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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 645 699 751
Sales growth (%) 11,6 8,3 7,6
EBITDA 95 128 140
EBITDA margin (%) 14,8 18,3 18,6
EBIT adj 47 68 77
EBIT adj margin (%) 7,4 9,7 10,2
Pretax profit 29 58 66
EPS rep 2,59 5,05 5,89
EPS growth (%) -30,2 94,9 16,7
EPS adj 3,64 5,05 5,89
DPS 1 1,1 1,2
EV/EBITDA (x) 8,9 6,7 5,8
EV/EBIT adj (x) 18 12,5 10,5
P/E (x) 27 13,7 11,7
P/E adj (x) 19,2 13,7 11,7
EV/sales (x) 1,3 1,2 1,1
FCF yield (%) -2,4 0,2 10,1
Dividend yield (%) 1,4 1,6 1,7
Net IB debt/EBITDA 3 2,3 1,8
SEKm 2018 2019e 2020e
Sales 645 699 751
COGS -466 -494 -530
Gross profit 178 204 221
Other operating items -83 -76 -81
EBITDA 95 128 140
Depreciation on tangibles -56 -60 -63
Depreciation on intangibles 0 0 0
EBITA 39 68 77
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 68 77
Other financial items 0 0 0
Net financial items -10 -10 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 58 66
Tax -8 -17 -18
Net profit 21 41 48
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 41 48
EPS 2,59 5,05 5,89
EPS Adj 3,64 5,05 5,89
Total extraordinary items after tax -8,5 0 0
Tax rate (%) -26,7 -30 -28
Gross margin (%) 27,7 29,2 29,4
EBITDA margin (%) 14,8 18,3 18,6
EBITA margin (%) 6 9,7 10,2
EBIT margin (%) 6 9,7 10,2
Pretax margin (%) 4,4 8,3 8,8
Net margin (%) 3,2 5,8 6,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,6 8,3 7,6
EBITDA growth (%) 1,3 34,3 9,1
EBIT growth (%) -8,9 74,7 12,7
Net profit growth (%) -7 94,9 16,7
EPS growth (%) -30,2 94,9 16,7
Profitability 2018 2019 2020
ROE (%) 4,8 7,8 8,5
ROE Adj (%) 6,7 7,8 8,5
ROCE (%) 5,1 8,3 9,2
ROCE Adj(%) 6,2 8,3 9,2
ROIC (%) 3,8 5,8 6,7
ROIC Adj (%) 4,6 5,8 6,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 104 128 140
EBITDA Adj margin (%) 16,1 18,3 18,6
EBITA Adj 47 68 77
EBITA Adj margin (%) 7,4 9,7 10,2
EBIT Adj 47 68 77
EBIT Adj margin (%) 7,4 9,7 10,2
Pretax profit Adj 37 58 66
Net profit Adj 29 41 48
Net profit to shareholders Adj 29 41 48
Net Adj margin (%) 4,6 5,8 6,3
SEKm 2018 2019e 2020e
Inventories 157 178 188
Receivables 96 122 131
Other current assets 0 0 0
Cash and liquid assets 49 22 49
Total assets 957 1004 1026
Shareholders equity 509 541 580
Minority 0 0 0
Total equity 509 541 580
Long-term debt 300 280 260
Pension debt 37 37 37
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 112 147 150
Other current liabilities 0 0 0
Total liabilities and equity 888 848 957
Net IB debt 287 294 247
Net IB debt excl. pension debt 251 258 210
Capital invested 794 833 825
Working capital 141 154 169
EV breakdown 2018 2019 2020
Market cap. diluted (m) 565 557 557
Net IB debt Adj 287 294 247
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 852 851 804
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 71,4 71,2 74
Capital invested turnover (%) 85,2 85,9 90,6
Capital employed turnover (%) 84,6 85,6 90,4
Inventories / sales (%) 23,2 24 24,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,3 18,5 19,8
Working capital / sales (%) 20,1 21,1 21,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 56,5 54,4 42,6
Net debt / market cap (%) 51,5 52,9 44,4
Equity ratio (%) 53,1 53,9 56,5
Net IB debt adj. / equity (%) 56,5 54,4 42,6
Current ratio (%) 269 219,8 245,3
EBITDA / net interest (%) 916,3 1307,6 1317,2
Net IB debt / EBITDA (%) 301,6 230,1 177
Interest cover (%) 374 694,6 722,9
EBITDA 95 128 140
Net financial items -10 -10 -11
Paid tax -8 -17 -18
Non-cash items 0 0 0
Cash flow before change in WC 77 101 111
Change in WC -23 -13 -15
Operating cash flow 66 88 95
CAPEX tangible fixed assets -80 -87 -39
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -14 1 56
Dividend paid 0 -8 -9
Share issues and buybacks 0 0 0
Other non cash items 85 0 0
Decrease in net IB debt 71 -7 47
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 235 235 235
Indefinite intangible assets 43 43 43
Definite intangible assets 0 0 0
Tangible fixed assets 374 401 377
Other fixed assets 2 2 2
Fixed assets 655 682 658
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,59 5,05 5,89
Dividend per share Adj 1 1,1 1,2
EPS Adj 3,64 5,05 5,89
BVPS 63,03 67,08 71,87
BVPS Adj 33,89 37,94 42,73
Net IB debt / share 35,6 36,5 30,6
Share price 69,2 69 69
Market cap. (m) 558 557 557
Valuation 2018 2019 2020
P/E 27 13,7 11,7
EV/sales 1,32 1,22 1,07
EV/EBITDA 8,9 6,7 5,8
EV/EBITA 21,9 12,5 10,5
EV/EBIT 21,9 12,5 10,5
Dividend yield (%) 1,4 1,6 1,7
FCF yield (%) -2,4 0,2 10,1
P/BVPS 1,11 1,03 0,96
P/BVPS Adj 2,07 1,82 1,61
P/E Adj 19,2 13,7 11,7
EV/EBITDA Adj 8,2 6,7 5,8
EV/EBITA Adj 18 12,5 10,5
EV/EBIT Adj 18 12,5 10,5
EV/cap. employed 1,1 1 1
Investment ratios 2018 2019 2020
Capex / sales 12,4 12,5 5,2
Capex / depreciation 141,7 145 62
Capex tangibles / tangible fixed assets 21,4 21,7 10,4
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 15 16,7

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Main shareholders

Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Familjen Öster 7.5 % 22.3 % 31 Dec 2018
Lars Runmarker 5.9 % 17.6 % 31 Dec 2018
Bo Nilsson 4.7 % 15.2 % 31 Dec 2018
Kent Molin 5.0 % 9.0 % 31 Dec 2018
Nordea Fonder 15.2 % 6.8 % 31 Jan 2019
Svolder 11.5 % 5.2 % 28 Feb 2019
HealthInvest Partners 4.8 % 2.2 % 28 Feb 2019
Søren Olesen 3.0 % 1.3 % 31 Dec 2018
Nordnet Pensionsförsäkring 2.6 % 1.2 % 31 Dec 2018
Eccenovo AB 2.4 % 1.1 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Elos Medtech

Name Quantity Code Date
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
YCM Consulting AB + 891 BUY 26 Apr 2018

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