Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2019 2020e 2021e
Sales 711 779 850
Sales growth (%) 10,2 9,6 9,1
EBITDA 127 143 162
EBITDA margin (%) 17,9 18,4 19,1
EBIT adj 68 80 96
EBIT adj margin (%) 9,5 10,3 11,3
Pretax profit 53 67 83
EPS rep 5,06 6,14 7,63
EPS growth (%) 95,2 21,5 24,2
EPS adj 5,06 6,14 7,63
DPS 1,1 1,2 1,3
EV/EBITDA (x) 9,8 8,6 7,3
EV/EBIT adj (x) 18,5 15,4 12,3
P/E (x) 21,7 17,8 14,4
P/E adj (x) 21,7 17,8 14,4
EV/sales (x) 1,8 1,6 1,4
FCF yield (%) -3,4 2,5 7,3
Dividend yield (%) 1 1,1 1,2
Net IB debt/EBITDA 2,9 2,5 1,8
SEKm 2019 2020e 2021e
Sales 711 779 850
COGS -492 -539 -585
Gross profit 219 240 264
Other operating items -91 -97 -102
EBITDA 127 143 162
Depreciation on tangibles -60 -63 -66
Depreciation on intangibles 0 0 0
EBITA 68 80 96
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 68 80 96
Other financial items 0 0 0
Net financial items -14 -13 -13
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 53 67 83
Tax -12 -17 -22
Net profit 41 50 62
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 41 50 62
EPS 5,06 6,14 7,63
EPS Adj 5,06 6,14 7,63
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,2 -26 -26
Gross margin (%) 30,8 30,8 31,1
EBITDA margin (%) 17,9 18,4 19,1
EBITA margin (%) 9,5 10,3 11,3
EBIT margin (%) 9,5 10,3 11,3
Pretax margin (%) 7,5 8,6 9,8
Net margin (%) 5,8 6,4 7,3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 10,2 9,6 9,1
EBITDA growth (%) 33,7 12,2 13,2
EBIT growth (%) 73,9 18,6 19,7
Net profit growth (%) 95,6 21,5 24,2
EPS growth (%) 95,2 21,5 24,2
Profitability 2019 2020 2021
ROE (%) 7,6 8,5 9,8
ROE Adj (%) 7,6 8,5 9,8
ROCE (%) 7,5 8,3 9,6
ROCE Adj(%) 7,5 8,3 9,6
ROIC (%) 6 6,3 7,5
ROIC Adj (%) 6 6,3 7,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 127 143 162
EBITDA Adj margin (%) 17,9 18,4 19,1
EBITA Adj 68 80 96
EBITA Adj margin (%) 9,5 10,3 11,3
EBIT Adj 68 80 96
EBIT Adj margin (%) 9,5 10,3 11,3
Pretax profit Adj 53 67 83
Net profit Adj 41 50 62
Net profit to shareholders Adj 41 50 62
Net Adj margin (%) 5,8 6,4 7,3
SEKm 2019 2020e 2021e
Inventories 181 195 212
Receivables 124 136 153
Other current assets 0 0 0
Cash and liquid assets 33 26 61
Total assets 1099 1135 1181
Shareholders equity 562 602 654
Minority 0 0 0
Total equity 562 602 654
Long-term debt 397 377 357
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 140 156 170
Other current liabilities 0 0 0
Total liabilities and equity 848 957 1099
Net IB debt 365 351 296
Net IB debt excl. pension debt 365 351 296
Capital invested 926 954 950
Working capital 166 175 195
EV breakdown 2019 2020 2021
Market cap. diluted (m) 886 886 886
Net IB debt Adj 365 351 296
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 1250 1237 1181
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 69,1 69,7 73,3
Capital invested turnover (%) 82,5 82,9 89,3
Capital employed turnover (%) 78,8 80,4 85,3
Inventories / sales (%) 23,8 24,1 24
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,8 19 19,2
Working capital / sales (%) 21,6 21,9 21,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 64,9 58,3 45,2
Net debt / market cap (%) 50,1 39,7 33,4
Equity ratio (%) 51,1 53,1 55,4
Net IB debt adj. / equity (%) 64,9 58,3 45,2
Current ratio (%) 241,4 229,2 251
EBITDA / net interest (%) 885,6 1089,9 1280,8
Net IB debt / EBITDA (%) 286 245,6 182,8
Interest cover (%) 470 611,4 759,4
EBITDA 127 143 162
Net financial items -14 -13 -13
Paid tax -12 -17 -22
Non-cash items 0 0 0
Cash flow before change in WC 101 112 128
Change in WC -25 -10 -20
Operating cash flow 76 103 107
CAPEX tangible fixed assets -106 -81 -42
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -30 22 65
Dividend paid -8 -9 -10
Share issues and buybacks 0 0 0
Other non cash items -39 0 0
Decrease in net IB debt -77 13 55
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 297 297 297
Definite intangible assets 0 0 0
Tangible fixed assets 461 479 456
Other fixed assets 3 3 3
Fixed assets 761 778 755
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 5,06 6,14 7,63
Dividend per share Adj 1,1 1,2 1,3
EPS Adj 5,06 6,14 7,63
BVPS 69,44 74,49 80,91
BVPS Adj 69,44 74,49 80,91
Net IB debt / share 45,1 43,4 36,6
Share price 89,89 109,5 109,5
Market cap. (m) 727 886 886
Valuation 2019 2020 2021
P/E 21,7 17,8 14,4
EV/sales 1,76 1,59 1,39
EV/EBITDA 9,8 8,6 7,3
EV/EBITA 18,5 15,4 12,3
EV/EBIT 18,5 15,4 12,3
Dividend yield (%) 1 1,1 1,2
FCF yield (%) -3,4 2,5 7,3
P/BVPS 1,58 1,47 1,35
P/BVPS Adj 1,58 1,47 1,35
P/E Adj 21,7 17,8 14,4
EV/EBITDA Adj 9,8 8,6 7,3
EV/EBITA Adj 18,5 15,4 12,3
EV/EBIT Adj 18,5 15,4 12,3
EV/cap. employed 1,3 1,3 1,2
Investment ratios 2019 2020 2021
Capex / sales 14,9 10,3 5
Capex / depreciation 177,4 128,2 64,4
Capex tangibles / tangible fixed assets 23 16,8 9,3
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 13,1 14,5

Equity research

Read earlier research

Media

Elos Medtech - Interview with CEO Jan Wahlström
Elos Medtech - Company presentation with CEO Jan Wahlström

Main shareholders - Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Familjen Öster 7.5 % 22.3 % 31 Dec 2019
Svolder 15.6 % 21.9 % 31 Dec 2019
Mats Nilsson 5.4 % 15.5 % 19 Mar 2019
Bo Nilsson 4.6 % 15.2 % 31 Dec 2019
Kent Molin 5.0 % 9.0 % 31 Dec 2019
Nordea Fonder 16.8 % 7.5 % 31 Dec 2019
Bengt Julander 6.4 % 2.9 % 31 Dec 2019
Søren Olesen 3.0 % 1.3 % 31 Dec 2019
Eccenovo AB 2.5 % 1.1 % 31 Dec 2019
Lars Runmarker 2.2 % 1.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Elos Medtech

Name Quantity Code Date
Ewa Olsson Linsäter + 2 000 BUY 25 Oct 2019
Mattias Andersson + 95 BUY 19 Jul 2019
Mattias Andersson + 905 BUY 18 Jul 2019
Jan Wahlström + 1 000 BUY 6 May 2019
Mats Nilsson Bernitz + 13 500 BUY 19 Mar 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

Show More