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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 2019 2020e 2021e
Sales 689 576 634
Sales growth (%) 6,9 -16,4 10,1
EBITDA 126 112 129
EBITDA margin (%) 18,2 19,4 20,3
EBIT adj 65 53 64
EBIT adj margin (%) 9,5 9,3 10,1
Pretax profit 51 33 53
EPS rep 4,77 3,14 4,89
EPS growth (%) 84,2 -34,3 55,8
EPS adj 4,77 3,51 4,89
DPS 1,1 1,2 1,3
EV/EBITDA (x) 9,5 8,8 7,4
EV/EBIT adj (x) 18,2 18,5 14,9
P/E (x) 22,3 28,1 18
P/E adj (x) 22,3 25,1 18
EV/sales (x) 1,7 1,7 1,5
FCF yield (%) -0,1 7,5 6,5
Dividend yield (%) 1 1,4 1,5
Net IB debt/EBITDA 2,6 2,5 1,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 689 576 634
COGS -476 -395 -438
Gross profit 213 181 196
Other operating items -88 -69 -67
EBITDA 126 112 129
Depreciation on tangibles -60 -62 -65
Depreciation on intangibles 0 0 0
EBITA 65 50 64
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 65 50 64
Other financial items 0 0 0
Net financial items -15 -18 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 51 33 53
Tax -12 -7 -13
Net profit 39 25 39
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 25 39
EPS 4,77 3,14 4,89
EPS Adj 4,77 3,51 4,89
Total extraordinary items after tax 0 -3 0
Tax rate (%) -23,9 -22,4 -25,5
Gross margin (%) 31 31,5 30,9
EBITDA margin (%) 18,2 19,4 20,3
EBITA margin (%) 9,5 8,7 10,1
EBIT margin (%) 9,5 8,7 10,1
Pretax margin (%) 7,3 5,7 8,3
Net margin (%) 5,6 4,4 6,2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 6,9 -16,4 10,1
EBITDA growth (%) 31,8 -10,9 15
EBIT growth (%) 67,9 -22,9 27,3
Net profit growth (%) 84,2 -34,3 55,8
EPS growth (%) 84,2 -34,3 55,8
Profitability 2019 2020 2021
ROE (%) 7,3 4,6 6,8
ROE Adj (%) 7,3 5,1 6,8
ROCE (%) 7,4 5,4 6,9
ROCE Adj(%) 7,4 5,8 6,9
ROIC (%) 6 4,6 5,7
ROIC Adj (%) 6 4,8 5,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 126 115 129
EBITDA Adj margin (%) 18,2 19,9 20,3
EBITA Adj 65 53 64
EBITA Adj margin (%) 9,5 9,3 10,1
EBIT Adj 65 53 64
EBIT Adj margin (%) 9,5 9,3 10,1
Pretax profit Adj 51 36 53
Net profit Adj 39 28 39
Net profit to shareholders Adj 39 28 39
Net Adj margin (%) 5,6 4,9 6,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Inventories 155 147 159
Receivables 95 101 114
Other current assets 0 0 0
Cash and liquid assets 55 77 93
Total assets 1035 1050 1058
Shareholders equity 540 566 596
Minority 0 0 0
Total equity 540 566 596
Long-term debt 387 356 336
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 108 128 127
Other current liabilities 0 0 0
Total liabilities and equity 1035 1050 1058
Net IB debt 332 278 242
Net IB debt excl. pension debt 332 278 242
Capital invested 871 845 838
Working capital 142 120 146
EV breakdown 2019 2020 2021
Market cap. diluted (m) 859 710 710
Net IB debt Adj 332 278 242
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 1191 988 952
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 69,2 55,3 60,2
Capital invested turnover (%) 82,7 67,2 75,4
Capital employed turnover (%) 77,8 62,3 68,4
Inventories / sales (%) 22,6 26,2 24,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16 20,5 20,1
Working capital / sales (%) 20,5 22,7 20,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61,4 49,2 40,6
Net debt / market cap (%) 45,7 39,2 34,1
Equity ratio (%) 52,2 53,9 56,3
Net IB debt adj. / equity (%) 61,4 49,2 40,6
Current ratio (%) 282,3 253,3 288,7
EBITDA / net interest (%) 854,4 630,9 1155,9
Net IB debt / EBITDA (%) 263,9 248,8 188
Interest cover (%) 444,2 283,7 575,1
EBITDA 126 112 129
Net financial items -15 -18 -11
Paid tax -12 -7 -13
Non-cash items 0 0 0
Cash flow before change in WC 99 87 104
Change in WC -1 22 -26
Operating cash flow 98 109 78
CAPEX tangible fixed assets -99 -56 -32
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -1 53 46
Dividend paid -8 -9 -10
Share issues and buybacks 0 0 0
Other non cash items -35 9 0
Decrease in net IB debt -44 53 36
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 283 283 283
Definite intangible assets 0 0 0
Tangible fixed assets 444 440 407
Other fixed assets 2 2 2
Fixed assets 729 725 692
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,77 3,14 4,89
Dividend per share Adj 1,1 1,2 1,3
EPS Adj 4,77 3,51 4,89
BVPS 66,92 70,19 73,88
BVPS Adj 66,92 70,19 73,88
Net IB debt / share 41,1 34,5 30
Share price 89,89 88 88
Market cap. (m) 725 710 710
Valuation 2019 2020 2021
P/E 22,3 28,1 18
EV/sales 1,73 1,72 1,5
EV/EBITDA 9,5 8,8 7,4
EV/EBITA 18,2 19,6 14,9
EV/EBIT 18,2 19,6 14,9
Dividend yield (%) 1 1,4 1,5
FCF yield (%) -0,1 7,5 6,5
P/BVPS 1,59 1,25 1,19
P/BVPS Adj 1,59 1,25 1,19
P/E Adj 22,3 25,1 18
EV/EBITDA Adj 9,5 8,6 7,4
EV/EBITA Adj 18,2 18,5 14,9
EV/EBIT Adj 18,2 18,5 14,9
EV/cap. employed 1,3 1,1 1
Investment ratios 2019 2020 2021
Capex / sales 14,3 9,8 5
Capex / depreciation 163,8 91,2 49
Capex tangibles / tangible fixed assets 22,2 12,8 7,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 13,6 14 15,9
N/A N/A N/A

Equity research

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Media

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

Main shareholders - Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Familjen Öster 7.7 % 22.4 % 30 Jun 2020
Svolder 15.4 % 21.9 % 31 Aug 2020
Mats Nilsson 5.4 % 15.5 % 19 Mar 2019
Bo Nilsson 4.6 % 15.1 % 30 Jun 2020
Kent Molin 4.9 % 9.0 % 31 Aug 2020
Nordea Fonder 16.9 % 7.6 % 31 Jul 2020
Bengt Julander 6.4 % 2.9 % 31 Aug 2020
Lannebo Fonder 3.0 % 1.4 % 30 Jun 2020
Søren Olesen 3.0 % 1.3 % 31 Aug 2020
Eccenovo AB 2.5 % 1.1 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Elos Medtech

Name Quantity Code Date
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
Yvonne Mårtensson + 1 774 BUY 17 Jul 2020
Mattias Andersson - 19 000 SELL 24 Mar 2020
Mattias Andersson + 500 BUY 13 Mar 2020
Claes Hansson + 700 BUY 4 Mar 2020
Ewa Olsson Linsäter + 2 000 BUY 25 Oct 2019

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