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Elos Medtech

Industrial group in medical technology

Elos Medtech is one of Europe’s leading development and production partners for medical technology products and components. The company offers innovative products as an advanced partner including the entire life cycle of its customers' products. Elos Medtech is active in the Dental, Orthopaedics, Medical Devices and Diagnostics business segments. Financial targets include 10% revenue growth p.a and an EBIT margin of 13%. The shares are listed on Nasdaq Small Cap.

Low cyclicality products in growth areas. Strengthen focus on dental and orthopedic implants and instruments. Increased demand from medtech companies to subcontract larger portion of the value chain. Higher capacity utilization and operational leverage from investments in increased capacity in 2018 and 2019.

Dependency on customers’ decisions and commercial performance such as postponed or cancelled projects and change in product life spans. Risks also include customer specific production-rotation from external production to in-house.

SEKm 2018 2019e 2020e
Sales 645 728 789
Sales growth (%) 11,6 12,9 8,4
EBITDA 95 132 144
EBITDA margin (%) 14,8 18,1 18,2
EBIT adj 47 75 84
EBIT adj margin (%) 7,4 10,3 10,6
Pretax profit 29 63 72
EPS rep 2,59 5,51 6,41
EPS growth (%) -30,2 112,7 16,3
EPS adj 3,64 5,51 6,41
DPS 1 1,1 1,2
EV/EBITDA (x) 8,9 8,9 7,9
EV/EBIT adj (x) 18 15,8 13,5
P/E (x) 27 19,1 16,5
P/E adj (x) 19,2 19,1 16,5
EV/sales (x) 1,3 1,6 1,4
FCF yield (%) -2,4 -1 7
Dividend yield (%) 1,4 1 1,1
Net IB debt/EBITDA 3 2,5 1,9
SEKm 2018 2019e 2020e
Sales 645 728 789
COGS -466 -505 -546
Gross profit 178 223 243
Other operating items -83 -91 -99
EBITDA 95 132 144
Depreciation on tangibles -56 -57 -60
Depreciation on intangibles 0 0 0
EBITA 39 75 84
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 75 84
Other financial items 0 0 0
Net financial items -10 -11 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 63 72
Tax -8 -19 -20
Net profit 21 44 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 44 52
EPS 2,59 5,51 6,41
EPS Adj 3,64 5,51 6,41
Total extraordinary items after tax -8,5 0 0
Tax rate (%) -26,7 -30 -28
Gross margin (%) 27,7 30,6 30,8
EBITDA margin (%) 14,8 18,1 18,2
EBITA margin (%) 6 10,3 10,6
EBIT margin (%) 6 10,3 10,6
Pretax margin (%) 4,4 8,7 9,1
Net margin (%) 3,2 6,1 6,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,6 12,9 8,4
EBITDA growth (%) 1,3 38,6 9
EBIT growth (%) -8,9 92 12
Net profit growth (%) -7 112,7 16,3
EPS growth (%) -30,2 112,7 16,3
Profitability 2018 2019 2020
ROE (%) 4,8 8,4 9
ROE Adj (%) 6,7 8,4 9
ROCE (%) 4,9 8,6 9,2
ROCE Adj(%) 6 8,6 9,2
ROIC (%) 3,7 6,2 6,8
ROIC Adj (%) 4,6 6,2 6,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 104 132 144
EBITDA Adj margin (%) 16,1 18,1 18,2
EBITA Adj 47 75 84
EBITA Adj margin (%) 7,4 10,3 10,6
EBIT Adj 47 75 84
EBIT Adj margin (%) 7,4 10,3 10,6
Pretax profit Adj 37 63 72
Net profit Adj 29 44 52
Net profit to shareholders Adj 29 44 52
Net Adj margin (%) 4,6 6,1 6,5
SEKm 2018 2019e 2020e
Inventories 157 186 197
Receivables 96 127 138
Other current assets 0 0 0
Cash and liquid assets 49 8 39
Total assets 957 1041 1075
Shareholders equity 509 555 598
Minority 0 0 0
Total equity 509 555 598
Long-term debt 336 338 318
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 112 147 158
Other current liabilities 0 0 0
Total liabilities and equity 888 848 957
Net IB debt 287 330 279
Net IB debt excl. pension debt 287 330 279
Capital invested 796 886 878
Working capital 141 166 178
EV breakdown 2018 2019 2020
Market cap. diluted (m) 565 851 851
Net IB debt Adj 287 330 279
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 1181 1130
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 71,4 72,9 74,6
Capital invested turnover (%) 84,6 86,6 89,5
Capital employed turnover (%) 81,5 83,8 87,2
Inventories / sales (%) 23,2 23,5 24,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,3 17,8 19,3
Working capital / sales (%) 20,1 21,1 21,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 56,5 59,4 46,7
Net debt / market cap (%) 51,5 38,8 32,8
Equity ratio (%) 53,1 53,4 55,7
Net IB debt adj. / equity (%) 56,5 59,4 46,7
Current ratio (%) 269 219,1 237,3
EBITDA / net interest (%) 916,3 1177,1 1211,2
Net IB debt / EBITDA (%) 301,6 249,9 194
Interest cover (%) 374 665,6 704
EBITDA 95 132 144
Net financial items -10 -11 -12
Paid tax -8 -19 -20
Non-cash items 0 0 0
Cash flow before change in WC 77 102 112
Change in WC -23 -25 -11
Operating cash flow 66 76 101
CAPEX tangible fixed assets -80 -85 -41
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -14 -8 60
Dividend paid 0 -8 -9
Share issues and buybacks 0 0 0
Other non cash items 85 -26 0
Decrease in net IB debt 71 -43 51
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 279 285 285
Definite intangible assets 0 0 0
Tangible fixed assets 374 426 407
Other fixed assets 2 8 8
Fixed assets 655 719 700
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,59 5,51 6,41
Dividend per share Adj 1 1,1 1,2
EPS Adj 3,64 5,51 6,41
BVPS 63,03 68,85 74,16
BVPS Adj 63,03 68,85 74,16
Net IB debt / share 35,6 40,9 34,6
Share price 69,2 105,5 105,5
Market cap. (m) 558 851 851
Valuation 2018 2019 2020
P/E 27 19,1 16,5
EV/sales 1,32 1,62 1,43
EV/EBITDA 8,9 8,9 7,9
EV/EBITA 21,9 15,8 13,5
EV/EBIT 21,9 15,8 13,5
Dividend yield (%) 1,4 1 1,1
FCF yield (%) -2,4 -1 7
P/BVPS 1,11 1,53 1,42
P/BVPS Adj 1,11 1,53 1,42
P/E Adj 19,2 19,1 16,5
EV/EBITDA Adj 8,2 8,9 7,9
EV/EBITA Adj 18 15,8 13,5
EV/EBIT Adj 18 15,8 13,5
EV/cap. employed 1 1,3 1,2
Investment ratios 2018 2019 2020
Capex / sales 12,4 11,7 5,2
Capex / depreciation 141,7 147,9 68,1
Capex tangibles / tangible fixed assets 21,4 19,9 10,1
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 13,5 14,8

Equity research

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Media

Elos Medtech - Interview with CEO Jan Wahlström (in Swedish)
Elos Medtech - Company presentation with CEO Jan Wahlström (in Swedish)

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Main shareholders

Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Familjen Öster 7.5 % 22.3 % 30 Jun 2019
Lars Runmarker 5.9 % 17.6 % 30 Jun 2019
Bo Nilsson 4.6 % 15.2 % 30 Jun 2019
Kent Molin 5.0 % 9.0 % 30 Jun 2019
Nordea Fonder 15.3 % 6.9 % 30 Jun 2019
Svolder 11.8 % 5.3 % 30 Jun 2019
Bengt Julander 6.2 % 2.8 % 30 Jun 2019
Søren Olesen 3.0 % 1.3 % 30 Jun 2019
Nordnet Pensionsförsäkring 2.6 % 1.2 % 30 Jun 2019
Eccenovo AB 2.5 % 1.1 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Elos Medtech

Name Quantity Code Date
Jan Wahlström + 1 000 BUY 6 May 2019
Yvonne Mårtensson + 20 000 BUY 20 Jul 2018
YCM Consulting AB - 20 000 SELL 20 Jul 2018
Yvonne Mårtensson + 891 BUY 26 Apr 2018
YCM Consulting AB + 891 BUY 26 Apr 2018
Yvonne Mårtensson + 891 BUY 26 Apr 2018
YCM Consulting AB + 891 BUY 26 Apr 2018
Yvonne Mårtensson + 891 BUY 26 Apr 2018
YCM Consulting AB + 891 BUY 26 Apr 2018
Yvonne Mårtensson + 891 BUY 26 Apr 2018

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