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Dedicare

Leading staffing company in healthcare

Dedicare is one of the leading staffing companies in the Nordic region in the field of healthcare. The company was established in 1996 and currently has offices in both Sweden and Norway. Dedicare staffs doctors, nurses and social workers. The Nordic region is experiencing a shortage of healthcare staff, which is expected to last until 2025 for both the public and private sector. The scarcity of healthcare professionals, in combination with an aging population in the Nordic region, drives the market for healthcare staffing. Dedicare’s financial target is a profit margin of 7% over an economic cycle.

Dedicare has the vision to expand the company to become one of Europe’s leading staffing companies. As the business model is capital light, almost no additional capital is needed for growth. Simultaneously, healthcare professionals are in need everywhere with small variations of the business model between countries. Dedicare has a well-established brand in the Nordics and should therefore with less effort than smaller competitors be able to attract new professionals to hire. Lastly, with aging populations in the western countries and especially in the Nordic region, Dedicare’s market is set to grow for many years.

The majority of Dedicare’s sales are derived from the public sector. The healthcare sector is often a prioritized political area and therefore the business of healthcare staffing is exposed to clear political risk. SKL (The Swedish Association of Local Authorities and Regions) has several times tried to minimize the need of healthcare staffing but has not been successful. The public sector procures framework agreements for healthcare staffing services, generally on a 2+1+1 year basis. If Dedicare is not selected as a supplier, the company risks not being able to deliver until next procurement.

SEKm 2018 2019e 2020e
Sales 812 841 881
Sales growth (%) 3,4 3,6 4,8
EBITDA 51 51 58
EBITDA margin (%) 6,3 6 6,5
EBIT adj 50 49 57
EBIT adj margin (%) 6,2 5,9 6,4
Pretax profit 50 47 55
EPS rep 4,22 3,97 4,68
EPS growth (%) -36,4 -5,8 17,8
EPS adj 4,22 3,97 4,68
DPS 4 3,8 4
EV/EBITDA (x) 8,1 11,3 9,8
EV/EBIT adj (x) 8,3 11,6 9,9
P/E (x) 12,1 16,9 14,3
P/E adj (x) 12,1 16,9 14,3
EV/sales (x) 0,5 0,7 0,6
FCF yield (%) 3,1 7,3 6,9
Dividend yield (%) 7,8 5,7 6
Net IB debt/EBITDA -0,9 -0,7 -0,8
SEKm 2018 2019e 2020e
Sales 812 841 881
COGS 0 0 0
Gross profit 812 841 881
Other operating items -761 -791 -824
EBITDA 51 51 58
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles 0 0 0
EBITA 50 49 57
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 50 49 57
Other financial items 0 0 0
Net financial items -1 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 47 55
Tax -12 -11 -13
Net profit 38 36 42
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 36 42
EPS 4,22 3,97 4,68
EPS Adj 4,22 3,97 4,68
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,1 -23 -23
Gross margin (%) 100 100 100
EBITDA margin (%) 6,3 6 6,5
EBITA margin (%) 6,2 5,9 6,4
EBIT margin (%) 6,2 5,9 6,4
Pretax margin (%) 6,1 5,6 6,2
Net margin (%) 4,7 4,3 4,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 3,4 3,6 4,8
EBITDA growth (%) -34,4 -1,7 14,2
EBIT growth (%) -35,2 -1,8 14,9
Net profit growth (%) -36,4 -5,8 17,8
EPS growth (%) -36,4 -5,8 17,8
Profitability 2018 2019 2020
ROE (%) 36,1 35,2 39,9
ROE Adj (%) 36,1 35,2 39,9
ROCE (%) 124 81,7 86,1
ROCE Adj(%) 124 81,7 86,1
ROIC (%) 100,7 67,8 70,9
ROIC Adj (%) 100,7 67,8 70,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 51 51 58
EBITDA Adj margin (%) 6,3 6 6,5
EBITA Adj 50 49 57
EBITA Adj margin (%) 6,2 5,9 6,4
EBIT Adj 50 49 57
EBIT Adj margin (%) 6,2 5,9 6,4
Pretax profit Adj 50 47 55
Net profit Adj 38 36 42
Net profit to shareholders Adj 38 36 42
Net Adj margin (%) 4,7 4,3 4,8
SEKm 2018 2019e 2020e
EBITDA 51 51 58
Net financial items -1 -3 -2
Paid tax -12 -11 -13
Non-cash items 0 0 0
Cash flow before change in WC 39 37 43
Change in WC -22 7 -2
Operating cash flow 19 45 42
CAPEX tangible fixed assets -5 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 14 45 42
Dividend paid -50 -36 -34
Share issues and buybacks 0 0 0
Other non cash items -1 -19 0
Decrease in net IB debt -36 -11 7
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 6 6 6
Indefinite intangible assets 0 0 0
Definite intangible assets 2 2 2
Tangible fixed assets 4 21 20
Other fixed assets 4 4 4
Fixed assets 16 34 33
Inventories 0 0 0
Receivables 142 141 148
Other current assets 0 0 0
Cash and liquid assets 58 66 74
Total assets 216 241 255
Shareholders equity 102 102 110
Minority 0 0 0
Total equity 102 102 110
Long-term debt 11 30 30
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 103 109 115
Other current liabilities 0 0 0
Total liabilities and equity 232 233 216
Net IB debt -47 -37 -44
Net IB debt excl. pension debt -47 -37 -44
Capital invested 51 61 62
Working capital 39 32 33
EV breakdown 2018 2019 2020
Market cap. diluted (m) 462 607 607
Net IB debt Adj -47 -37 -44
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 415 570 563
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 361,9 368 355,4
Capital invested turnover (%) 2120,1 1501,2 1432,4
Capital employed turnover (%) 2004,9 1394,2 1338,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,3 12,6 12,7
Working capital / sales (%) 3,5 4,2 3,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -46,2 -35,8 -40
Net debt / market cap (%) -7,7 -6 -7,3
Equity ratio (%) 47,5 42,3 43,3
Net IB debt adj. / equity (%) -46,2 -35,8 -40
Current ratio (%) 195,1 190 193,7
EBITDA / net interest (%) 10280 1943 3506,8
Net IB debt / EBITDA (%) -92 -72,4 -76,3
Interest cover (%) 10040 1896,9 3446
SEKm 2018 2019e 2020e
Shares outstanding adj. 9 9 9
Fully diluted shares Adj 9 9 9
EPS 4,22 3,97 4,68
Dividend per share Adj 4 3,8 4
EPS Adj 4,22 3,97 4,68
BVPS 11,31 11,28 12,16
BVPS Adj 10,42 10,4 11,28
Net IB debt / share -5,2 -4 -4,9
Share price 67,97 67 67
Market cap. (m) 616 607 607
Valuation 2018 2019 2020
P/E 12,1 16,9 14,3
EV/sales 0,51 0,68 0,64
EV/EBITDA 8,1 11,3 9,8
EV/EBITA 8,3 11,6 9,9
EV/EBIT 8,3 11,6 9,9
Dividend yield (%) 7,8 5,7 6
FCF yield (%) 3,1 7,3 6,9
P/BVPS 4,51 5,94 5,51
P/BVPS Adj 4,89 6,44 5,94
P/E Adj 12,1 16,9 14,3
EV/EBITDA Adj 8,1 11,3 9,8
EV/EBITA Adj 8,3 11,6 9,9
EV/EBIT Adj 8,3 11,6 9,9
EV/cap. employed 7,5 8,7 8,5
Investment ratios 2018 2019 2020
Capex / sales 0,6 0 0
Capex / depreciation 375 0 0
Capex tangibles / tangible fixed assets 128,6 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 34,3 5,6 4,9

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Main shareholders

Dedicare

Main shareholders Share capital % Voting shares % Verified
Björn Örås 39.2 % 67.8 % 31 Mar 2019
AMF Försäkring & Fonder 9.2 % 4.9 % 31 Mar 2019
Swedbank Robur Fonder 8.8 % 4.7 % 31 Mar 2019
HealthInvest Partners 6.8 % 3.6 % 31 Mar 2019
Sara Örås 2.5 % 1.3 % 31 Mar 2019
Jenny Pizzignacco 2.2 % 1.1 % 31 Mar 2019
Caroline Örås 2.0 % 1.0 % 31 Mar 2019
Canaccord Genuity Wealth Management 1.9 % 1.0 % 31 Dec 2018
Avanza Pension 1.9 % 1.0 % 31 Mar 2019
Apo Asset Management GmbH 1.2 % 0.6 % 28 Feb 2019
Source: Holdings by Modular Finance AB

Insider list

Dedicare

Name Quantity Code Date
Anna Lefevre Skjöldebrand + 100 BUY 25 Oct 2017
Stig Olov Kenneth Engcrantz - 6 863 SELL 22 Sep 2017
Stig Olov Kenneth Engcrantz - 2 272 SELL 20 Sep 2017
Stig Olov Kenneth Engcrantz - 2 907 SELL 18 Sep 2017
Lia Sandström - 8 100 * 14 Mar 2017
Lia Sandström + 8 100 Redemp 14 Mar 2017
Stig Engcrantz + 420 BUY 27 Feb 2017
Stig Engcrantz + 4 739 BUY 24 Feb 2017
My Biriell + 215 BUY 11 Nov 2016
Stig Engcrantz + 19 356 BUY 23 Sep 2016

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