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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 424 494 528
Sales growth (%) -0,8 16,5 6,9
EBITDA 63 94 101
EBITDA margin (%) 14,9 19,1 19,2
EBIT adj 55 71 78
EBIT adj margin (%) 12,9 14,3 14,7
Pretax profit 55 52 71
EPS rep 2,06 2,02 2,72
EPS growth (%) 6 -2,1 35,1
EPS adj 2,06 2,02 2,72
DPS 0,55 0,75 1
EV/EBITDA (x) 14,6 14,2 13,1
EV/EBIT adj (x) 16,9 19 17,1
P/E (x) 25,3 31,5 23,3
P/E adj (x) 25,3 31,5 23,3
EV/sales (x) 2,2 2,7 2,5
FCF yield (%) -6,7 -0,9 3,1
Dividend yield (%) 1,1 1,2 1,6
Net IB debt/EBITDA -0,9 1,3 1,1
SEKm 2018 2019e 2020e
Sales 424 494 528
COGS -235 -269 -284
Gross profit 190 226 244
Other operating items -126 -131 -143
EBITDA 63 94 101
Depreciation on tangibles -5 -9 -7
Depreciation on intangibles -3 -4 -6
EBITA 55 71 78
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 55 71 78
Other financial items 0 0 0
Net financial items 0 -19 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 55 52 71
Tax -14 -12 -16
Net profit 41 40 54
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 40 54
EPS 2,06 2,02 2,72
EPS Adj 2,06 2,02 2,72
Total extraordinary items after tax 0 0 0
Tax rate (%) -25 -22,9 -23,1
Gross margin (%) 44,7 45,7 46,1
EBITDA margin (%) 14,9 19,1 19,2
EBITA margin (%) 12,9 14,3 14,7
EBIT margin (%) 12,9 14,3 14,7
Pretax margin (%) 12,9 10,5 13,4
Net margin (%) 9,7 8,1 10,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,8 16,5 6,9
EBITDA growth (%) -2,8 48,9 7,2
EBIT growth (%) 0,8 29 10
Net profit growth (%) 10,1 -2,1 35,1
EPS growth (%) 6 -2,1 35,1
Profitability 2018 2019 2020
ROE (%) 14,6 12,7 15,5
ROE Adj (%) 14,6 12,7 15,5
ROCE (%) 16,1 16,6 15,5
ROCE Adj(%) 16,1 16,6 15,5
ROIC (%) 17,4 14,2 12,3
ROIC Adj (%) 17,4 14,2 12,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 63 94 101
EBITDA Adj margin (%) 14,9 19,1 19,2
EBITA Adj 55 71 78
EBITA Adj margin (%) 12,9 14,3 14,7
EBIT Adj 55 71 78
EBIT Adj margin (%) 12,9 14,3 14,7
Pretax profit Adj 55 52 71
Net profit Adj 41 40 54
Net profit to shareholders Adj 41 40 54
Net Adj margin (%) 9,7 8,1 10,3
SEKm 2018 2019e 2020e
EBITDA 63 94 101
Net financial items 0 -19 -7
Paid tax -9 -12 -16
Non-cash items -11 0 0
Cash flow before change in WC 43 64 78
Change in WC -7 5 -9
Operating cash flow 23 52 77
CAPEX tangible fixed assets -12 -7 -7
CAPEX intangible fixed assets -53 -30 -30
Acquisitions and disposals -28 -26 0
Free cash flow -69 -12 40
Dividend paid -10 -11 -15
Share issues and buybacks 0 0 0
Other non cash items -5 -134 -8
Decrease in net IB debt -53 -184 15
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 78 80 80
Indefinite intangible assets 0 0 0
Definite intangible assets 81 107 131
Tangible fixed assets 23 21 20
Other fixed assets 160 160 160
Fixed assets 342 413 437
Inventories 58 67 72
Receivables 65 54 60
Other current assets 6 34 34
Cash and liquid assets 30 33 48
Total assets 501 601 651
Shareholders equity 301 330 370
Minority 0 0 0
Total equity 301 330 370
Long-term debt 12 22 22
Pension debt 0 3 3
Convertible debt 0 0 0
Deferred tax 15 18 18
Other long-term liabilities 3 0 0
Short-term debt 63 86 86
Accounts payable 35 35 37
Other current liabilities 73 61 68
Total liabilities and equity 364 416 501
Net IB debt -60 124 109
Net IB debt excl. pension debt -60 122 107
Capital invested 298 468 501
Working capital 60 56 64
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1039 1264 1264
Net IB debt Adj -60 124 109
Market value of minority 0 0 0
Reversal of shares and participations -54 -45 -45
Reversal of conv. debt assumed equity 0 0 0
EV 926 1344 1329
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 92,5 89,7 84,4
Capital invested turnover (%) 179,9 129 109
Capital employed turnover (%) 120,8 114,6 104,1
Inventories / sales (%) 12,8 12,6 13,2
Customer advances / sales (%) 7,7 5,9 5,8
Payables / sales (%) 7 7,1 6,8
Working capital / sales (%) 13,3 11,7 11,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -19,8 37,6 29,6
Net debt / market cap (%) -4,1 10,1 8,9
Equity ratio (%) 60,1 55 56,8
Net IB debt adj. / equity (%) -19,8 37,6 29,6
Current ratio (%) 93,3 97,7 105,6
EBITDA / net interest (%) 63400 506,1 1405,2
Net IB debt / EBITDA (%) -94,2 131,6 108,1
Interest cover (%) 3317,6 364,2 981,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 20 20 20
EPS 2,06 2,02 2,72
Dividend per share Adj 0,6 0,8 1
EPS Adj 2,06 2,02 2,72
BVPS 15,5 17,01 19,06
BVPS Adj 7,31 7,39 8,19
Net IB debt / share -3,1 6,4 5,6
Share price 74,85 63,5 63,5
Market cap. (m) 1453 1233 1233
Valuation 2018 2019 2020
P/E 25,3 31,5 23,3
EV/sales 2,18 2,72 2,52
EV/EBITDA 14,6 14,2 13,1
EV/EBITA 16,9 19 17,1
EV/EBIT 16,9 19 17,1
Dividend yield (%) 1,1 1,2 1,6
FCF yield (%) -6,7 -0,9 3,1
P/BVPS 3,37 3,73 3,33
P/BVPS Adj 7,14 8,59 7,75
P/E Adj 25,3 31,5 23,3
EV/EBITDA Adj 14,6 14,2 13,1
EV/EBITA Adj 16,9 19 17,1
EV/EBIT Adj 16,9 19 17,1
EV/cap. employed 2,5 2,8 2,5
Investment ratios 2018 2019 2020
Capex / sales 15,1 7,5 7
Capex / depreciation 746,5 278,2 275,2
Capex tangibles / tangible fixed assets 49,8 33,7 34,4
Capex intangibles / definite intangibles 65,3 28,1 23
Depreciation on intangibles / definite intangibles 4,1 3,7 4,6
Depreciation on tangibles / tangibles 22,9 44,7 36,6

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Media

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

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Main shareholders - Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Svolder 12.0 % 12.0 % 30 Sep 2019
Martin Gren (Grenspecialisten) 10.7 % 10.7 % 30 Sep 2019
Thomas Eklund 10.1 % 10.1 % 30 Sep 2019
Swedbank Robur Fonder 9.3 % 9.3 % 30 Sep 2019
Tredje AP-fonden 8.4 % 8.4 % 30 Sep 2019
Nordea Fonder 5.8 % 5.8 % 30 Sep 2019
Länsförsäkringar Fonder 4.9 % 4.9 % 31 Oct 2019
TIN Fonder 3.0 % 3.0 % 30 Sep 2019
Keel Capital 2.9 % 2.9 % 30 Sep 2018
Norges Bank 2.8 % 2.8 % 30 Sep 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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