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Careium

Careium

Careium is a market leader within Northern Europe of technology-enabled care solutions. Careium was previously a part of Doro as the company’s Care segment and is, since December 2021, its own company with a sole focus on providing care solutions to increase quality of life for seniors. The company provides elderly persons with several different alarms, detectors and sensors connected to alarm centres, which enables the elderly to live independently and safely at home for a longer period. These care solutions are sold to public bodies, civil society and private companies.

Careium has a strong position in Northern Europe, but there are some large competitors that could exploit this market, which could eventually hurt Careium’s market share. The importance in delivering reliable products is crucial, since product failure could result in devastating consequences for the end-user, which in turn could have legal consequences for Carieum and hurt demand for its solutions.

SEKm 2021 2022e 2023e
Sales 582 659 734
Sales growth (%) 11 13,3 11,4
EBITDA margin (%) 13,3 17,6 18,1
EBIT adj 15 42 57
EBIT adj margin (%) 2,6 6,4 7,8
EBITDA 77 116 133
Pretax profit 11 40 55
EPS rep 0,35 1,27 1,8
EPS growth (%) -56 267,1 41,4
EPS adj 0,84 1,76 2,25
DPS 0 0 0
EV/EBITDA (x) 12 7,6 6,1
EV/EBIT adj (x) 60,7 20,8 14,2
P/E (x) 80,8 22 15,6
P/E adj (x) 33,3 15,9 12,4
EV/sales (x) 1,6 1,3 1,1
FCF yield (%) -21,7 9 11,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,2 1,7 1
Lease adj. FCF yield (%) -23,5 7,1 9,6
Lease adj. ND/EBITDA 3 1,5 0,7
SEKm 2021 2022e 2023e
Sales 582 659 734
COGS -345 -382 -417
Gross profit 237 277 317
Other operating items -160 -161 -185
EBITDA 77 116 133
Depreciation and amortisation -34 -38 -43
Of which leasing depreciation -12 -12 -12
EBITA 23 54 68
EO items -2 0 0
Impairment and PPA amortisation -10 -12 -11
EBIT 13 42 57
Net financial items -2 -2 -2
Pretax profit 11 40 55
Tax -3 -9 -12
Net profit 8 31 44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 31 44
EPS 0,35 1,27 1,8
EPS Adj 0,84 1,76 2,25
Total extraordinary items after tax -2 0 0
Leasing payments -12 -13 -13
Tax rate (%) -24,6 -23 -21
Gross margin (%) 40,8 42 43,2
EBITDA margin (%) 13,3 17,6 18,1
EBITA margin (%) 4 8,2 9,3
EBIT margin (%) 2,3 6,4 7,8
Pretax margin (%) 1,9 6,1 7,5
Net margin (%) 1,4 4,7 5,9
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 11 13,3 11,4
EBITDA growth (%) 0,4 49,8 14,8
EBIT growth (%) -53,1 217,6 35,7
Net profit growth (%) -55,2 267,1 41,4
EPS growth (%) -56 267,1 41,4
Profitability 2021 2022 2023
ROE (%) 1,9 6 7,9
ROE Adj (%) 4,6 8,3 9,9
ROCE (%) 1,9 5,1 6,7
ROCE Adj(%) 3,6 6,6 8
ROIC (%) 1,5 4,4 6,3
ROIC Adj (%) 1,7 4,4 6,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 79 116 133
EBITDA Adj margin (%) 13,6 17,6 18,1
EBITDA lease Adj 67 103 120
EBITDA lease Adj margin (%) 11,6 15,6 16,3
EBITA Adj 25 54 68
EBITA Adj margin (%) 4,3 8,2 9,3
EBIT Adj 15 42 57
EBIT Adj margin (%) 2,6 6,4 7,8
Pretax profit Adj 23 52 66
Net profit Adj 20 43 55
Net profit to shareholders Adj 20 43 55
Net Adj margin (%) 3,5 6,5 7,4
SEKm 2021 2022e 2023e
Short-term debt 0 0 0
Accounts payable 38 43 48
Other current liabilities 48 60 82
Total liabilities and equity 892 940 1010
Net IB debt 244 196 131
Net IB debt excl. pension debt 244 196 131
Net IB debt excl. leasing 201 152 87
Capital invested 746 729 707
Working capital 83 68 47
EV breakdown 2021 2022 2023
Market cap. diluted (m) 680 680 680
Net IB debt Adj 248 200 135
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 928 880 814
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 72,3 72 75,3
Working capital / sales (%) 9,4 11,5 7,8
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 48,7 36,8 22,6
Net debt / market cap (%) 34,1 28,8 19,2
Equity ratio (%) 56,3 56,7 57,1
Net IB debt adj. / equity (%) 49,5 37,5 23,3
Current ratio (%) 226,3 235,6 241,3
EBITDA / net interest (%) 3638,4 5513,8 6645,5
Net IB debt / EBITDA (%) 316,1 169,2 98,2
Net IB debt / EBITDA lease Adj (%) 298,1 148,1 72,4
Interest cover (%) 1096,2 2582 3414,1
EBITDA 77 116 133
Net financial items -2 -2 -2
Paid tax -3 -9 -12
Non-cash items -10 -12 -11
Cash flow before change in WC 62 92 108
Change in WC -57 15 21
Operating cash flow 6 108 130
CAPEX tangible fixed assets -17 -20 -22
CAPEX intangible fixed assets -23 -26 -29
Acquisitions and disposals -113 0 0
Free cash flow -148 61 78
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Lease liability amortisation -12 -13 -13
Other non cash items 131 -13 -21
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 396 396 396
Other intangible assets 125 130 138
Tangible fixed assets 90 82 72
Right-of-use asset 48 49 50
Total other fixed assets 8 8 8
Fixed assets 667 664 664
Inventories 35 40 44
Receivables 134 132 132
Other current assets 0 0 0
Cash and liquid assets 56 104 170
Total assets 892 940 1010
Shareholders equity 502 533 576
Minority 0 0 0
Total equity 502 533 576
Long-term debt 257 257 257
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 48 48 48
Total other long-term liabilities 0 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 24 24 24
Fully diluted shares Adj 24 24 24
EPS 0,35 1,27 1,8
Dividend per share Adj 0 0 0
EPS Adj 0,84 1,76 2,25
BVPS 20,63 21,9 23,69
BVPS Adj -0,78 0,3 1,73
Net IB debt / share 10 8,1 5,4
Share price 29,47 27,95 27,95
Market cap. (m) 717 680 680
Valuation 2021 2022 2023
P/E 80,8 22 15,6
EV/sales 1,6 1,33 1,11
EV/EBITDA 12 7,6 6,1
EV/EBITA 39,9 16,2 11,9
EV/EBIT 69,8 20,8 14,2
Dividend yield (%) 0 0 0
FCF yield (%) -21,7 9 11,5
Lease adj. FCF yield (%) -23,5 7,1 9,6
P/BVPS 1,35 1,28 1,18
P/BVPS Adj -36,06 94,19 16,11
P/E Adj 33,3 15,9 12,4
EV/EBITDA Adj 11,7 7,6 6,1
EV/EBITA Adj 36,7 16,2 11,9
EV/EBIT Adj 60,7 20,8 14,2
EV/cap. employed 1,2 1,1 0,9
Investment ratios 2021 2022 2023
Capex / sales 7 7 7
Capex / depreciation 186 180,5 167,9
Capex tangibles / tangible fixed assets 19,3 24,1 30,5
Capex intangibles / definite intangibles 18,6 20,3 21,2
Depreciation on intangibles / definite intangibles -1,6 -1,9 -1
Depreciation on tangibles / tangibles 26,4 34,1 44,2

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 15.4 % 15.4 % 10 Dec 2021
Nordea Fonder 11.5 % 11.5 % 31 Dec 2021
Rite Ventures 10.2 % 10.2 % 31 Dec 2021
Lazard Frères Gestion 6.8 % 6.8 % 31 Dec 2021
Avanza Pension 4.7 % 4.7 % 31 Dec 2021
Swedbank Försäkring 2.9 % 2.9 % 31 Dec 2021
eQ Asset Management Oy 2.6 % 2.6 % 31 Dec 2021
Peter Lindell 2.4 % 2.4 % 31 Dec 2021
Nordnet Pensionsförsäkring 2.2 % 2.2 % 31 Dec 2021
Dimensional Fund Advisors 3.2 % 0.0 % 10 Dec 2021
Source: Holdings by Modular Finance AB