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Elos Medtech

Elos Medtech

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Financials

SEKm 2020 2021e 2022e
Sales 603 753 835
Sales growth (%) -12,6 24,9 10,9
EBITDA 126 151 166
EBITDA margin (%) 20,9 20,1 19,9
EBIT adj 70 87 99
EBIT adj margin (%) 11,6 11,6 11,8
Pretax profit 47 77 90
EPS rep 4,68 7,12 8,22
EPS growth (%) -1,8 52,1 15,3
EPS adj 5,3 7,12 8,22
DPS 1,2 1,3 1,3
EV/EBITDA (x) 9,2 7,5 6,5
EV/EBIT adj (x) 16,5 13 10,9
P/E (x) 23,9 15,7 13,6
P/E adj (x) 21,1 15,7 13,6
EV/sales (x) 1,9 1,5 1,3
FCF yield (%) 8 3,5 7,6
Dividend yield (%) 1,1 1,2 1,2
Net IB debt/EBITDA 2 1,5 1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 603 753 835
COGS -409 -513 -568
Gross profit 194 239 266
Other operating items -68 -88 -100
EBITDA 126 151 166
Depreciation on tangibles -61 -64 -67
Depreciation on intangibles 0 0 0
EBITA 65 87 99
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 65 87 99
Other financial items 0 0 0
Net financial items -18 -10 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 77 90
Tax -9 -20 -23
Net profit 38 57 66
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 38 57 66
EPS 4,68 7,12 8,22
EPS Adj 5,3 7,12 8,22
Total extraordinary items after tax -5 0 0
Tax rate (%) -19 -25,5 -26
Gross margin (%) 32,2 31,8 31,9
EBITDA margin (%) 20,9 20,1 19,9
EBITA margin (%) 10,8 11,6 11,8
EBIT margin (%) 10,8 11,6 11,8
Pretax margin (%) 7,7 10,2 10,7
Net margin (%) 6,3 7,6 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -12,6 24,9 10,9
EBITDA growth (%) 0,5 20 9,8
EBIT growth (%) -0,3 34,1 13,2
Net profit growth (%) -1,8 52,1 15,3
EPS growth (%) -1,8 52,1 15,3
Profitability 2020 2021 2022
ROE (%) 6,8 9,7 10,3
ROE Adj (%) 7,7 9,7 10,3
ROCE (%) 7 9,3 10,2
ROCE Adj(%) 7,6 9,3 10,2
ROIC (%) 6,2 7,8 8,6
ROIC Adj (%) 6,7 7,8 8,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 131 151 166
EBITDA Adj margin (%) 21,8 20,1 19,9
EBITA Adj 70 87 99
EBITA Adj margin (%) 11,6 11,6 11,8
EBIT Adj 70 87 99
EBIT Adj margin (%) 11,6 11,6 11,8
Pretax profit Adj 52 77 90
Net profit Adj 43 57 66
Net profit to shareholders Adj 43 57 66
Net Adj margin (%) 7,1 7,6 7,9
N/A N/A N/A
SEKm 2020 2021e 2022e
Inventories 154 158 167
Receivables 105 128 134
Other current assets 0 0 0
Cash and liquid assets 100 102 140
Total assets 1063 1103 1155
Shareholders equity 570 618 674
Minority 0 0 0
Total equity 570 618 674
Long-term debt 354 334 314
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 139 151 167
Other current liabilities 0 0 0
Total liabilities and equity 1063 1103 1155
Net IB debt 254 233 174
Net IB debt excl. pension debt 254 233 174
Capital invested 824 850 848
Working capital 121 136 134
EV breakdown 2020 2021 2022
Market cap. diluted (m) 904 904 904
Net IB debt Adj 254 233 174
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 1158 1136 1078
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 57,5 69,5 73,9
Capital invested turnover (%) 71,1 89,9 98,3
Capital employed turnover (%) 65,1 80,2 86
Inventories / sales (%) 25,6 20,7 19,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,5 19,2 19
Working capital / sales (%) 21,8 17 16,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 44,6 37,6 25,9
Net debt / market cap (%) 36,5 25,7 19,3
Equity ratio (%) 53,6 56 58,3
Net IB debt adj. / equity (%) 44,6 37,6 25,9
Current ratio (%) 259,3 257,7 264
EBITDA / net interest (%) 682,9 1488,9 1787,4
Net IB debt / EBITDA (%) 201,5 153,5 104,8
Interest cover (%) 352,3 858,3 1063,2
EBITDA 126 151 166
Net financial items -18 -10 -9
Paid tax -9 -20 -23
Non-cash items 0 0 0
Cash flow before change in WC 99 122 134
Change in WC 21 -15 2
Operating cash flow 120 107 136
CAPEX tangible fixed assets -48 -75 -67
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 72 31 69
Dividend paid -9 -10 -10
Share issues and buybacks 0 0 0
Other non cash items 14 0 0
Decrease in net IB debt 77 22 58
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 275 275 275
Definite intangible assets 0 0 0
Tangible fixed assets 427 438 437
Other fixed assets 2 2 2
Fixed assets 704 715 714
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,68 7,12 8,22
Dividend per share Adj 1,2 1,3 1,3
EPS Adj 5,3 7,12 8,22
BVPS 70,65 76,57 83,49
BVPS Adj 70,65 76,57 83,49
Net IB debt / share 31,5 28,8 21,6
Share price 86,46 112 112
Market cap. (m) 698 904 904
Valuation 2020 2021 2022
P/E 23,9 15,7 13,6
EV/sales 1,92 1,51 1,29
EV/EBITDA 9,2 7,5 6,5
EV/EBITA 17,8 13 10,9
EV/EBIT 17,8 13 10,9
Dividend yield (%) 1,1 1,2 1,2
FCF yield (%) 8 3,5 7,6
P/BVPS 1,59 1,46 1,34
P/BVPS Adj 1,59 1,46 1,34
P/E Adj 21,1 15,7 13,6
EV/EBITDA Adj 8,8 7,5 6,5
EV/EBITA Adj 16,5 13 10,9
EV/EBIT Adj 16,5 13 10,9
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 7,9 10 8
Capex / depreciation 78,4 117,3 99,1
Capex tangibles / tangible fixed assets 11,3 17,2 15,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,3 14,6 15,4
N/A N/A N/A

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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