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Handicare

Handicare

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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 2019 2020e 2021e
Sales 271 262 274
Sales growth (%) -6,8 -3,2 4,4
EBITDA 14 33 38
EBITDA margin (%) 5,3 12,7 14,1
EBIT adj 15 19 23
EBIT adj margin (%) 5,4 7,1 8,6
Pretax profit 3 16 22
EPS rep 0,04 0,23 0,3
EPS growth (%) -77,1 418,9 29,6
EPS adj 0,23 0,31 0,38
DPS 0,05 0,06 0,07
EV/EBITDA (x) 20,2 5,5 4,4
EV/EBIT adj (x) 19,8 9,8 7,3
P/E (x) 79,3 7,9 6,1
P/E adj (x) 15,3 5,9 4,8
EV/sales (x) 1,1 0,7 0,6
FCF yield (%) 15,5 16,9 20,8
Dividend yield (%) 1,4 3,3 3,6
Net IB debt/EBITDA 5,9 2,3 1,6
EURm 2019 2020e 2021e
Sales 271 262 274
COGS -159 -153 -158
Gross profit 112 109 115
Other operating items -98 -76 -77
EBITDA 14 33 38
Depreciation on tangibles -3 -9 -9
Depreciation on intangibles 0 0 0
EBITA 11 25 30
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -6
EBIT 5 19 23
Other financial items 1 0 0
Net financial items -1 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 3 16 22
Tax -5 -3 -5
Net profit -2 13 17
Minority interest 0 0 0
Net profit discontinued 4 0 0
Net profit to shareholders 3 13 17
EPS 0,04 0,23 0,3
EPS Adj 0,23 0,31 0,38
Total extraordinary items after tax -10,1 0 0
Tax rate (%) -148,5 -18 -22
Gross margin (%) 41,4 41,6 42,1
EBITDA margin (%) 5,3 12,7 14,1
EBITA margin (%) 4,1 9,4 10,8
EBIT margin (%) 1,7 7,1 8,6
Pretax margin (%) 1,2 6,3 8,2
Net margin (%) -0,6 5,1 6,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -6,8 -3,2 4,4
EBITDA growth (%) -36,3 132,2 15
EBIT growth (%) -65,2 303,3 26,2
Net profit growth (%) -114,1 943,2 29,6
EPS growth (%) -77,1 418,9 29,6
Profitability 2019 2020 2021
ROE (%) 1,5 7,6 9,2
ROE Adj (%) 7,8 10,3 11,7
ROCE (%) 1,9 6,2 7,6
ROCE Adj(%) 7,7 8,3 9,6
ROIC (%) -0,8 5,7 6,8
ROIC Adj (%) -2,7 5,7 6,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 25 33 38
EBITDA Adj margin (%) 9 12,7 14,1
EBITA Adj 21 25 30
EBITA Adj margin (%) 7,8 9,4 10,8
EBIT Adj 15 19 23
EBIT Adj margin (%) 5,4 7,1 8,6
Pretax profit Adj 20 23 29
Net profit Adj 13 18 22
Net profit to shareholders Adj 13 18 22
Net Adj margin (%) 5 7 8,2
EURm 2019 2020e 2021e
Short-term debt 0 0 0
Accounts payable 23 22 23
Other current liabilities 20 19 19
Total liabilities and equity 344 353 368
Net IB debt 84 75 63
Net IB debt excl. pension debt 84 75 62
Capital invested 267 268 270
Working capital 28 30 32
EV breakdown 2019 2020 2021
Market cap. diluted (m) 206 107 107
Net IB debt Adj 84 75 63
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 290 183 170
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 79,7 75,2 75,9
Capital invested turnover (%) 102,4 98 101,7
Capital employed turnover (%) 95,7 88,3 88,5
Inventories / sales (%) 11,7 10,8 10,8
Customer advances / sales (%) 7,2 7,4 7,1
Payables / sales (%) 9,9 8,7 8,3
Working capital / sales (%) 11,1 11,1 11,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 48,7 40,9 31,7
Net debt / market cap (%) 41,8 70,2 58,4
Equity ratio (%) 50,4 52,1 53,8
Net IB debt adj. / equity (%) 48,7 40,9 31,7
Current ratio (%) 219,6 249,3 277,4
EBITDA / net interest (%) 720 1592,5 3847,4
Net IB debt / EBITDA (%) 586,4 225,1 162,8
Interest cover (%) 550 1178,7 2961
EBITDA 14 33 38
Net financial items -1 -2 -1
Paid tax -5 -3 -5
Non-cash items 23 0 0
Cash flow before change in WC 31 28 33
Change in WC 5 -2 -2
Operating cash flow 25 26 31
CAPEX tangible fixed assets -2 -3 -3
CAPEX intangible fixed assets -3 -5 -5
Acquisitions and disposals 12 0 0
Free cash flow 32 18 22
Dividend paid -3 -3 -4
Share issues and buybacks 0 0 0
Other non cash items -29 1 0
Decrease in net IB debt -5 9 13
Balance Sheet (EURm) 2019 2020 2021
Goodwill 159 159 159
Indefinite intangible assets 0 0 0
Definite intangible assets 46 45 45
Tangible fixed assets 8 7 7
Other fixed assets 3 3 3
Fixed assets 239 238 238
Inventories 28 29 30
Receivables 40 40 42
Other current assets 3 3 3
Cash and liquid assets 34 43 56
Total assets 344 353 368
Shareholders equity 173 184 198
Minority 0 0 0
Total equity 173 184 198
Long-term debt 95 95 95
Pension debt 1 1 1
Convertible debt 0 0 0
Deferred tax 6 6 6
Other long-term liabilities 3 3 3
EURm 2019 2020e 2021e
Shares outstanding adj. 59 59 59
Fully diluted shares Adj 59 59 59
EPS 0,04 0,23 0,3
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,23 0,31 0,38
BVPS 2,94 3,12 3,36
BVPS Adj -0,55 -0,35 -0,1
Net IB debt / share 1,4 1,3 1,1
Share price 3,43 1,82 1,82
Market cap. (m) 202 107 107
Valuation 2019 2020 2021
P/E 79,3 7,9 6,1
EV/sales 1,07 0,7 0,62
EV/EBITDA 20,2 5,5 4,4
EV/EBITA 26,4 7,4 5,7
EV/EBIT 63,2 9,8 7,3
Dividend yield (%) 1,4 3,3 3,6
FCF yield (%) 15,5 16,9 20,8
P/BVPS 1,19 0,58 0,54
P/BVPS Adj -6,4 -5,18 -17,77
P/E Adj 15,3 5,9 4,8
EV/EBITDA Adj 11,9 5,5 4,4
EV/EBITA Adj 13,8 7,4 5,7
EV/EBIT Adj 19,8 9,8 7,3
EV/cap. employed 1 0,6 0,5
Investment ratios 2019 2020 2021
Capex / sales 1,8 3 3
Capex / depreciation 147,1 90,6 92,7
Capex tangibles / tangible fixed assets 26,6 35,3 39,1
Capex intangibles / definite intangibles 6,3 11,6 12,3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 43 117,1 126,6

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 % 29 Feb 2020
Fjärde AP-fonden 6.9 % 6.9 % 29 Feb 2020
Danske Invest Fonder 4.2 % 4.2 % 29 Feb 2020
Nordea Fonder 4.1 % 4.1 % 29 Feb 2020
Holta Invest AS 3.2 % 3.2 % 29 Feb 2020
Ruffer LLP 2.6 % 2.6 % 31 Dec 2019
Janus Henderson Investors 2.5 % 2.5 % 29 Feb 2020
Tredje AP-fonden 2.0 % 2.0 % 29 Feb 2020
Avanza Pension 1.1 % 1.1 % 29 Feb 2020
Traction 0.8 % 0.8 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Handicare

Name Quantity Code Date
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
Helena Skarle + 10 000 BUY 9 Oct 2017
Asbjörn Eskild + 4 000 BUY 9 Oct 2017

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