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Handicare

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.

EURm 2020 2021e 2022e
Sales 211 222 231
Sales growth (%) -22,3 5,2 4,3
EBITDA 13 30 33
EBITDA margin (%) 6,1 13,7 14,5
EBIT adj 9 17 20
EBIT adj margin (%) 4,5 7,9 8,8
Pretax profit -29 16 19
EPS rep -0,54 0,22 0,25
EPS growth (%) -1150,3 140,1 13,9
EPS adj 0,12 0,29 0,32
DPS 0,06 0,07 0,07
EV/EBITDA (x) 23,2 9,5 8,3
EV/EBIT adj (x) 31,2 16,6 13,7
P/E (x) -7,8 19,5 17,1
P/E adj (x) 35,5 14,4 13,1
EV/sales (x) 1,4 1,3 1,2
FCF yield (%) 16,2 6,5 8
Dividend yield (%) 1,4 1,5 1,6
Net IB debt/EBITDA 3,6 1,3 0,8
N/A N/A N/A
EURm 2020 2021e 2022e
Sales 211 222 231
COGS -122 -125 -130
Gross profit 89 97 101
Other operating items -76 -66 -68
EBITDA 13 30 33
Depreciation on tangibles -7 -7 -7
Depreciation on intangibles 0 0 0
EBITA 6 23 26
Goodwill impairment charges -25 0 0
Other impairment and amortisation -6 -6 -6
EBIT -25 17 20
Other financial items 0 0 0
Net financial items -4 -1 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -29 16 19
Tax -3 -4 -4
Net profit -32 13 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -32 13 15
EPS -0,54 0,22 0,25
EPS Adj 0,12 0,29 0,32
Total extraordinary items after tax -9,5 0 0
Tax rate (%) 11,3 -22 -22
Gross margin (%) 42,1 43,7 43,9
EBITDA margin (%) 6,1 13,7 14,5
EBITA margin (%) 2,8 10,5 11,3
EBIT margin (%) -11,9 7,9 8,8
Pretax margin (%) -13,6 7,4 8,1
Net margin (%) -15,2 5,8 6,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -22,3 5,2 4,3
EBITDA growth (%) -35,3 137,3 10,3
EBIT growth (%) -641,4 169,7 16
Net profit growth (%) -1995,8 140,1 13,9
EPS growth (%) -1150,3 140,1 13,9
Profitability 2020 2021 2022
ROE (%) -20,3 8,8 9,4
ROE Adj (%) 4,5 11,9 12,3
ROCE (%) -9,1 6,7 7,4
ROCE Adj(%) 5,6 8,9 9,6
ROIC (%) -12 6,8 7,9
ROIC Adj (%) 4,5 6,8 7,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 22 30 33
EBITDA Adj margin (%) 10,6 13,7 14,5
EBITA Adj 15 23 26
EBITA Adj margin (%) 7,3 10,5 11,3
EBIT Adj 9 17 20
EBIT Adj margin (%) 4,5 7,9 8,8
Pretax profit Adj 12 22 25
Net profit Adj 7 17 19
Net profit to shareholders Adj 7 17 19
Net Adj margin (%) 3,3 7,8 8,3
N/A N/A N/A
EURm 2020 2021e 2022e
Short-term debt 0 0 0
Accounts payable 23 18 20
Other current liabilities 20 20 20
Total liabilities and equity 311 315 328
Net IB debt 46 39 28
Net IB debt excl. pension debt 46 38 27
Capital invested 198 200 200
Working capital 23 26 27
EV breakdown 2020 2021 2022
Market cap. diluted (m) 250 250 250
Net IB debt Adj 46 39 28
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 296 289 278
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 64,3 70,7 71,8
Capital invested turnover (%) 90,5 111,2 115,5
Capital employed turnover (%) 76,8 84,6 85
Inventories / sales (%) 13,6 12,7 11,5
Customer advances / sales (%) 9,3 9,1 8,7
Payables / sales (%) 11 9,3 8,2
Working capital / sales (%) 12,1 11 11,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 32,7 25,6 17,1
Net debt / market cap (%) 24,6 15,4 11
Equity ratio (%) 45,4 47,8 49,2
Net IB debt adj. / equity (%) 32,7 25,6 17,1
Current ratio (%) 285,7 332,1 350
EBITDA / net interest (%) 341,9 3034,3 2231,8
Net IB debt / EBITDA (%) 361,8 127,2 82,6
Interest cover (%) 155,3 2324,3 1735,2
EBITDA 13 30 33
Net financial items -4 -1 -2
Paid tax -3 -4 -4
Non-cash items 5 0 0
Cash flow before change in WC 10 26 28
Change in WC 5 -3 -1
Operating cash flow 15 23 27
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -3 -4 -5
Acquisitions and disposals 30 0 0
Free cash flow 41 16 20
Dividend paid 0 -4 -4
Share issues and buybacks 0 0 0
Other non cash items 4 0 0
Decrease in net IB debt 38 8 11
Balance Sheet (EURm) 2020 2021 2022
Goodwill 123 123 123
Indefinite intangible assets 0 0 0
Definite intangible assets 21 20 18
Tangible fixed assets 8 8 8
Other fixed assets 3 3 3
Fixed assets 176 174 173
Inventories 29 27 27
Receivables 34 34 37
Other current assets 3 3 3
Cash and liquid assets 69 77 88
Total assets 311 315 328
Shareholders equity 141 151 161
Minority 0 0 0
Total equity 141 151 161
Long-term debt 95 95 95
Pension debt 1 1 1
Convertible debt 0 0 0
Deferred tax 8 8 8
Other long-term liabilities 3 3 3
N/A N/A N/A
EURm 2020 2021e 2022e
Shares outstanding adj. 59 59 59
Fully diluted shares Adj 59 59 59
EPS -0,54 0,22 0,25
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,12 0,29 0,32
BVPS 2,4 2,56 2,74
BVPS Adj -0,04 0,14 0,34
Net IB debt / share 0,8 0,7 0,5
Share price 3,19 4,24 4,24
Market cap. (m) 188 250 250
Valuation 2020 2021 2022
P/E -7,8 19,5 17,1
EV/sales 1,41 1,3 1,2
EV/EBITDA 23,2 9,5 8,3
EV/EBITA 51,1 12,4 10,7
EV/EBIT -11,9 16,6 13,7
Dividend yield (%) 1,4 1,5 1,6
FCF yield (%) 16,2 6,5 8
P/BVPS 1,77 1,66 1,55
P/BVPS Adj -107,24 30,04 12,33
P/E Adj 35,5 14,4 13,1
EV/EBITDA Adj 13,3 9,5 8,3
EV/EBITA Adj 19,4 12,4 10,7
EV/EBIT Adj 31,2 16,6 13,7
EV/cap. employed 1,2 1,1 1
Investment ratios 2020 2021 2022
Capex / sales 2,2 3 3
Capex / depreciation 66,4 93,6 93
Capex tangibles / tangible fixed assets 26,5 27,5 28,4
Capex intangibles / definite intangibles 12,1 22,6 25,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 87,7 88,2 91,7
N/A N/A N/A

Equity Research

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Media

Handicare - Interview with CEO Johan Ek
Handicare - Company presentation with CEO Johan Ek and CFO Pernilla Lindén

Main shareholders - Handicare

Main shareholders Share capital % Voting shares % Verified
Nordic Capital through companies 62.9 % 62.9 % 31 Dec 2020
Fjärde AP-fonden 6.9 % 6.9 % 31 Dec 2020
Nordea Fonder 3.7 % 3.7 % 31 Dec 2020
Danica Pension 3.3 % 3.3 % 31 Dec 2020
Ruffer LLP 2.7 % 2.7 % 30 Sep 2020
Tredje AP-fonden 2.4 % 2.4 % 31 Dec 2020
Holta Invest AS 2.1 % 2.1 % 31 Dec 2020
Avanza Pension 1.4 % 1.4 % 31 Dec 2020
Janus Henderson Investors 1.4 % 1.4 % 30 Nov 2020
Formica Capital AB 1.1 % 1.1 % 31 Dec 2020
Source: Holdings by Modular Finance AB

Insider list - Handicare

Name Quantity Code Date
Peter Slack + 2 500 BUY 14 Dec 2020
Johan Ek +2 500 000 BUY 24 Apr 2020
Johan Ek +2 500 000 * 24 Apr 2020
Mattias Hakeröd + 99 714 SUBS 2 Jun 2019
Thomas Vorpahl + 99 714 ALTM 2 Jun 2019
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

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