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Elos Medtech

Financials

SEKm 2018 2019e 2020e
Sales 645 732 794
Sales growth (%) 11,6 13,6 8,4
EBITDA 95 129 144
EBITDA margin (%) 14,8 17,6 18,2
EBIT adj 47 70 83
EBIT adj margin (%) 7,4 9,6 10,4
Pretax profit 29 55 70
EPS rep 2,59 5,14 6,27
EPS growth (%) -30,2 98,4 22
EPS adj 3,64 5,14 6,27
DPS 1 1,1 1,2
EV/EBITDA (x) 8,9 9 7,6
EV/EBIT adj (x) 18 16,5 13,3
P/E (x) 27 19,6 16
P/E adj (x) 19,2 19,6 16
EV/sales (x) 1,3 1,6 1,4
FCF yield (%) -2,4 -2,8 7,4
Dividend yield (%) 1,4 1,1 1,2
Net IB debt/EBITDA 3 2,7 2
SEKm 2018 2019e 2020e
Sales 645 732 794
COGS -466 -507 -549
Gross profit 178 226 245
Other operating items -83 -97 -100
EBITDA 95 129 144
Depreciation on tangibles -56 -59 -62
Depreciation on intangibles 0 0 0
EBITA 39 70 83
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 70 83
Other financial items 0 0 0
Net financial items -10 -15 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 55 70
Tax -8 -13 -20
Net profit 21 41 51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 41 51
EPS 2,59 5,14 6,27
EPS Adj 3,64 5,14 6,27
Total extraordinary items after tax -8,5 0 0
Tax rate (%) -26,7 -24,2 -28
Gross margin (%) 27,7 30,8 30,8
EBITDA margin (%) 14,8 17,6 18,2
EBITA margin (%) 6 9,6 10,4
EBIT margin (%) 6 9,6 10,4
Pretax margin (%) 4,4 7,5 8,8
Net margin (%) 3,2 5,7 6,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,6 13,6 8,4
EBITDA growth (%) 1,3 35,1 12
EBIT growth (%) -8,9 80 17,9
Net profit growth (%) -7 98,4 22
EPS growth (%) -30,2 98,4 22
Profitability 2018 2019 2020
ROE (%) 4,8 7,8 8,8
ROE Adj (%) 6,7 7,8 8,8
ROCE (%) 4,9 7,9 8,9
ROCE Adj(%) 6 7,9 8,9
ROIC (%) 3,7 6,3 6,7
ROIC Adj (%) 4,6 6,3 6,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 104 129 144
EBITDA Adj margin (%) 16,1 17,6 18,2
EBITA Adj 47 70 83
EBITA Adj margin (%) 7,4 9,6 10,4
EBIT Adj 47 70 83
EBIT Adj margin (%) 7,4 9,6 10,4
Pretax profit Adj 37 55 70
Net profit Adj 29 41 51
Net profit to shareholders Adj 29 41 51
Net Adj margin (%) 4,6 5,7 6,4
SEKm 2018 2019e 2020e
Inventories 157 187 199
Receivables 96 128 139
Other current assets 0 0 0
Cash and liquid assets 49 21 52
Total assets 957 1065 1098
Shareholders equity 509 554 596
Minority 0 0 0
Total equity 509 554 596
Long-term debt 336 363 343
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 112 147 159
Other current liabilities 0 0 0
Total liabilities and equity 888 848 957
Net IB debt 287 343 292
Net IB debt excl. pension debt 287 343 292
Capital invested 796 897 887
Working capital 141 168 179
EV breakdown 2018 2019 2020
Market cap. diluted (m) 565 811 811
Net IB debt Adj 287 343 292
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 1154 1102
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 71,4 72,4 73,4
Capital invested turnover (%) 84,6 86,5 89
Capital employed turnover (%) 81,5 83,1 85,5
Inventories / sales (%) 23,2 23,5 24,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,3 17,7 19,3
Working capital / sales (%) 20,1 21,1 21,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 56,5 61,8 48,9
Net debt / market cap (%) 51,5 42,3 36
Equity ratio (%) 53,1 52 54,3
Net IB debt adj. / equity (%) 56,5 61,8 48,9
Current ratio (%) 269 228,1 245,2
EBITDA / net interest (%) 916,3 840 1168,9
Net IB debt / EBITDA (%) 301,6 266,3 202,2
Interest cover (%) 374 456,9 669,3
EBITDA 95 129 144
Net financial items -10 -15 -12
Paid tax -8 -13 -20
Non-cash items 0 0 0
Cash flow before change in WC 77 100 112
Change in WC -23 -27 -11
Operating cash flow 66 73 101
CAPEX tangible fixed assets -80 -96 -41
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -14 -23 60
Dividend paid 0 -8 -9
Share issues and buybacks 0 0 0
Other non cash items 85 -25 0
Decrease in net IB debt 71 -55 51
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 279 284 284
Definite intangible assets 0 0 0
Tangible fixed assets 374 437 417
Other fixed assets 2 8 8
Fixed assets 655 729 709
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,59 5,14 6,27
Dividend per share Adj 1 1,1 1,2
EPS Adj 3,64 5,14 6,27
BVPS 63,03 68,69 73,85
BVPS Adj 63,03 68,69 73,85
Net IB debt / share 35,6 42,5 36,1
Share price 69,2 100,5 100,5
Market cap. (m) 558 811 811
Valuation 2018 2019 2020
P/E 27 19,6 16
EV/sales 1,32 1,57 1,39
EV/EBITDA 8,9 9 7,6
EV/EBITA 21,9 16,5 13,3
EV/EBIT 21,9 16,5 13,3
Dividend yield (%) 1,4 1,1 1,2
FCF yield (%) -2,4 -2,8 7,4
P/BVPS 1,11 1,46 1,36
P/BVPS Adj 1,11 1,46 1,36
P/E Adj 19,2 19,6 16
EV/EBITDA Adj 8,2 9 7,6
EV/EBITA Adj 18 16,5 13,3
EV/EBIT Adj 18 16,5 13,3
EV/cap. employed 1 1,3 1,2
Investment ratios 2018 2019 2020
Capex / sales 12,4 13,1 5,2
Capex / depreciation 141,7 163,4 67
Capex tangibles / tangible fixed assets 21,4 21,9 9,9
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 13,4 14,8

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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