Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 499 440 502
Sales growth (%) 17,5 -11,9 14,1
EBITDA 92 60 93
EBITDA margin (%) 18,4 13,6 18,5
EBIT adj 76 40 70
EBIT adj margin (%) 15,2 9,1 14
Pretax profit 51 -8 65
EPS rep 1,94 -0,92 2,58
EPS growth (%) -6 -147,6 380,1
EPS adj 2,24 -0,82 2,58
DPS 0 0,7 1
EV/EBITDA (x) 14,4 17,1 11
EV/EBIT adj (x) 17,3 25,6 14,5
P/E (x) 35,2 -55,4 19,8
P/E adj (x) 30,4 -62,3 19,8
EV/sales (x) 2,6 2,3 2
FCF yield (%) -0,7 3,1 4,7
Dividend yield (%) 0 1,4 2
Net IB debt/EBITDA 0,4 0,5 0,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 499 440 502
COGS -273 -244 -268
Gross profit 226 196 233
Other operating items -135 -136 -141
EBITDA 92 60 93
Depreciation on tangibles -7 -8 -8
Depreciation on intangibles -4 -3 -3
EBITA 70 38 70
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 70 38 70
Other financial items 0 0 0
Net financial items -19 -45 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 -8 65
Tax -13 -10 -15
Net profit 38 -18 50
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 -18 50
EPS 1,94 -0,92 2,58
EPS Adj 2,24 -0,82 2,58
Total extraordinary items after tax -5,9 -2 0
Tax rate (%) -25,8 135,1 -23
Gross margin (%) 45,3 44,6 46,5
EBITDA margin (%) 18,4 13,6 18,5
EBITA margin (%) 14,1 8,6 14
EBIT margin (%) 14,1 8,6 14
Pretax margin (%) 10,2 -1,7 13
Net margin (%) 7,5 -4,1 10
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 17,5 -11,9 14,1
EBITDA growth (%) 44,4 -34,9 55,6
EBIT growth (%) 28 -46,1 85,6
Net profit growth (%) -8,3 -147,6 380,1
EPS growth (%) -6 -147,6 380,1
Profitability 2019 2020 2021
ROE (%) 11,9 -5,5 15
ROE Adj (%) 13,7 -4,9 15
ROCE (%) 18,9 10 17,5
ROCE Adj(%) 20,4 10,5 17,5
ROIC (%) 14 18,7 11,2
ROIC Adj (%) 15,1 19,7 11,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 97 62 93
EBITDA Adj margin (%) 19,5 14 18,5
EBITA Adj 76 40 70
EBITA Adj margin (%) 15,2 9,1 14
EBIT Adj 76 40 70
EBIT Adj margin (%) 15,2 9,1 14
Pretax profit Adj 57 -6 65
Net profit Adj 44 -16 50
Net profit to shareholders Adj 44 -16 50
Net Adj margin (%) 8,7 -3,6 10
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 92 60 93
Net financial items -19 -45 -5
Paid tax -13 -10 -15
Non-cash items 19 45 0
Cash flow before change in WC 78 48 73
Change in WC -24 19 2
Operating cash flow 54 68 75
CAPEX tangible fixed assets -7 -7 -8
CAPEX intangible fixed assets -30 -30 -20
Acquisitions and disposals -26 0 0
Free cash flow -9 31 47
Dividend paid -11 0 -14
Share issues and buybacks 0 0 0
Other non cash items -131 -6 -18
Decrease in net IB debt -92 2 4
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 81 81 81
Indefinite intangible assets 0 0 0
Definite intangible assets 119 158 195
Tangible fixed assets 24 23 21
Other fixed assets 165 110 120
Fixed assets 434 411 456
Inventories 58 57 60
Receivables 50 48 55
Other current assets 24 21 23
Cash and liquid assets 22 42 45
Total assets 587 580 640
Shareholders equity 333 315 352
Minority 0 0 0
Total equity 333 315 352
Long-term debt 2 17 16
Pension debt 4 5 5
Convertible debt 0 0 0
Deferred tax 20 27 27
Other long-term liabilities 101 94 94
Short-term debt 0 9 9
Accounts payable 30 26 50
Other current liabilities 49 45 45
Total liabilities and equity 587 580 640
Net IB debt 33 31 27
Net IB debt excl. pension debt 29 26 22
Capital invested 487 467 500
Working capital 52 56 44
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1324 990 990
Net IB debt Adj 33 31 27
Market value of minority 0 0 0
Reversal of shares and participations -40 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1317 1021 1017
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 91,7 75,4 82,3
Capital invested turnover (%) 133,9 92,2 103,8
Capital employed turnover (%) 130,9 113,5 123,6
Inventories / sales (%) 11,6 13 11,7
Customer advances / sales (%) 6 7,4 6,5
Payables / sales (%) 6,6 6,4 7,6
Working capital / sales (%) 7,3 12,3 9,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 9,8 9,8 7,6
Net debt / market cap (%) 3 3,1 2,7
Equity ratio (%) 56,7 54,4 55
Net IB debt adj. / equity (%) 9,8 9,8 7,6
Current ratio (%) 167 182,1 158,1
EBITDA / net interest (%) 470,5 131,1 1782,9
Net IB debt / EBITDA (%) 35,5 51,9 28,8
Interest cover (%) 338,1 83,5 1184,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 19 19 19
EPS 1,94 -0,92 2,58
Dividend per share Adj 0 0,7 1
EPS Adj 2,24 -0,82 2,58
BVPS 17,15 16,24 18,12
BVPS Adj 6,89 3,95 3,93
Net IB debt / share 1,7 1,6 1,4
Share price 55,42 51 51
Market cap. (m) 1076 990 990
Valuation 2019 2020 2021
P/E 35,2 -55,4 19,8
EV/sales 2,64 2,32 2,03
EV/EBITDA 14,4 17,1 11
EV/EBITA 18,8 27 14,5
EV/EBIT 18,8 27 14,5
Dividend yield (%) 0 1,4 2
FCF yield (%) -0,7 3,1 4,7
P/BVPS 3,98 3,14 2,81
P/BVPS Adj 9,9 12,92 12,99
P/E Adj 30,4 -62,3 19,8
EV/EBITDA Adj 13,5 16,6 11
EV/EBITA Adj 17,3 25,6 14,5
EV/EBIT Adj 17,3 25,6 14,5
EV/cap. employed 3,4 2,6 2,4
Investment ratios 2019 2020 2021
Capex / sales 7,4 8,4 5,6
Capex / depreciation 336,4 350,7 250,8
Capex tangibles / tangible fixed assets 29,3 30,9 39
Capex intangibles / definite intangibles 25,3 19 10,3
Depreciation on intangibles / definite intangibles 3,4 1,9 1,6
Depreciation on tangibles / tangibles 29,3 33,4 39,6
N/A N/A N/A

Equity research

Read earlier research

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 % 30 Sep 2020
Martin Gren (Grenspecialisten) 10.7 % 10.7 % 30 Sep 2020
Thomas Eklund 10.1 % 10.1 % 30 Sep 2020
Swedbank Robur Fonder 9.6 % 9.6 % 30 Sep 2020
Tredje AP-fonden 8.4 % 8.4 % 30 Sep 2020
Nordea Fonder 5.6 % 5.6 % 30 Sep 2020
Länsförsäkringar Fonder 4.2 % 4.2 % 30 Sep 2020
Keel Capital 3.8 % 3.8 % 31 Dec 2019
TIN Fonder 3.3 % 3.3 % 30 Sep 2020
Norges Bank 3.0 % 3.0 % 30 Sep 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

Show More