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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 279 285 298
Sales growth (%) -4,2 2,5 4,4
EBITDA 32 36 41
EBITDA margin (%) 11,5 12,4 13,9
EBIT adj 17 21 26
EBIT adj margin (%) 6,1 7,2 8,7
Pretax profit 15 19 25
EPS rep 0,3 0,26 0,33
EPS growth (%) 54,7 -13,2 26,9
EPS adj 0,31 0,34 0,41
DPS 0,06 0,07 0,08
EV/EBITDA (x) 9,9 8,6 7,1
EV/EBIT adj (x) 18,7 14,9 11,4
P/E (x) 12,7 14,6 11,5
P/E adj (x) 12,2 11,2 9,3
EV/sales (x) 1,1 1,1 1
FCF yield (%) 9,9 8,2 9,7
Dividend yield (%) 1,6 1,9 2,1
Net IB debt/EBITDA 2,9 2,4 1,7
EURm 2019 2020e 2021e
Sales 279 285 298
COGS -162 -165 -170
Gross profit 116 121 128
Other operating items -84 -85 -86
EBITDA 32 36 41
Depreciation on tangibles -9 -9 -10
Depreciation on intangibles 0 0 0
EBITA 23 26 32
Goodwill impairment charges 0 0 0
Other impairment and amortisation -6 -6 -6
EBIT 17 21 26
Other financial items 0 0 0
Net financial items -2 -2 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 15 19 25
Tax -2 -3 -5
Net profit 13 15 19
Minority interest 0 0 0
Net profit discontinued 4 0 0
Net profit to shareholders 18 15 19
EPS 0,3 0,26 0,33
EPS Adj 0,31 0,34 0,41
Total extraordinary items after tax 0 0 0
Tax rate (%) -13 -18 -22
Gross margin (%) 41,8 42,3 42,9
EBITDA margin (%) 11,5 12,4 13,9
EBITA margin (%) 8,4 9,3 10,6
EBIT margin (%) 6,1 7,2 8,7
Pretax margin (%) 5,5 6,5 8,3
Net margin (%) 4,8 5,3 6,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -4,2 2,5 4,4
EBITDA growth (%) 42,3 10,4 16,3
EBIT growth (%) 28,6 21,2 25,3
Net profit growth (%) 17,7 14,1 26,9
EPS growth (%) 54,7 -13,2 26,9
Profitability 2019 2020 2021
ROE (%) 9,8 7,9 9,4
ROE Adj (%) 10,2 10,3 11,7
ROCE (%) 5,7 6,4 7,7
ROCE Adj(%) 7,9 8,2 9,5
ROIC (%) 5,4 5,8 6,9
ROIC Adj (%) 5,4 5,8 6,9
Adj earnings numbers 2019 2020 2021
EBITDA Adj 32 36 41
EBITDA Adj margin (%) 11,5 12,4 13,9
EBITA Adj 23 26 32
EBITA Adj margin (%) 8,4 9,3 10,6
EBIT Adj 17 21 26
EBIT Adj margin (%) 6,1 7,2 8,7
Pretax profit Adj 22 24 31
Net profit Adj 18 20 24
Net profit to shareholders Adj 18 20 24
Net Adj margin (%) 6,6 6,9 8
EURm 2019 2020e 2021e
Short-term debt 0 0 0
Accounts payable 25 26 27
Other current liabilities 20 20 20
Total liabilities and equity 327 336 374
Net IB debt 95 84 71
Net IB debt excl. pension debt 95 84 71
Capital invested 289 290 292
Working capital 34 35 37
EV breakdown 2019 2020 2021
Market cap. diluted (m) 222 222 222
Net IB debt Adj 95 84 71
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 317 307 293
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 78,5 75,3 76,1
Capital invested turnover (%) 101,8 98,7 102,5
Capital employed turnover (%) 94 88,4 89,1
Inventories / sales (%) 12,7 12,5 12,4
Customer advances / sales (%) 7,1 7 6,7
Payables / sales (%) 10 8,9 8,8
Working capital / sales (%) 11,2 12 12,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 51 42,6 33,4
Net debt / market cap (%) 46,9 37,9 32
Equity ratio (%) 49,8 51,5 53,4
Net IB debt adj. / equity (%) 51 42,6 33,4
Current ratio (%) 238,3 256,3 279,2
EBITDA / net interest (%) 1978 1775,7 4130
Net IB debt / EBITDA (%) 294,9 237,1 172,1
Interest cover (%) 1434,3 1323,8 3168,2
EBITDA 32 36 41
Net financial items -2 -2 -1
Paid tax -2 -3 -5
Non-cash items -4 -2 -2
Cash flow before change in WC 24 28 33
Change in WC -5 -1 -2
Operating cash flow 20 27 30
CAPEX tangible fixed assets -3 -3 -3
CAPEX intangible fixed assets -3 -6 -6
Acquisitions and disposals 8 0 0
Free cash flow 22 18 22
Dividend paid -3 -4 -4
Share issues and buybacks 0 0 0
Other non cash items -28 2 2
Decrease in net IB debt -15 11 13
Balance Sheet (EURm) 2019 2020 2021
Goodwill 166 166 166
Indefinite intangible assets 0 0 0
Definite intangible assets 46 45 45
Tangible fixed assets 9 8 7
Other fixed assets 8 8 8
Fixed assets 255 255 255
Inventories 35 36 38
Receivables 43 44 46
Other current assets 3 3 3
Cash and liquid assets 37 45 57
Total assets 374 384 399
Shareholders equity 186 198 213
Minority 0 0 0
Total equity 186 198 213
Long-term debt 105 103 101
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 8 8 8
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 0,3 0,26 0,33
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,31 0,34 0,41
BVPS 3,16 3,36 3,61
BVPS Adj -0,43 -0,23 0,03
Net IB debt / share 1,6 1,4 1,2
Share price 3,43 3,77 3,77
Market cap. (m) 202 222 222
Valuation 2019 2020 2021
P/E 12,7 14,6 11,5
EV/sales 1,14 1,07 0,98
EV/EBITDA 9,9 8,6 7,1
EV/EBITA 13,6 11,6 9,3
EV/EBIT 18,7 14,9 11,4
Dividend yield (%) 1,6 1,9 2,1
FCF yield (%) 9,9 8,2 9,7
P/BVPS 1,19 1,12 1,04
P/BVPS Adj -8,79 -16,57 128,94
P/E Adj 12,2 11,2 9,3
EV/EBITDA Adj 9,9 8,6 7,1
EV/EBITA Adj 13,6 11,6 9,3
EV/EBIT Adj 18,7 14,9 11,4
EV/cap. employed 1 0,9 0,9
Investment ratios 2019 2020 2021
Capex / sales 2 3 3
Capex / depreciation 63 94,8 92,9
Capex tangibles / tangible fixed assets 31 34,3 40,8
Capex intangibles / definite intangibles 6,1 12,6 13,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 98,3 108,6 131,7

Equity Research

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Media

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

Main shareholders - Handicare

Main shareholders Share capital % Voting shares % Verified
Nordic Capital through companies 62.9 % 62.9 % 31 Dec 2019
Fjärde AP-fonden 6.9 % 6.9 % 31 Dec 2019
Danske Invest Fonder 4.2 % 4.2 % 31 Dec 2019
Nordea Fonder 4.1 % 4.1 % 31 Dec 2019
Holta Invest AS 3.4 % 3.4 % 31 Dec 2019
Janus Henderson Investors 2.7 % 2.7 % 30 Nov 2019
Ruffer LLP 2.4 % 2.4 % 30 Sep 2019
Tredje AP-fonden 2.0 % 2.0 % 31 Dec 2019
Avanza Pension 1.0 % 1.0 % 31 Dec 2019
Traction 0.8 % 0.8 % 31 Dec 2019
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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