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Elos Medtech

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 2020 2021e 2022e
Sales 580 751 837
Sales growth (%) -15,9 29,4 11,5
EBITDA 124 153 167
EBITDA margin (%) 21,3 20,4 19,9
EBIT adj 71 95 102
EBIT adj margin (%) 12,2 12,6 12,2
Pretax profit 43 90 93
EPS rep 4,46 8,46 8,72
EPS growth (%) -6,5 89,5 3,1
EPS adj 5,33 8,46 8,72
DPS 1,5 1,5 1,5
EV/EBITDA (x) 9,1 10,7 9,4
EV/EBIT adj (x) 15,9 17,2 15,3
P/E (x) 24,2 20,3 19,7
P/E adj (x) 20,3 20,3 19,7
EV/sales (x) 1,9 2,2 1,9
FCF yield (%) 8 0,9 5,5
Dividend yield (%) 1,4 0,9 0,9
Net IB debt/EBITDA 2 1,6 1,1
Lease adj. FCF yield (%) 8 0,9 5,5
Lease adj. ND/EBITDA 1,9 1,6 1,1
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Sales 580 751 837
COGS -392 -501 -561
Gross profit 188 250 277
Other operating items -64 -96 -110
EBITDA 124 153 167
Depreciation on tangibles -60 -64 -67
Depreciation on intangibles 0 0 0
EBITA 64 95 102
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 64 95 102
Other financial items 0 0 0
Net financial items -20 -5 -10
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 43 90 93
Tax -7 -22 -22
Net profit 36 68 70
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 68 70
EPS 4,46 8,46 8,72
EPS Adj 5,33 8,46 8,72
Total extraordinary items after tax -7 0 0
Tax rate (%) -16,7 -24 -24
Gross margin (%) 32,4 33,3 33
EBITDA margin (%) 21,3 20,4 19,9
EBITA margin (%) 11 12,6 12,2
EBIT margin (%) 11 12,6 12,2
Pretax margin (%) 7,4 12 11,1
Net margin (%) 6,2 9,1 8,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,9 29,4 11,5
EBITDA growth (%) -1,5 23,9 8,8
EBIT growth (%) -2,6 49,2 8
Net profit growth (%) -6,5 89,5 3,1
EPS growth (%) -6,5 89,5 3,1
Profitability 2020 2021 2022
ROE (%) 6,7 12 11,2
ROE Adj (%) 8 12 11,2
ROCE (%) 7,1 10,5 10,6
ROCE Adj(%) 7,8 10,5 10,6
ROIC (%) 6,4 8,8 9,3
ROIC Adj (%) 7,1 8,8 9,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 131 153 167
EBITDA Adj margin (%) 22,5 20,4 19,9
EBITA Adj 71 95 102
EBITA Adj margin (%) 12,2 12,6 12,2
EBIT Adj 71 95 102
EBIT Adj margin (%) 12,2 12,6 12,2
Pretax profit Adj 50 90 93
Net profit Adj 43 68 70
Net profit to shareholders Adj 43 68 70
Net Adj margin (%) 7,4 9,1 8,4
Depreciation and amortisation -60 -58 -64
Of which leasing depreciation 0 0 0
EO items -7 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 131 153 167
EBITDA lease Adj margin (%) 22,5 20,4 19,9
SEKm 2020 2021e 2022e
Inventories 153 165 176
Receivables 94 128 142
Other current assets 0 0 0
Cash and liquid assets 89 89 153
Total assets 1002 1083 1159
Shareholders equity 540 596 655
Minority 0 0 0
Total equity 540 596 655
Long-term debt 337 337 337
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 125 150 167
Other current liabilities 0 0 0
Total liabilities and equity 1002 1083 1159
Net IB debt 248 248 184
Net IB debt excl. pension debt 248 248 184
Capital invested 789 845 839
Working capital 121 143 151
EV breakdown 2020 2021 2022
Market cap. diluted (m) 871 1388 1388
Net IB debt Adj 248 248 184
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 1120 1636 1572
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,9 72 74,7
Capital invested turnover (%) 69,9 92,1 101,9
Capital employed turnover (%) 64,3 81,9 86,5
Inventories / sales (%) 26,5 20,8 19,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,1 18,5 19
Working capital / sales (%) 22,7 17,6 17,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 46 41,6 28,1
Net debt / market cap (%) 35,6 17,9 13,3
Equity ratio (%) 53,9 55 56,5
Net IB debt adj. / equity (%) 46 41,6 28,1
Current ratio (%) 268,1 254,1 281,3
EBITDA / net interest (%) 606,4 2993,2 1679,1
Net IB debt / EBITDA (%) 200,8 162 110,4
Interest cover (%) 311,8 1853,4 1032,4
EBITDA 124 153 167
Net financial items -20 -5 -10
Paid tax -7 -22 -22
Non-cash items 0 0 0
Cash flow before change in WC 96 127 135
Change in WC 30 -21 -8
Operating cash flow 126 105 126
CAPEX tangible fixed assets -57 -93 -50
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 70 12 76
Dividend paid -12 -12 -12
Share issues and buybacks 0 0 0
Other non cash items 26 0 0
Decrease in net IB debt 83 23 66
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 166 166 166
Indefinite intangible assets 88 88 88
Definite intangible assets 0 0 0
Tangible fixed assets 412 447 433
Other fixed assets 1 1 1
Fixed assets 667 702 688
Lease liability amortisation 0 0 0
Other intangible assets 88 88 88
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing 248 248 184
Net IB debt / EBITDA lease Adj (%) 190,1 162 110,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,46 8,46 8,72
Dividend per share Adj 1,5 1,5 1,5
EPS Adj 5,33 8,46 8,72
BVPS 66,97 73,92 81,14
BVPS Adj 46,44 53,4 60,62
Net IB debt / share 30,8 30,8 22,8
Share price 86,46 172 172
Market cap. (m) 698 1388 1388
Valuation 2020 2021 2022
P/E 24,2 20,3 19,7
EV/sales 1,93 2,18 1,88
EV/EBITDA 9,1 10,7 9,4
EV/EBITA 17,6 17,2 15,3
EV/EBIT 17,6 17,2 15,3
Dividend yield (%) 1,4 0,9 0,9
FCF yield (%) 8 0,9 5,5
P/BVPS 1,61 2,33 2,12
P/BVPS Adj 2,33 3,22 2,84
P/E Adj 20,3 20,3 19,7
EV/EBITDA Adj 8,6 10,7 9,4
EV/EBITA Adj 15,9 17,2 15,3
EV/EBIT Adj 15,9 17,2 15,3
EV/cap. employed 1,3 1,8 1,6
Investment ratios 2020 2021 2022
Capex / sales 9,7 12,4 6
Capex / depreciation 93,3 159,2 78,3
Capex tangibles / tangible fixed assets 13,7 20,8 11,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,6 13,1 14,8
Lease adj. FCF yield (%) 8 0,9 5,5

Equity research

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Media

Elos Medtech - Company presentation with CFO Ewa Linsäter
Elos Medtech - Company presentation with CEO Jan Wahlström (in English)

Main shareholders - Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Venova AB (Thomas Öster) 7.7 % 22.4 % 31 Mar 2021
Svolder 15.4 % 21.9 % 30 Apr 2021
Bo Nilsson 4.6 % 15.1 % 31 Mar 2021
Kent Molin 4.9 % 9.0 % 30 Apr 2021
Nordea Fonder 16.9 % 7.6 % 31 Mar 2021
Lannebo Fonder 3.5 % 1.5 % 31 Mar 2021
Aktia Asset Management 3.2 % 1.4 % 31 Mar 2021
Cliens Fonder 3.2 % 1.4 % 31 Mar 2021
Søren Olesen 3.0 % 1.3 % 30 Apr 2021
Fondita Fonder 1.9 % 0.8 % 31 Mar 2021
Source: Holdings by Modular Finance AB

Insider list - Elos Medtech

Name Quantity Code Date
Jan Wahlström - 6 113 SELL 10 Mar 2021
jan wahlström + 6 113 BUY 10 Mar 2021
Yvonne Mårtensson + 1 993 BUY 25 Feb 2021
Yvonne Mårtensson + 7 BUY 25 Feb 2021
jan wahlström + 2 000 BUY 25 Feb 2021
Jan Wahlström + 2 000 BUY 23 Jul 2020
Ewa Olsson Linsäter + 1 600 BUY 20 Jul 2020
Ewa Olsson Linsäter + 400 BUY 20 Jul 2020
Yvonne Mårtensson + 919 BUY 17 Jul 2020
Yvonne Mårtensson + 307 BUY 17 Jul 2020

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