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Elos Medtech

SEKm 2018 2019e 2020e
Sales 645 699 751
Sales growth (%) 11,6 8,3 7,6
EBITDA 95 128 140
EBITDA margin (%) 14,8 18,3 18,6
EBIT adj 47 68 77
EBIT adj margin (%) 7,4 9,7 10,2
Pretax profit 29 58 66
EPS rep 2,59 5,05 5,89
EPS growth (%) -30,2 94,9 16,7
EPS adj 3,64 5,05 5,89
DPS 1 1,1 1,2
EV/EBITDA (x) 8,9 6,7 5,8
EV/EBIT adj (x) 18 12,5 10,5
P/E (x) 27 13,7 11,7
P/E adj (x) 19,2 13,7 11,7
EV/sales (x) 1,3 1,2 1,1
FCF yield (%) -2,4 0,2 10,1
Dividend yield (%) 1,4 1,6 1,7
Net IB debt/EBITDA 3 2,3 1,8
SEKm 2018 2019e 2020e
Sales 645 699 751
COGS -466 -494 -530
Gross profit 178 204 221
Other operating items -83 -76 -81
EBITDA 95 128 140
Depreciation on tangibles -56 -60 -63
Depreciation on intangibles 0 0 0
EBITA 39 68 77
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 68 77
Other financial items 0 0 0
Net financial items -10 -10 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 58 66
Tax -8 -17 -18
Net profit 21 41 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 41 48
EPS 2,59 5,05 5,89
EPS Adj 3,64 5,05 5,89
Total extraordinary items after tax -8,5 0 0
Tax rate (%) -26,7 -30 -28
Gross margin (%) 27,7 29,2 29,4
EBITDA margin (%) 14,8 18,3 18,6
EBITA margin (%) 6 9,7 10,2
EBIT margin (%) 6 9,7 10,2
Pretax margin (%) 4,4 8,3 8,8
Net margin (%) 3,2 5,8 6,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,6 8,3 7,6
EBITDA growth (%) 1,3 34,3 9,1
EBIT growth (%) -8,9 74,7 12,7
Net profit growth (%) -7 94,9 16,7
EPS growth (%) -30,2 94,9 16,7
Profitability 2018 2019 2020
ROE (%) 4,8 7,8 8,5
ROE Adj (%) 6,7 7,8 8,5
ROCE (%) 5,1 8,3 9,2
ROCE Adj(%) 6,2 8,3 9,2
ROIC (%) 3,8 5,8 6,7
ROIC Adj (%) 4,6 5,8 6,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 104 128 140
EBITDA Adj margin (%) 16,1 18,3 18,6
EBITA Adj 47 68 77
EBITA Adj margin (%) 7,4 9,7 10,2
EBIT Adj 47 68 77
EBIT Adj margin (%) 7,4 9,7 10,2
Pretax profit Adj 37 58 66
Net profit Adj 29 41 48
Net profit to shareholders Adj 29 41 48
Net Adj margin (%) 4,6 5,8 6,3
SEKm 2018 2019e 2020e
Inventories 157 178 188
Receivables 96 122 131
Other current assets 0 0 0
Cash and liquid assets 49 22 49
Total assets 957 1004 1026
Shareholders equity 509 541 580
Minority 0 0 0
Total equity 509 541 580
Long-term debt 300 280 260
Pension debt 37 37 37
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 112 147 150
Other current liabilities 0 0 0
Total liabilities and equity 888 848 957
Net IB debt 287 294 247
Net IB debt excl. pension debt 251 258 210
Capital invested 794 833 825
Working capital 141 154 169
EV breakdown 2018 2019 2020
Market cap. diluted (m) 565 557 557
Net IB debt Adj 287 294 247
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 852 851 804
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 71,4 71,2 74
Capital invested turnover (%) 85,2 85,9 90,6
Capital employed turnover (%) 84,6 85,6 90,4
Inventories / sales (%) 23,2 24 24,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,3 18,5 19,8
Working capital / sales (%) 20,1 21,1 21,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 56,5 54,4 42,6
Net debt / market cap (%) 51,5 52,9 44,4
Equity ratio (%) 53,1 53,9 56,5
Net IB debt adj. / equity (%) 56,5 54,4 42,6
Current ratio (%) 269 219,8 245,3
EBITDA / net interest (%) 916,3 1307,6 1317,2
Net IB debt / EBITDA (%) 301,6 230,1 177
Interest cover (%) 374 694,6 722,9
EBITDA 95 128 140
Net financial items -10 -10 -11
Paid tax -8 -17 -18
Non-cash items 0 0 0
Cash flow before change in WC 77 101 111
Change in WC -23 -13 -15
Operating cash flow 66 88 95
CAPEX tangible fixed assets -80 -87 -39
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -14 1 56
Dividend paid 0 -8 -9
Share issues and buybacks 0 0 0
Other non cash items 85 0 0
Decrease in net IB debt 71 -7 47
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 235 235 235
Indefinite intangible assets 43 43 43
Definite intangible assets 0 0 0
Tangible fixed assets 374 401 377
Other fixed assets 2 2 2
Fixed assets 655 682 658
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,59 5,05 5,89
Dividend per share Adj 1 1,1 1,2
EPS Adj 3,64 5,05 5,89
BVPS 63,03 67,08 71,87
BVPS Adj 33,89 37,94 42,73
Net IB debt / share 35,6 36,5 30,6
Share price 69,2 69 69
Market cap. (m) 558 557 557
Valuation 2018 2019 2020
P/E 27 13,7 11,7
EV/sales 1,32 1,22 1,07
EV/EBITDA 8,9 6,7 5,8
EV/EBITA 21,9 12,5 10,5
EV/EBIT 21,9 12,5 10,5
Dividend yield (%) 1,4 1,6 1,7
FCF yield (%) -2,4 0,2 10,1
P/BVPS 1,11 1,03 0,96
P/BVPS Adj 2,07 1,82 1,61
P/E Adj 19,2 13,7 11,7
EV/EBITDA Adj 8,2 6,7 5,8
EV/EBITA Adj 18 12,5 10,5
EV/EBIT Adj 18 12,5 10,5
EV/cap. employed 1,1 1 1
Investment ratios 2018 2019 2020
Capex / sales 12,4 12,5 5,2
Capex / depreciation 141,7 145 62
Capex tangibles / tangible fixed assets 21,4 21,7 10,4
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 15,1 15 16,7

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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