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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 580 737 822
Sales growth (%) -15,9 27,1 11,5
EBITDA 124 149 165
EBITDA margin (%) 21,3 20,3 20
EBIT adj 71 85 98
EBIT adj margin (%) 12,2 11,6 11,9
Pretax profit 43 76 89
EPS rep 4,46 7,19 8,34
EPS growth (%) -6,5 61,2 16
EPS adj 5,33 7,19 8,34
DPS 1,5 1,5 1,5
EV/EBITDA (x) 9,1 7,6 6,5
EV/EBIT adj (x) 15,9 13,3 10,9
P/E (x) 24,2 15,6 13,5
P/E adj (x) 20,3 15,6 13,5
EV/sales (x) 1,9 1,5 1,3
FCF yield (%) 8 3,8 8,6
Dividend yield (%) 1,4 1,3 1,3
Net IB debt/EBITDA 2 1,5 1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 580 737 822
COGS -392 -498 -559
Gross profit 188 239 264
Other operating items -64 -90 -99
EBITDA 124 149 165
Depreciation on tangibles -60 -64 -67
Depreciation on intangibles 0 0 0
EBITA 64 85 98
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 64 85 98
Other financial items 0 0 0
Net financial items -20 -9 -9
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 43 76 89
Tax -7 -18 -21
Net profit 36 58 67
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 58 67
EPS 4,46 7,19 8,34
EPS Adj 5,33 7,19 8,34
Total extraordinary items after tax -7 0 0
Tax rate (%) -16,7 -24 -24
Gross margin (%) 32,4 32,5 32,1
EBITDA margin (%) 21,3 20,3 20
EBITA margin (%) 11 11,6 11,9
EBIT margin (%) 11 11,6 11,9
Pretax margin (%) 7,4 10,4 10,8
Net margin (%) 6,2 7,9 8,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,9 27,1 11,5
EBITDA growth (%) -1,5 20,7 10,3
EBIT growth (%) -2,6 34,2 14,3
Net profit growth (%) -6,5 61,2 16
EPS growth (%) -6,5 61,2 16
Profitability 2020 2021 2022
ROE (%) 6,7 10,3 11
ROE Adj (%) 8 10,3 11
ROCE (%) 7,1 9,5 10,3
ROCE Adj(%) 7,8 9,5 10,3
ROIC (%) 6,4 8,1 9,2
ROIC Adj (%) 7,1 8,1 9,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 131 149 165
EBITDA Adj margin (%) 22,5 20,3 20
EBITA Adj 71 85 98
EBITA Adj margin (%) 12,2 11,6 11,9
EBIT Adj 71 85 98
EBIT Adj margin (%) 12,2 11,6 11,9
Pretax profit Adj 50 76 89
Net profit Adj 43 58 67
Net profit to shareholders Adj 43 58 67
Net Adj margin (%) 7,4 7,9 8,2
N/A N/A N/A
SEKm 2020 2021e 2022e
Inventories 153 155 164
Receivables 94 125 132
Other current assets 0 0 0
Cash and liquid assets 89 111 177
Total assets 1002 1071 1143
Shareholders equity 540 586 641
Minority 0 0 0
Total equity 540 586 641
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 125 147 164
Other current liabilities 0 0 0
Total liabilities and equity 1002 1071 1143
Net IB debt 248 226 160
Net IB debt excl. pension debt 248 226 160
Capital invested 789 812 801
Working capital 121 133 132
EV breakdown 2020 2021 2022
Market cap. diluted (m) 871 908 908
Net IB debt Adj 248 226 160
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 1134 1068
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 56,9 71,1 74,3
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 17,2 16,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 46 38,5 24,9
Net debt / market cap (%) 35,6 24,9 17,6
Equity ratio (%) 53,9 54,8 56,1
Net IB debt adj. / equity (%) 46 38,5 24,9
Current ratio (%) 268,1 265,3 287,7
EBITDA / net interest (%) 606,4 1663,9 1823,9
Net IB debt / EBITDA (%) 200,8 151,2 97
Interest cover (%) 311,8 950,8 1080
EBITDA 124 149 165
Net financial items -20 -9 -9
Paid tax -7 -18 -21
Non-cash items 0 0 0
Cash flow before change in WC 96 122 134
Change in WC 30 -11 1
Operating cash flow 126 111 136
CAPEX tangible fixed assets -57 -76 -58
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 70 35 78
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 412 424 415
Other fixed assets 1 1 1
Fixed assets 667 679 670
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 4,46 7,19 8,34
Dividend per share Adj 1,5 1,5 1,5
EPS Adj 5,33 7,19 8,34
BVPS 66,97 72,66 79,5
BVPS Adj 46,44 52,14 58,98
Net IB debt / share 30,8 28 19,8
Share price 86,46 112,5 112,5
Market cap. (m) 698 908 908
Valuation 2020 2021 2022
P/E 24,2 15,6 13,5
EV/sales 1,93 1,54 1,3
EV/EBITDA 9,1 7,6 6,5
EV/EBITA 17,6 13,3 10,9
EV/EBIT 17,6 13,3 10,9
Dividend yield (%) 1,4 1,3 1,3
FCF yield (%) 8 3,8 8,6
P/BVPS 1,61 1,55 1,42
P/BVPS Adj 2,33 2,16 1,91
P/E Adj 20,3 15,6 13,5
EV/EBITDA Adj 8,6 7,6 6,5
EV/EBITA Adj 15,9 13,3 10,9
EV/EBIT Adj 15,9 13,3 10,9
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 9,7 10,3 7
Capex / depreciation 93,3 118,8 85,6
Capex tangibles / tangible fixed assets 13,7 17,9 13,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,6 15,1 16,2
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
Venova AB (Thomas Öster) 7.7 % 22.4 % 31 Dec 2020
Svolder 15.4 % 21.9 % 31 Dec 2020
Bo Nilsson 4.6 % 15.1 % 31 Dec 2020
Kent Molin 4.9 % 9.0 % 31 Dec 2020
Nordea Fonder 16.9 % 7.6 % 31 Dec 2020
Ulrika Erlandsson 1.4 % 1.9 % 31 Dec 2020
Lannebo Fonder 3.5 % 1.5 % 31 Dec 2020
Søren Olesen 3.0 % 1.3 % 31 Dec 2020
Cliens Fonder 2.0 % 0.9 % 31 Dec 2020
Fondita Fonder 1.9 % 0.8 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Elos Medtech

Name Quantity Code Date
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
Yvonne Mårtensson + 1 774 BUY 17 Jul 2020
Mattias Andersson - 19 000 SELL 24 Mar 2020

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