratios 2019 2020 2021
Capex / sales 7,5 7 4,9
Capex / depreciation 278,2 275,2 193,1
Capex tangibles / tangible fixed assets 33,7 34,4 38,4
Capex intangibles / definite intangibles 28,1 23 13,9
Depreciation on intangibles / definite intangibles 3,7 4,6 4,9
Depreciation on tangibles / tangibles 44,7 36,6 36

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 2019
Martin Gren (Grenspecialisten) 10.7 % 10.7 % 31 Dec 2019
Thomas Eklund 10.1 % 10.1 % 31 Dec 2019
Swedbank Robur Fonder 9.3 % 9.3 % 31 Dec 2019
Tredje AP-fonden 8.4 % 8.4 % 31 Dec 2019
Nordea Fonder 6.4 % 6.4 % 31 Dec 2019
Länsförsäkringar Fonder 4.9 % 4.9 % 31 Dec 2019
TIN Fonder 3.0 % 3.0 % 31 Dec 2019
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 + 77 065 BUY 24 Sep 2019
Kiarash Moaierifar + 2 000 BUY 24 Sep 2019
Thomas Eklund + 1 003 BUY 20 Aug 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
Thomas Eklund + 7 400 BUY 16 Aug 2019
Christina Rubenhag + 2 500 BUY 15 Aug 2019
Karin Dahllöf + 3 750 BUY 25 Jun 2019

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