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

Introduce me >

UPCOMING EVENTS

We arrange several open investor events with our covered companies each year. Please subscribe to get information about our upcoming Introduce events. 

Sign up >

Social media

facebook   Meet us at Facebook

facebook   Follow us on Twitter

   Follow us on LinkedIn

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 645 724 783
Sales growth (%) 11,6 12,3 8,1
EBITDA 95 133 143
EBITDA margin (%) 14,8 18,3 18,3
EBIT adj 47 75 83
EBIT adj margin (%) 7,4 10,4 10,6
Pretax profit 29 64 71
EPS rep 2,59 5,55 6,35
EPS growth (%) -30,2 114,4 14,3
EPS adj 3,64 5,55 6,35
DPS 1 1,1 1,2
EV/EBITDA (x) 8,9 7,9 7
EV/EBIT adj (x) 18 13,9 12
P/E (x) 27 16 14
P/E adj (x) 19,2 16 14
EV/sales (x) 1,3 1,4 1,3
FCF yield (%) -2,4 -0,9 8,3
Dividend yield (%) 1,4 1,2 1,3
Net IB debt/EBITDA 3 2,5 1,9
SEKm 2018 2019e 2020e
Sales 645 724 783
COGS -466 -502 -542
Gross profit 178 223 241
Other operating items -83 -90 -98
EBITDA 95 133 143
Depreciation on tangibles -56 -57 -60
Depreciation on intangibles 0 0 0
EBITA 39 75 83
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 39 75 83
Other financial items 0 0 0
Net financial items -10 -11 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 64 71
Tax -8 -19 -20
Net profit 21 45 51
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 45 51
EPS 2,59 5,55 6,35
EPS Adj 3,64 5,55 6,35
Total extraordinary items after tax -8,5 0 0
Tax rate (%) -26,7 -30 -28
Gross margin (%) 27,7 30,7 30,8
EBITDA margin (%) 14,8 18,3 18,3
EBITA margin (%) 6 10,4 10,6
EBIT margin (%) 6 10,4 10,6
Pretax margin (%) 4,4 8,8 9,1
Net margin (%) 3,2 6,2 6,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,6 12,3 8,1
EBITDA growth (%) 1,3 39,2 8
EBIT growth (%) -8,9 93,4 10,3
Net profit growth (%) -7 114,4 14,3
EPS growth (%) -30,2 114,4 14,3
Profitability 2018 2019 2020
ROE (%) 4,8 8,4 8,9
ROE Adj (%) 6,7 8,4 8,9
ROCE (%) 4,9 8,6 9,2
ROCE Adj(%) 6 8,6 9,2
ROIC (%) 3,7 6,3 6,8
ROIC Adj (%) 4,6 6,3 6,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 104 133 143
EBITDA Adj margin (%) 16,1 18,3 18,3
EBITA Adj 47 75 83
EBITA Adj margin (%) 7,4 10,4 10,6
EBIT Adj 47 75 83
EBIT Adj margin (%) 7,4 10,4 10,6
Pretax profit Adj 37 64 71
Net profit Adj 29 45 51
Net profit to shareholders Adj 29 45 51
Net Adj margin (%) 4,6 6,2 6,5
SEKm 2018 2019e 2020e
Inventories 157 185 196
Receivables 96 127 137
Other current assets 0 0 0
Cash and liquid assets 49 10 41
Total assets 957 1041 1073
Shareholders equity 509 556 598
Minority 0 0 0
Total equity 509 556 598
Long-term debt 336 338 318
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 112 147 157
Other current liabilities 0 0 0
Total liabilities and equity 888 848 957
Net IB debt 287 328 278
Net IB debt excl. pension debt 287 328 278
Capital invested 796 884 876
Working capital 141 165 176
EV breakdown 2018 2019 2020
Market cap. diluted (m) 565 718 718
Net IB debt Adj 287 328 278
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 1046 996
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 71,4 72,5 74,1
Capital invested turnover (%) 84,6 86,2 89
Capital employed turnover (%) 81,5 83,3 86,5
Inventories / sales (%) 23,2 23,6 24,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,3 17,9 19,4
Working capital / sales (%) 20,1 21,1 21,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 56,5 59 46,4
Net debt / market cap (%) 51,5 45,7 38,7
Equity ratio (%) 53,1 53,4 55,7
Net IB debt adj. / equity (%) 56,5 59 46,4
Current ratio (%) 269 219,3 238,6
EBITDA / net interest (%) 916,3 1182,8 1212,9
Net IB debt / EBITDA (%) 301,6 247,4 193,8
Interest cover (%) 374 670,8 702,6
EBITDA 95 133 143
Net financial items -10 -11 -12
Paid tax -8 -19 -20
Non-cash items 0 0 0
Cash flow before change in WC 77 102 112
Change in WC -23 -24 -11
Operating cash flow 66 79 100
CAPEX tangible fixed assets -80 -85 -41
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -14 -6 59
Dividend paid 0 -8 -9
Share issues and buybacks 0 0 0
Other non cash items 85 -26 0
Decrease in net IB debt 71 -41 50
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 279 285 285
Definite intangible assets 0 0 0
Tangible fixed assets 374 426 406
Other fixed assets 2 8 8
Fixed assets 655 719 700
SEKm 2018 2019e 2020e
Shares outstanding adj. 8 8 8
Fully diluted shares Adj 8 8 8
EPS 2,59 5,55 6,35
Dividend per share Adj 1 1,1 1,2
EPS Adj 3,64 5,55 6,35
BVPS 63,03 68,9 74,15
BVPS Adj 63,03 68,9 74,15
Net IB debt / share 35,6 40,7 34,4
Share price 69,2 89 89
Market cap. (m) 558 718 718
Valuation 2018 2019 2020
P/E 27 16 14
EV/sales 1,32 1,44 1,27
EV/EBITDA 8,9 7,9 7
EV/EBITA 21,9 13,9 12
EV/EBIT 21,9 13,9 12
Dividend yield (%) 1,4 1,2 1,3
FCF yield (%) -2,4 -0,9 8,3
P/BVPS 1,11 1,29 1,2
P/BVPS Adj 1,11 1,29 1,2
P/E Adj 19,2 16 14
EV/EBITDA Adj 8,2 7,9 7
EV/EBITA Adj 18 13,9 12
EV/EBIT Adj 18 13,9 12
EV/cap. employed 1 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 12,4 11,7 5,2
Capex / depreciation 141,7 147,9 67,5
Capex tangibles / tangible fixed assets 21,4 19,9 10
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 13,5 14,8

Equity research

Read earlier research

Media

View more media

Main shareholders

Elos Medtech

Main shareholders Share capital % Voting shares % Verified
Familjen Öster 7.5 % 22.3 % 31 Mar 2019
Lars Runmarker 5.9 % 17.6 % 31 Mar 2019
Bo Nilsson 4.6 % 15.2 % 31 Mar 2019
Kent Molin 5.0 % 9.0 % 31 Mar 2019
Nordea Fonder 15.2 % 6.8 % 31 Mar 2019
Svolder 11.5 % 5.2 % 30 Apr 2019
Bengt Julander 6.2 % 2.8 % 30 Apr 2019
Søren Olesen 3.0 % 1.3 % 30 Apr 2019
Nordnet Pensionsförsäkring 2.6 % 1.2 % 30 Apr 2019
Eccenovo AB 2.5 % 1.1 % 30 Apr 2019
Source: Holdings by Modular Finance AB

Insider list

Elos Medtech

Name Quantity Code Date
Jan Wahlström + 1 000 BUY 6 May 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
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

Show More