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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 2019 2020e 2021e
Sales 271 205 220
Sales growth (%) -6,8 -24,4 7,2
EBITDA 20 8 29
EBITDA margin (%) 7,3 3,8 13
EBIT adj 15 4 15
EBIT adj margin (%) 5,6 2 7
Pretax profit 3 -32 14
EPS rep 0,05 -0,58 0,19
EPS growth (%) -73,2 -1230 132,6
EPS adj 0,24 0,08 0,27
DPS 0 0,06 0,07
EV/EBITDA (x) 14,7 31,5 8,4
EV/EBIT adj (x) 19,2 59,8 15,7
P/E (x) 67,7 -5,8 17,8
P/E adj (x) 14,8 43,3 12,7
EV/sales (x) 1,1 1,2 1,1
FCF yield (%) 15,5 19,7 7,2
Dividend yield (%) 0 1,8 1,9
Net IB debt/EBITDA 4,3 6 1,4
N/A N/A N/A
EURm 2019 2020e 2021e
Sales 271 205 220
COGS -159 -120 -127
Gross profit 112 85 92
Other operating items -93 -77 -64
EBITDA 20 8 29
Depreciation on tangibles -3 -7 -7
Depreciation on intangibles 0 0 0
EBITA 11 0 21
Goodwill impairment charges 0 -25 0
Other impairment and amortisation -6 -6 -6
EBIT 5 -30 15
Other financial items 1 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 3 -32 14
Tax -5 -3 -3
Net profit -2 -34 11
Minority interest 0 0 0
Net profit discontinued 5 0 0
Net profit to shareholders 3 -34 11
EPS 0,05 -0,58 0,19
EPS Adj 0,24 0,08 0,27
Total extraordinary items after tax -10,5 -9,5 0
Tax rate (%) -145,4 8,5 -22
Gross margin (%) 41,4 41,6 42
EBITDA margin (%) 7,3 3,8 13
EBITA margin (%) 4,1 0,2 9,7
EBIT margin (%) 1,7 -14,8 7
Pretax margin (%) 1,2 -15,5 6,6
Net margin (%) -0,6 -16,8 5,1
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -6,8 -24,4 7,2
EBITDA growth (%) -12,6 -60,3 264,5
EBIT growth (%) -65 -757,5 150,7
Net profit growth (%) -113,5 -2154,8 132,6
EPS growth (%) -73,2 -1230 132,6
Profitability 2019 2020 2021
ROE (%) 1,8 -22 7,9
ROE Adj (%) 8,1 3 11
ROCE (%) 1,9 -11,1 6
ROCE Adj(%) 7,8 3,6 8,2
ROIC (%) -0,8 -14,2 6,1
ROIC Adj (%) -2,6 1,9 6,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 30 17 29
EBITDA Adj margin (%) 11,2 8,5 13
EBITA Adj 22 10 21
EBITA Adj margin (%) 7,9 4,9 9,7
EBIT Adj 15 4 15
EBIT Adj margin (%) 5,6 2 7
Pretax profit Adj 20 9 20
Net profit Adj 14 5 16
Net profit to shareholders Adj 14 5 16
Net Adj margin (%) 5,2 2,3 7,2
N/A N/A N/A
EURm 2019 2020e 2021e
Short-term debt 0 0 0
Accounts payable 23 23 18
Other current liabilities 20 20 20
Total liabilities and equity 344 308 311
Net IB debt 84 47 41
Net IB debt excl. pension debt 84 46 41
Capital invested 267 197 199
Working capital 28 22 25
EV breakdown 2019 2020 2021
Market cap. diluted (m) 206 200 200
Net IB debt Adj 84 47 41
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 291 247 242
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 79,7 62,9 71
Capital invested turnover (%) 102,4 88,4 111
Capital employed turnover (%) 95,7 75,1 85,1
Inventories / sales (%) 11,7 13,8 12,5
Customer advances / sales (%) 7,2 9,5 9,2
Payables / sales (%) 9,9 11,1 9,2
Working capital / sales (%) 11,1 12,2 10,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 48,7 33,9 28,2
Net debt / market cap (%) 41,8 23,5 20,6
Equity ratio (%) 50,4 45,2 47,2
Net IB debt adj. / equity (%) 48,7 33,9 28,2
Current ratio (%) 220,1 283,3 324,6
EBITDA / net interest (%) 1008,1 585,6 2860,7
Net IB debt / EBITDA (%) 427,7 599,8 144,5
Interest cover (%) 562,4 33,4 2120,7
EBITDA 20 8 29
Net financial items -1 -1 -1
Paid tax -5 -3 -3
Non-cash items 17 4 0
Cash flow before change in WC 31 8 24
Change in WC -6 6 -3
Operating cash flow 25 14 21
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -3 -2 -4
Acquisitions and disposals 12 30 0
Free cash flow 32 39 14
Dividend paid -3 0 -4
Share issues and buybacks 0 0 0
Other non cash items -29 4 0
Decrease in net IB debt -5 37 6
Balance Sheet (EURm) 2019 2020 2021
Goodwill 159 123 123
Indefinite intangible assets 0 0 0
Definite intangible assets 46 21 19
Tangible fixed assets 8 8 8
Other fixed assets 3 3 3
Fixed assets 239 175 174
Inventories 28 29 26
Receivables 40 33 34
Other current assets 3 3 3
Cash and liquid assets 34 68 74
Total assets 344 308 311
Shareholders equity 173 139 147
Minority 0 0 0
Total equity 173 139 147
Long-term debt 95 94 94
Pension debt 1 1 1
Convertible debt 0 0 0
Deferred tax 6 8 8
Other long-term liabilities 3 3 3
N/A N/A N/A
EURm 2019 2020e 2021e
Shares outstanding adj. 59 59 59
Fully diluted shares Adj 59 59 59
EPS 0,05 -0,58 0,19
Dividend per share Adj 0 0,1 0,1
EPS Adj 0,24 0,08 0,27
BVPS 2,94 2,36 2,49
BVPS Adj -0,55 -0,08 0,07
Net IB debt / share 1,4 0,8 0,7
Share price 3,43 3,4 3,4
Market cap. (m) 202 200 200
Valuation 2019 2020 2021
P/E 67,7 -5,8 17,8
EV/sales 1,07 1,21 1,1
EV/EBITDA 14,7 31,5 8,4
EV/EBITA 26,4 552,9 11,4
EV/EBIT 62,9 -8,1 15,7
Dividend yield (%) 0 1,8 1,9
FCF yield (%) 15,5 19,7 7,2
P/BVPS 1,19 1,44 1,37
P/BVPS Adj -6,41 -42,7 45,32
P/E Adj 14,8 43,3 12,7
EV/EBITDA Adj 9,6 14,3 8,4
EV/EBITA Adj 13,5 24,9 11,4
EV/EBIT Adj 19,2 59,8 15,7
EV/cap. employed 1 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 1,8 2,2 3
Capex / depreciation 147,1 60,9 89
Capex tangibles / tangible fixed assets 26,4 26,4 28,3
Capex intangibles / definite intangibles 6,3 11,8 22,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 42,8 95,1 95,4
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 Aug 2020
Fjärde AP-fonden 6.9 % 6.9 % 31 Aug 2020
Danske Invest 4.2 % 4.2 % 31 Aug 2020
Nordea Fonder 4.1 % 4.1 % 31 Jul 2020
Tredje AP-fonden 2.9 % 2.9 % 31 Aug 2020
Ruffer LLP 2.7 % 2.7 % 31 May 2020
Holta Invest AS 2.5 % 2.5 % 31 Aug 2020
Janus Henderson Investors 1.5 % 1.5 % 31 Jul 2020
Avanza Pension 1.3 % 1.3 % 31 Aug 2020
Formica Capital AB 1.1 % 1.1 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Handicare

Name Quantity Code Date
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
Claes Magnus Åkesson + 25 000 BUY 10 Oct 2017

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