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C-RAD

C-RAD

C-RAD is a Swedish-based medtech company that provides solutions to ensure high precision, safety, and efficiency in advanced radiation therapy. More precisely, the company engages in the field of Surface Guided Radiation Therapy (SGRT), offering optical surface tracking for patient positioning and patient monitoring. SGRT offers the benefits of being non-ionising and non-invasive, while improving workflow and time efficiency. Headquartered in Uppsala, C-RAD has a global market presence (holding a ~30% global market share), and addresses a SEK 1.4bn annual opportunity.

We find the main risks to be market penetration risk, regulatory risks, increased competition, and innovation risks. SGRT is a relatively novel solution that still needs to be included in guidelines and to be further promoted by Key Opinion Leaders. Increased competition could potentially arise from linac OEMs deciding to put further efforts into developing their own SGRT solutions. Because the radiotherapy market is subject to high innovation, new technologies could potentially achieve the same kind of benefits as SGRT, and harm broader market adoption.

SEKm 2020 2021e 2022e
Sales 222 269 310
Sales growth (%) 7,9 21,4 15,2
EBITDA 26 44 58
EBITDA margin (%) 11,8 16,4 18,6
EBIT adj 17 35 48
EBIT adj margin (%) 7,7 12,9 15,5
Pretax profit 16 35 48
EPS rep 0,43 0,76 1,12
EPS growth (%) 196,9 77,8 47,7
EPS adj 0,48 0,81 1,15
DPS 0 0 0
EV/EBITDA (x) 58,8 40 30,1
EV/EBIT adj (x) 89,9 51,1 36,2
P/E (x) 112,9 73,7 49,9
P/E adj (x) 100,2 69,1 48,5
EV/sales (x) 6,9 6,6 5,6
FCF yield (%) 0,8 1,6 1,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,9 -2,9 -2,8
Lease adj. FCF yield (%) 0,6 1,5 1,7
Lease adj. ND/EBITDA -4,1 -3,1 -2,9
SEKm 2020 2021e 2022e
Sales 222 269 310
COGS -90 -107 -124
Gross profit 132 162 186
Other operating items -106 -118 -128
EBITDA 26 44 58
Depreciation and amortisation -7 -8 -9
Of which leasing depreciation -3 -3 -3
EBITA 19 36 49
EO items 0 0 0
Impairment and PPA amortisation -2 -2 -1
EBIT 17 35 48
Net financial items -1 0 0
Pretax profit 16 35 48
Tax -3 -9 -10
Net profit 13 26 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 13 26 38
EPS 0,43 0,76 1,12
EPS Adj 0,48 0,81 1,15
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -19,1 -25,6 -20,6
Gross margin (%) 59,4 60,2 60
EBITDA margin (%) 11,8 16,4 18,6
EBITA margin (%) 8,5 13,5 15,8
EBIT margin (%) 7,7 12,9 15,5
Pretax margin (%) 7,4 12,9 15,5
Net margin (%) 6 9,6 12,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 7,9 21,4 15,2
EBITDA growth (%) 5873,2 69,4 30,3
EBIT growth (%) 277,4 102,7 38,5
Net profit growth (%) 196 94,4 47,7
EPS growth (%) 196,9 77,8 47,7
Profitability 2020 2021 2022
ROE (%) 9,4 12,1 15,6
ROE Adj (%) 10,6 12,9 16
ROCE (%) 11 15,7 19
ROCE Adj(%) 12,1 16,5 19,5
ROIC (%) 15,5 25,6 37,3
ROIC Adj (%) 15,5 25,6 37,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 26 44 58
EBITDA Adj margin (%) 11,8 16,4 18,6
EBITDA lease Adj 26 44 58
EBITDA lease Adj margin (%) 11,8 16,4 18,6
EBITA Adj 19 36 49
EBITA Adj margin (%) 8,5 13,5 15,8
EBIT Adj 17 35 48
EBIT Adj margin (%) 7,7 12,9 15,5
Pretax profit Adj 18 36 49
Net profit Adj 15 27 39
Net profit to shareholders Adj 15 27 39
Net Adj margin (%) 6,7 10,2 12,6
SEKm 2020 2021e 2022e
EBITDA 26 44 58
Net financial items -1 0 0
Paid tax 0 0 0
Non-cash items 12 0 0
Cash flow before change in WC 38 44 58
Change in WC -19 -4 -11
Operating cash flow 18 41 47
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -5 -7 -8
Acquisitions and disposals 0 0 0
Free cash flow 12 31 36
Dividend paid 0 0 0
Share issues and buybacks 105 0 0
Lease liability amortisation -3 -3 -3
Other non cash items -12 0 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Other intangible assets 18 19 22
Tangible fixed assets 3 5 6
Right-of-use asset 10 10 10
Total other fixed assets 24 15 5
Fixed assets 55 49 43
Inventories 26 22 25
Receivables 60 67 77
Other current assets 22 22 22
Cash and liquid assets 108 136 169
Total assets 271 295 336
Shareholders equity 200 226 264
Minority 0 0 0
Total equity 200 226 264
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 7 7 7
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 17 16 19
Other current liabilities 43 43 43
Total liabilities and equity 271 295 336
Net IB debt -101 -129 -162
Net IB debt excl. pension debt -101 -129 -162
Net IB debt excl. leasing -108 -136 -169
Capital invested 102 99 105
Working capital 47 51 62
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1637 1898 1898
Net IB debt Adj -101 -129 -162
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1536 1769 1736
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 103,5 95,1 98,2
Working capital / sales (%) 17 18,2 18,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -50,4 -57,1 -61,3
Net debt / market cap (%) -8,2 -6,9 -8,6
Equity ratio (%) 73,9 76,4 78,5
Net IB debt adj. / equity (%) -50,4 -57,1 -61,3
Current ratio (%) 356,7 414,1 472
EBITDA / net interest (%) 3707,8 0 0
Net IB debt / EBITDA (%) -385,4 -291,5 -280,3
Net IB debt / EBITDA lease Adj (%) -413,9 -308,3 -293,2
Interest cover (%) 2538,9 0 0
SEKm 2020 2021e 2022e
Shares outstanding adj. 34 34 34
Fully diluted shares Adj 34 34 34
EPS 0,43 0,76 1,12
Dividend per share Adj 0 0 0
EPS Adj 0,48 0,81 1,15
BVPS 5,94 6,7 7,83
BVPS Adj 5,4 6,13 7,18
Net IB debt / share -3 -3,8 -4,8
Share price 36,51 55,9 55,9
Market cap. (m) 1229 1882 1882
Valuation 2020 2021 2022
P/E 112,9 73,7 49,9
EV/sales 6,93 6,57 5,6
EV/EBITDA 58,8 40 30,1
EV/EBITA 81,8 48,7 35,4
EV/EBIT 89,9 51,1 36,2
Dividend yield (%) 0 0 0
FCF yield (%) 0,8 1,6 1,9
Lease adj. FCF yield (%) 0,6 1,5 1,7
P/BVPS 8,12 8,34 7,14
P/BVPS Adj 8,92 9,12 7,79
P/E Adj 100,2 69,1 48,5
EV/EBITDA Adj 58,8 40 30,1
EV/EBITA Adj 81,8 48,7 35,4
EV/EBIT Adj 89,9 51,1 36,2
EV/cap. employed 7,4 7,6 6,4
Investment ratios 2020 2021 2022
Capex / sales 3,1 3,5 3,5
Capex / depreciation 151 191,3 198,5
Capex tangibles / tangible fixed assets 47,7 59,2 50,2
Capex intangibles / definite intangibles 29,5 34,9 35,3
Depreciation on intangibles / definite intangibles 19,3 18,7 18,2
Depreciation on tangibles / tangibles 33,1 29,1 23,7

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Media

C-RAD - Company presentation with CEO Tim Thurn & CFO Henrik Bergentoft

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Svea Ekonomi AB 11.9 % 11.9 % 30 Apr 2021
Hamberg Förvaltning AB 3.6 % 11.1 % 31 May 2021
Lars Nyberg 7.5 % 7.6 % 31 May 2021
Lars Kling 7.3 % 5.9 % 31 May 2021
Avanza Pension 6.2 % 5.0 % 31 May 2021
Nordnet Pensionsförsäkring 5.6 % 4.6 % 31 May 2021
Eiffel Investment Group SAS 3.7 % 3.0 % 31 May 2021
Siv Hamberg 3.1 % 2.6 % 31 May 2021
Berenberg Funds 2.6 % 2.1 % 31 May 2021
Cliens Fonder 2.5 % 2.0 % 31 May 2021
Source: Holdings by Modular Finance AB