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Handicare

Leader in mobility solutions and patient handling products

Handicare is a Swedish-based leading provider of mobility solutions and patient-handling products for the elderly and physically-challenged population. Handicare is a global company, with close to 1,200 employees and sales in more than 20 countries. It has manufacturing and assembly plants in Europe, North America and Asia.

The main opportunity for Handicare would be to gain market share in the global Accessibility and Patient Handling markets.

We note a number of risk factors for Handicare, including market risk, competition, legal and regulatory risk, product development risk, and currency and macroeconomic risk.

Financials

EURm 2018 2019e 2020e
Sales 291 282 289
Sales growth (%) 2,3 -3,1 2,6
EBITDA 23 34 37
EBITDA margin (%) 7,8 12 12,8
EBIT adj 16 18 22
EBIT adj margin (%) 5,6 6,5 7,6
Pretax profit 12 15 20
EPS rep 0,19 0,29 0,28
EPS growth (%) 338 50,8 -4,6
EPS adj 0,31 0,3 0,36
DPS 0,05 0,06 0,07
EV/EBITDA (x) 11,9 8,6 7,5
EV/EBIT adj (x) 16,6 15,7 12,7
P/E (x) 16,7 11,3 11,8
P/E adj (x) 10,5 10,9 9,2
EV/sales (x) 0,9 1 1
FCF yield (%) 8,2 9,4 11,1
Dividend yield (%) 1,6 1,8 2,1
Net IB debt/EBITDA 3,5 2,9 2,3
EURm 2018 2019e 2020e
Sales 291 282 289
COGS -171 -164 -166
Gross profit 120 118 123
Other operating items -97 -84 -86
EBITDA 23 34 37
Depreciation on tangibles -4 -9 -9
Depreciation on intangibles 0 0 0
EBITA 19 25 28
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -6
EBIT 13 18 22
Other financial items 2 0 0
Net financial items -1 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 12 15 20
Tax -1 -2 -4
Net profit 11 13 16
Minority interest 0 0 0
Net profit discontinued 0 4 0
Net profit to shareholders 11 17 16
EPS 0,19 0,29 0,28
EPS Adj 0,31 0,3 0,36
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -5,6 -14,6 -18
Gross margin (%) 41,1 41,9 42,4
EBITDA margin (%) 7,8 12 12,8
EBITA margin (%) 6,5 8,8 9,6
EBIT margin (%) 4,5 6,5 7,6
Pretax margin (%) 4,1 5,4 6,9
Net margin (%) 3,9 4,6 5,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 2,3 -3,1 2,6
EBITDA growth (%) 0,2 49,6 9,8
EBIT growth (%) -5,9 39,8 18,7
Net profit growth (%) 337,6 13,7 26,5
EPS growth (%) 338 50,8 -4,6
Profitability 2018 2019 2020
ROE (%) 6,8 9,6 8,5
ROE Adj (%) 10,7 10 10,9
ROCE (%) 5,6 6,3 6,9
ROCE Adj(%) 8,7 8,4 8,7
ROIC (%) 4,8 5,7 6,2
ROIC Adj (%) 5,9 5,7 6,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 26 34 37
EBITDA Adj margin (%) 8,8 12 12,8
EBITA Adj 22 25 28
EBITA Adj margin (%) 7,5 8,8 9,6
EBIT Adj 16 18 22
EBIT Adj margin (%) 5,6 6,5 7,6
Pretax profit Adj 21 21 26
Net profit Adj 18 18 21
Net profit to shareholders Adj 18 18 21
Net Adj margin (%) 6,2 6,3 7,2
EURm 2018 2019e 2020e
Short-term debt 0 0 0
Accounts payable 30 25 26
Other current liabilities 20 20 20
Total liabilities and equity 379 327 336
Net IB debt 80 98 86
Net IB debt excl. pension debt 80 97 85
Capital invested 259 291 292
Working capital 29 34 36
EV breakdown 2018 2019 2020
Market cap. diluted (m) 189 193 193
Net IB debt Adj 80 98 86
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 269 291 279
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 87,8 79,9 77,2
Capital invested turnover (%) 112,2 102,6 99,3
Capital employed turnover (%) 107,5 95,9 91
Inventories / sales (%) 12,2 12,7 12,5
Customer advances / sales (%) 7,3 7 6,9
Payables / sales (%) 9,5 9,9 8,9
Working capital / sales (%) 10,1 11,2 12,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 46,5 52,6 43,2
Net debt / market cap (%) 32,5 50,6 44,4
Equity ratio (%) 51 50,2 52,2
Net IB debt adj. / equity (%) 46,5 52,6 43,2
Current ratio (%) 211 224,8 243,5
EBITDA / net interest (%) 760,9 1009,2 1857,2
Net IB debt / EBITDA (%) 352,6 288,7 230,7
Interest cover (%) 615,6 736,5 1390,3
EBITDA 23 34 37
Net financial items -1 -3 -2
Paid tax -2 -2 -4
Non-cash items 2 -4 0
Cash flow before change in WC 22 24 32
Change in WC 1 -5 -1
Operating cash flow 23 19 30
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -4 -6 -6
Acquisitions and disposals -1 8 0
Free cash flow 16 18 21
Dividend paid -3 -3 -4
Share issues and buybacks 0 0 0
Other non cash items -2 -27 0
Decrease in net IB debt 10 -18 12
Balance Sheet (EURm) 2018 2019 2020
Goodwill 163 164 164
Indefinite intangible assets 0 0 0
Definite intangible assets 49 48 48
Tangible fixed assets 10 9 8
Other fixed assets 8 7 7
Fixed assets 230 257 256
Inventories 36 36 37
Receivables 44 44 45
Other current assets 3 3 3
Cash and liquid assets 24 30 39
Total assets 336 369 380
Shareholders equity 171 185 198
Minority 0 0 0
Total equity 171 185 198
Long-term debt 103 100 97
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 8 8 8
Other long-term liabilities 3 3 3
EURm 2018 2019e 2020e
Shares outstanding adj. 59 59 59
Fully diluted shares Adj 59 59 59
EPS 0,19 0,29 0,28
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,31 0,3 0,36
BVPS 2,91 3,15 3,36
BVPS Adj -0,69 -0,47 -0,25
Net IB debt / share 1,4 1,7 1,5
Share price 4,16 3,27 3,27
Market cap. (m) 245 193 193
Valuation 2018 2019 2020
P/E 16,7 11,3 11,8
EV/sales 0,92 1,03 0,96
EV/EBITDA 11,9 8,6 7,5
EV/EBITA 14,3 11,8 10
EV/EBIT 20,4 15,7 12,7
Dividend yield (%) 1,6 1,8 2,1
FCF yield (%) 8,2 9,4 11,1
P/BVPS 1,11 1,04 0,97
P/BVPS Adj -4,66 -7,04 -13,29
P/E Adj 10,5 10,9 9,2
EV/EBITDA Adj 10,5 8,6 7,5
EV/EBITA Adj 12,3 11,8 10
EV/EBIT Adj 16,6 15,7 12,7
EV/cap. employed 1 0,9 0,9
Investment ratios 2018 2019 2020
Capex / sales 2,1 3 3
Capex / depreciation 160,5 92,6 92,9
Capex tangibles / tangible fixed assets 23,8 32,3 37,2
Capex intangibles / definite intangibles 7,7 11,6 12
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 39,4 104,7 120,1

Equity Research

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Media

Handicare - Interview with CEO Staffan Ternström
Handicare - Company presentation with CEO Staffan Ternström

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Main shareholders - Handicare

Main shareholders Share capital % Voting shares % Verified
Nordic Capital through companies 62.9 % 62.9 % 30 Sep 2019
Fjärde AP-fonden 5.1 % 5.1 % 30 Sep 2019
Danske Invest Fonder 4.2 % 4.2 % 30 Sep 2019
Nordea Fonder 3.9 % 3.9 % 30 Sep 2019
Holta Invest AS 3.4 % 3.4 % 30 Sep 2019
Janus Henderson Investors 2.9 % 2.9 % 31 Aug 2019
Ruffer LLP 2.4 % 2.4 % 30 Jun 2019
Tredje AP-fonden 2.0 % 2.0 % 30 Sep 2019
Lannebo Fonder 1.4 % 1.4 % 31 Aug 2019
Handelsbanken Fonder 1.4 % 1.4 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Handicare

Name Quantity Code Date
Thomas Vorpahl + 99 714 ALTM 2 Jun 2019
Mattias Hakeröd + 99 714 SUBS 2 Jun 2019
Jonas Arlebäck + 1 700 BUY 26 Nov 2018
Jonas Arlebäck + 1 700 BUY 26 Nov 2018
Staffan Ternström + 15 000 BUY 9 Nov 2018
Staffan Ternström + 15 000 BUY 2 Nov 2018
Staffan Ternström + 583 657 BUY 20 Aug 2018
Elisabeth Thand Ringqvist + 5 000 BUY 28 Mar 2018
Claes Magnus Åkesson + 25 000 BUY 10 Oct 2017
Boel Sundvall + 8 000 BUY 9 Oct 2017

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