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Elos Medtech

Elos Medtech

SEKm 2019 2020e 2021e
Sales 689 600 659
Sales growth (%) 6,9 -12,9 9,7
EBITDA 126 107 126
EBITDA margin (%) 18,2 17,8 19,1
EBIT adj 65 49 61
EBIT adj margin (%) 9,5 8,1 9,3
Pretax profit 51 30 51
EPS rep 4,77 2,87 4,66
EPS growth (%) 84,2 -39,9 62,6
EPS adj 4,77 3,24 4,66
DPS 1,1 1,2 1,3
EV/EBITDA (x) 9,5 7,8 6,3
EV/EBIT adj (x) 18,2 17 12,9
P/E (x) 22,3 22,7 13,9
P/E adj (x) 22,3 20,1 13,9
EV/sales (x) 1,7 1,4 1,2
FCF yield (%) -0,1 7,2 9,2
Dividend yield (%) 1 1,8 2
Net IB debt/EBITDA 2,6 2,8 2,1
SEKm 2019 2020e 2021e
Sales 689 600 659
COGS -476 -417 -456
Gross profit 213 184 203
Other operating items -88 -77 -77
EBITDA 126 107 126
Depreciation on tangibles -60 -61 -64
Depreciation on intangibles 0 0 0
EBITA 65 46 61
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 65 46 61
Other financial items 0 0 0
Net financial items -15 -16 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 30 51
Tax -12 -6 -13
Net profit 39 23 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 23 38
EPS 4,77 2,87 4,66
EPS Adj 4,77 3,24 4,66
Total extraordinary items after tax 0 -3 0
Tax rate (%) -23,9 -21,9 -25,5
Gross margin (%) 31 30,6 30,8
EBITDA margin (%) 18,2 17,8 19,1
EBITA margin (%) 9,5 7,6 9,3
EBIT margin (%) 9,5 7,6 9,3
Pretax margin (%) 7,3 4,9 7,7
Net margin (%) 5,6 3,9 5,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6,9 -12,9 9,7
EBITDA growth (%) 31,8 -15 17,6
EBIT growth (%) 67,9 -30 34,4
Net profit growth (%) 84,2 -39,9 62,6
EPS growth (%) 84,2 -39,9 62,6
Profitability 2019 2020 2021
ROE (%) 7,3 4,1 6,2
ROE Adj (%) 7,3 4,6 6,2
ROCE (%) 7,4 4,8 6,3
ROCE Adj(%) 7,4 5,1 6,3
ROIC (%) 6 4 5,1
ROIC Adj (%) 6 4,3 5,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 126 110 126
EBITDA Adj margin (%) 18,2 18,3 19,1
EBITA Adj 65 49 61
EBITA Adj margin (%) 9,5 8,1 9,3
EBIT Adj 65 49 61
EBIT Adj margin (%) 9,5 8,1 9,3
Pretax profit Adj 51 33 51
Net profit Adj 39 26 38
Net profit to shareholders Adj 39 26 38
Net Adj margin (%) 5,6 4,4 5,7
SEKm 2019 2020e 2021e
Inventories 155 153 165
Receivables 95 105 119
Other current assets 0 0 0
Cash and liquid assets 55 75 94
Total assets 1035 1101 1114
Shareholders equity 540 595 623
Minority 0 0 0
Total equity 540 595 623
Long-term debt 387 379 359
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 108 127 132
Other current liabilities 0 0 0
Total liabilities and equity 1035 1101 1114
Net IB debt 332 304 265
Net IB debt excl. pension debt 332 304 265
Capital invested 871 899 888
Working capital 142 131 151
EV breakdown 2019 2020 2021
Market cap. diluted (m) 859 524 524
Net IB debt Adj 332 304 265
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 1191 829 790
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 69,2 56,2 59,5
Capital invested turnover (%) 82,7 67,8 73,7
Capital employed turnover (%) 77,8 63,2 67,3
Inventories / sales (%) 22,6 25,7 24,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16 19,6 19,6
Working capital / sales (%) 20,5 22,7 21,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61,4 51,2 42,6
Net debt / market cap (%) 45,7 58 50,6
Equity ratio (%) 52,2 54 55,9
Net IB debt adj. / equity (%) 61,4 51,2 42,6
Current ratio (%) 282,3 262,4 286,4
EBITDA / net interest (%) 854,4 664,7 1147
Net IB debt / EBITDA (%) 263,9 284,8 211,3
Interest cover (%) 444,2 284,5 561,2
EBITDA 126 107 126
Net financial items -15 -16 -11
Paid tax -12 -6 -13
Non-cash items 0 0 0
Cash flow before change in WC 99 84 102
Change in WC -1 11 -20
Operating cash flow 98 95 81
CAPEX tangible fixed assets -99 -57 -33
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -1 38 49
Dividend paid -8 -9 -10
Share issues and buybacks 0 0 0
Other non cash items -35 -2 0
Decrease in net IB debt -44 27 39
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 283 304 304
Definite intangible assets 0 0 0
Tangible fixed assets 444 464 432
Other fixed assets 2 0 0
Fixed assets 729 768 736
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,77 2,87 4,66
Dividend per share Adj 1,1 1,2 1,3
EPS Adj 4,77 3,24 4,66
BVPS 66,92 73,7 77,17
BVPS Adj 66,92 73,7 77,17
Net IB debt / share 41,1 37,7 32,9
Share price 89,89 65 65
Market cap. (m) 725 524 524
Valuation 2019 2020 2021
P/E 22,3 22,7 13,9
EV/sales 1,73 1,38 1,2
EV/EBITDA 9,5 7,8 6,3
EV/EBITA 18,2 18,1 12,9
EV/EBIT 18,2 18,1 12,9
Dividend yield (%) 1 1,8 2
FCF yield (%) -0,1 7,2 9,2
P/BVPS 1,59 0,88 0,84
P/BVPS Adj 1,59 0,88 0,84
P/E Adj 22,3 20,1 13,9
EV/EBITDA Adj 9,5 7,5 6,3
EV/EBITA Adj 18,2 17 12,9
EV/EBIT Adj 18,2 17 12,9
EV/cap. employed 1,3 0,9 0,8
Investment ratios 2019 2020 2021
Capex / sales 14,3 9,5 5
Capex / depreciation 163,8 93,6 51,3
Capex tangibles / tangible fixed assets 22,2 12,4 7,6
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 13,6 13,2 14,8

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

13,9

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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12,9

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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1,2

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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0,8