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

Introduce me >

Social media

facebook   Follow us on Twitter

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 424 482 523
Sales growth (%) -0,8 13,6 8,4
EBITDA 63 87 106
EBITDA margin (%) 14,9 18 20,3
EBIT adj 55 62 75
EBIT adj margin (%) 12,9 12,9 14,4
Pretax profit 55 40 72
EPS rep 2,06 1,57 2,77
EPS growth (%) 6 -23,9 76,6
EPS adj 2,06 1,86 2,77
DPS 0,55 0,75 1
EV/EBITDA (x) 14,6 10,4 8,3
EV/EBIT adj (x) 16,9 14,5 11,8
P/E (x) 25,3 27,5 15,6
P/E adj (x) 25,3 23,1 15,6
EV/sales (x) 2,2 1,9 1,7
FCF yield (%) -6,7 -0,2 6,1
Dividend yield (%) 1,1 1,7 2,3
Net IB debt/EBITDA -0,9 1,1 0,7
SEKm 2018 2019e 2020e
Sales 424 482 523
COGS -235 -265 -281
Gross profit 190 217 242
Other operating items -126 -130 -135
EBITDA 63 87 106
Depreciation on tangibles -5 -27 -25
Depreciation on intangibles -3 -4 -6
EBITA 55 56 75
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 55 56 75
Other financial items 0 0 0
Net financial items 0 -16 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 55 40 72
Tax -14 -9 -16
Net profit 41 31 55
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 31 55
EPS 2,06 1,57 2,77
EPS Adj 2,06 1,86 2,77
Total extraordinary items after tax 0 -5,9 0
Tax rate (%) -25 -22,6 -23
Gross margin (%) 44,7 45 46,2
EBITDA margin (%) 14,9 18 20,3
EBITA margin (%) 12,9 11,7 14,4
EBIT margin (%) 12,9 11,7 14,4
Pretax margin (%) 12,9 8,4 13,7
Net margin (%) 9,7 6,5 10,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -0,8 13,6 8,4
EBITDA growth (%) -2,8 37,2 22,1
EBIT growth (%) 0,8 2,7 33,6
Net profit growth (%) 10,1 -23,9 76,6
EPS growth (%) 6 -23,9 76,6
Profitability 2018 2019 2020
ROE (%) 14,6 10 16,1
ROE Adj (%) 14,6 11,9 16,1
ROCE (%) 16,1 13,7 15,7
ROCE Adj(%) 16,1 15,1 15,7
ROIC (%) 17,4 11,6 12,4
ROIC Adj (%) 17,4 12,8 12,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 63 93 106
EBITDA Adj margin (%) 14,9 19,3 20,3
EBITA Adj 55 62 75
EBITA Adj margin (%) 12,9 12,9 14,4
EBIT Adj 55 62 75
EBIT Adj margin (%) 12,9 12,9 14,4
Pretax profit Adj 55 46 72
Net profit Adj 41 37 55
Net profit to shareholders Adj 41 37 55
Net Adj margin (%) 9,7 7,7 10,5
SEKm 2018 2019e 2020e
EBITDA 63 87 106
Net financial items 0 -16 -4
Paid tax -9 -9 -16
Non-cash items -11 0 0
Cash flow before change in WC 43 62 86
Change in WC -7 3 -7
Operating cash flow 23 62 79
CAPEX tangible fixed assets -12 -7 -7
CAPEX intangible fixed assets -53 -30 -20
Acquisitions and disposals -28 -26 0
Free cash flow -69 -2 52
Dividend paid -10 -11 -15
Share issues and buybacks 0 0 0
Other non cash items -5 -139 -20
Decrease in net IB debt -53 -151 17
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 78 80 80
Indefinite intangible assets 0 0 0
Definite intangible assets 81 107 121
Tangible fixed assets 23 54 56
Other fixed assets 160 157 157
Fixed assets 342 398 414
Inventories 58 65 71
Receivables 65 53 58
Other current assets 6 23 23
Cash and liquid assets 30 46 64
Total assets 501 585 629
Shareholders equity 301 321 362
Minority 0 0 0
Total equity 301 321 362
Long-term debt 12 50 50
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 15 17 17
Other long-term liabilities 3 3 3
Short-term debt 63 89 89
Accounts payable 35 34 37
Other current liabilities 73 73 73
Total liabilities and equity 364 416 501
Net IB debt -60 92 74
Net IB debt excl. pension debt -60 92 74
Capital invested 298 455 478
Working capital 60 57 64
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1039 857 857
Net IB debt Adj -60 92 74
Market value of minority 0 0 0
Reversal of shares and participations -54 -47 -47
Reversal of conv. debt assumed equity 0 0 0
EV 926 902 885
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 92,5 88,8 86,1
Capital invested turnover (%) 179,9 128 112
Capital employed turnover (%) 120,8 115,5 109
Inventories / sales (%) 12,8 12,8 13
Customer advances / sales (%) 7,7 5,7 5,2
Payables / sales (%) 7 7,2 6,7
Working capital / sales (%) 13,3 12,2 11,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -19,8 28,6 20,6
Net debt / market cap (%) -4,1 11 8,9
Equity ratio (%) 60,1 54,9 57,6
Net IB debt adj. / equity (%) -19,8 28,6 20,6
Current ratio (%) 93,3 95,9 108,3
EBITDA / net interest (%) 63400 543,1 2870,4
Net IB debt / EBITDA (%) -94,2 105,5 70
Interest cover (%) 3317,6 341,2 1887,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 19 19 19
Fully diluted shares Adj 20 20 20
EPS 2,06 1,57 2,77
Dividend per share Adj 0,6 0,8 1
EPS Adj 2,06 1,86 2,77
BVPS 15,5 16,55 18,64
BVPS Adj 7,31 6,93 8,29
Net IB debt / share -3,1 4,7 3,8
Share price 74,85 43,05 43,05
Market cap. (m) 1453 836 836
Valuation 2018 2019 2020
P/E 25,3 27,5 15,6
EV/sales 2,18 1,87 1,69
EV/EBITDA 14,6 10,4 8,3
EV/EBITA 16,9 16 11,8
EV/EBIT 16,9 16 11,8
Dividend yield (%) 1,1 1,7 2,3
FCF yield (%) -6,7 -0,2 6,1
P/BVPS 3,37 2,6 2,31
P/BVPS Adj 7,14 6,21 5,19
P/E Adj 25,3 23,1 15,6
EV/EBITDA Adj 14,6 9,7 8,3
EV/EBITA Adj 16,9 14,5 11,8
EV/EBIT Adj 16,9 14,5 11,8
EV/cap. employed 2,5 2 1,8
Investment ratios 2018 2019 2020
Capex / sales 15,1 7,7 5,2
Capex / depreciation 746,5 120,5 87,1
Capex tangibles / tangible fixed assets 49,8 12,9 12,5
Capex intangibles / definite intangibles 65,3 28,1 16,6
Depreciation on intangibles / definite intangibles 4,1 3,7 5
Depreciation on tangibles / tangibles 22,9 49,3 44,5

Equity research

Read earlier research

Media

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

View more media

Main shareholders

Boule Diagnostics

Main shareholders Share capital % Voting shares % Verified
Svolder 11.9 % 11.9 % 30 Jun 2019
Martin Gren (Grenspecialisten) 10.7 % 10.7 % 30 Jun 2019
Thomas Eklund 10.1 % 10.1 % 20 Aug 2019
Swedbank Robur Fonder 9.3 % 9.3 % 31 Jul 2019
Tredje AP-fonden 8.4 % 8.4 % 30 Jun 2019
SEB Fonder 5.9 % 5.9 % 31 Jul 2019
Nordea Fonder 5.8 % 5.8 % 12 Aug 2019
Länsförsäkringar Fonder 4.7 % 4.7 % 31 Aug 2019
Berenberg Funds 3.4 % 3.4 % 30 Jun 2019
TIN Fonder 3.0 % 3.0 % 31 Jul 2019
Source: Holdings by Modular Finance AB

Insider list

Boule Diagnostics

Name Quantity Code Date
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
Thomas Eklund + 150 000 BUY 20 Jun 2019
Christina Rubenhag + 2 000 BUY 8 Feb 2019
Gustaf Peter Reinhold von Ehrenheim + 1 000 BUY 16 May 2018

Show More