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Midsona

Midsona

For a healthier living

Midsona develops, manufactures and markets products within health and wellness, with revenues of c. SEK 4bn and c. 850 employees. The company is active all over Europe, working across three business segments: Nordics, North Europe and South Europe. Having successfully played a part in market consolidation in the Nordics, and with a track-record of deriving synergies, the company is currently looking towards Europe to continue this journey.

Favourable market trends and conditions for healthy food and ecological products. Materialization of synergies from the most recent acquisitions, both cost savings as well as increased cross-selling. M&A opportunities in Europe and potential for continued bolt-on acquisitions in Scandinavia.

Some risks include increased competition from retailers’ own brands, acquisition integration issues and inflated acquisition multiples. Naturally, Midsona is affected by consumer trends and the general economic environment.

SEKm 2020 2021e 2022e
Sales 3709 3760 4056
Sales growth (%) 20,4 1,4 7,9
EBITDA 404 356 431
EBITDA margin (%) 10,9 9,5 10,6
EBIT adj 243 194 267
EBIT adj margin (%) 6,6 5,2 6,6
Pretax profit 204 151 223
EPS rep 2,71 1,97 2,35
EPS growth (%) 34,5 -27,2 19
EPS adj 3,23 2,56 3,01
DPS 1,3 1,35 1,45
EV/EBITDA (x) 16,4 14,3 12,3
EV/EBIT adj (x) 27,3 26,2 19,8
P/E (x) 28,7 27,8 23,4
P/E adj (x) 24,1 21,4 18,2
EV/sales (x) 1,8 1,4 1,3
FCF yield (%) -1,6 -6,2 5,8
Dividend yield (%) 1,7 2,5 2,6
Net IB debt/EBITDA 3,9 3,9 3
Lease adj. FCF yield (%) -2,6 -7,8 4,4
Lease adj. ND/EBITDA 4 4 2,9
SEKm 2020 2021e 2022e
Sales 3709 3760 4056
COGS -2672 -2717 -2921
Gross profit 1037 1043 1136
Other operating items -633 -686 -705
EBITDA 404 356 431
Depreciation on tangibles -57 -68 -72
Depreciation on intangibles -48 -56 -56
EBITA 305 248 315
Goodwill impairment charges 0 0 0
Other impairment and amortisation -48 -56 -56
EBIT 257 201 267
Other financial items 0 0 0
Net financial items -53 -50 -44
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 204 151 223
Tax -28 -18 -52
Net profit 176 134 171
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 176 134 171
EPS 2,71 1,97 2,35
EPS Adj 3,23 2,56 3,01
Total extraordinary items after tax 14 7 0
Tax rate (%) -13,7 -11,8 -23,5
Gross margin (%) 28 27,7 28
EBITDA margin (%) 10,9 9,5 10,6
EBITA margin (%) 8,2 6,6 7,8
EBIT margin (%) 6,9 5,4 6,6
Pretax margin (%) 5,5 4 5,5
Net margin (%) 4,7 3,6 4,2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,4 1,4 7,9
EBITDA growth (%) 42,3 -11,8 20,9
EBIT growth (%) 51,2 -21,6 32,5
Net profit growth (%) 81,4 -24,1 27,8
EPS growth (%) 34,5 -27,2 19
Profitability 2020 2021 2022
ROE (%) 7,6 5,1 5,8
ROE Adj (%) 9,1 6,7 7,5
ROCE (%) 6,5 4,8 6,1
ROCE Adj(%) 7,3 5,7 7,2
ROIC (%) 5,3 4 4,4
ROIC Adj (%) 5 3,9 4,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 390 349 431
EBITDA Adj margin (%) 10,5 9,3 10,6
EBITA Adj 291 241 315
EBITA Adj margin (%) 7,8 6,4 7,8
EBIT Adj 243 194 267
EBIT Adj margin (%) 6,6 5,2 6,6
Pretax profit Adj 238 191 271
Net profit Adj 210 174 219
Net profit to shareholders Adj 210 174 219
Net Adj margin (%) 5,7 4,6 5,4
Depreciation and amortisation -147 -155 -164
Of which leasing depreciation -42 -44 -44
EO items 14 7 0
Impairment and PPA amortisation -48 -47 -48
EBITDA lease Adj 339 291 375
EBITDA lease Adj margin (%) 9,1 7,8 9,2
Leasing payments -51 -58 -56
SEKm 2020 2021e 2022e
EBITDA 404 356 431
Net financial items -53 -50 -44
Paid tax -53 -50 -44
Non-cash items -18 9 13
Cash flow before change in WC 280 265 356
Change in WC 3 -307 -82
Operating cash flow 283 -42 274
CAPEX tangible fixed assets -20 -59 -32
CAPEX intangible fixed assets -68 -11 -12
Acquisitions and disposals -277 -119 0
Free cash flow -82 -231 230
Dividend paid -81 -84 -102
Share issues and buybacks 10 502 0
Other non cash items -39 72 -22
Decrease in net IB debt -257 104 190
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1880 1880 1880
Indefinite intangible assets 0 0 0
Definite intangible assets 1409 1366 1323
Tangible fixed assets 334 307 267
Other fixed assets 89 89 89
Fixed assets 3926 4014 3951
Inventories 643 760 836
Receivables 290 451 487
Other current assets 73 58 58
Cash and liquid assets 195 38 110
Total assets 5127 5321 5442
Shareholders equity 2313 2894 2962
Minority 0 0 0
Total equity 2313 2894 2962
Long-term debt 1367 1053 1053
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 380 380 380
Short-term debt 198 155 155
Accounts payable 405 376 406
Other current liabilities 250 278 300
Total liabilities and equity 5127 5321 5442
Net IB debt 1580 1379 1307
Net IB debt excl. pension debt 1580 1379 1307
Capital invested 4273 4624 4621
Working capital 351 615 675
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5057 3711 3985
Net IB debt Adj 1584 1384 1312
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 6641 5094 5296
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 74,9 72 75,4
Capital invested turnover (%) 89 98,3 102,7
Capital employed turnover (%) 93,4 101,3 102,2
Inventories / sales (%) 15,8 16,2 17
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,3 10,3 10,7
Working capital / sales (%) 9,4 12,8 15,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 68,3 47,6 44,1
Net debt / market cap (%) 41,3 37,2 32,8
Equity ratio (%) 45,1 54,4 54,4
Net IB debt adj. / equity (%) 68,5 47,8 44,3
Current ratio (%) 132,3 151,3 162,9
EBITDA / net interest (%) 762,3 712,9 979,6
Net IB debt / EBITDA (%) 391,1 386,8 303,2
Interest cover (%) 575,5 496,9 715,9
Lease liability amortisation -51 -58 -56
Other intangible assets 1409 1509 1473
Right-of-use asset 214 217 229
Total other fixed assets 89 101 101
Leasing liability 214 214 214
Total other long-term liabilities 380 352 352
Net IB debt excl. leasing 1370 1170 1098
Net IB debt / EBITDA lease Adj (%) 404,1 401,3 292,7
SEKm 2020 2021e 2022e
Shares outstanding adj. 65 68 73
Fully diluted shares Adj 65 68 73
EPS 2,71 1,97 2,35
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,23 2,56 3,01
BVPS 35,58 42,73 40,74
BVPS Adj -15,01 -7,32 -5,37
Net IB debt / share 24,3 20,4 18
Share price 58,92 54,8 54,8
Market cap. (m) 3830 3711 3985
Valuation 2020 2021 2022
P/E 28,7 27,8 23,4
EV/sales 1,79 1,35 1,31
EV/EBITDA 16,4 14,3 12,3
EV/EBITA 21,8 20,5 16,8
EV/EBIT 25,8 25,3 19,8
Dividend yield (%) 1,7 2,5 2,6
FCF yield (%) -1,6 -6,2 5,8
P/BVPS 2,19 1,28 1,35
P/BVPS Adj -5,18 -7,49 -10,2
P/E Adj 24,1 21,4 18,2
EV/EBITDA Adj 17 14,6 12,3
EV/EBITA Adj 22,8 21,1 16,8
EV/EBIT Adj 27,3 26,2 19,8
EV/cap. employed 1,6 1,2 1,2
Investment ratios 2020 2021 2022
Capex / sales 2,4 1,9 1,1
Capex / depreciation 83,8 63 37,2
Capex tangibles / tangible fixed assets 6 19,2 12,1
Capex intangibles / definite intangibles 4,8 0,7 0,8
Depreciation on intangibles / definite intangibles 3,4 3,1 3,3
Depreciation on tangibles / tangibles 17,1 20,8 26,9
Lease adj. FCF yield (%) -2,6 -7,8 4,4

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Media

Midsona - Company presentation with CEO Peter Åsberg
Midsona - Company presentation with CEO Peter Åsberg

Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 29.0 % 27.5 % 22 Oct 2021
Swedbank Robur Fonder 8.3 % 7.6 % 30 Sep 2021
La Financière de l'Echiquier 5.9 % 5.4 % 30 Sep 2021
Peter Wahlberg 5.0 % 4.5 % 28 Feb 2021
Creades AB 3.7 % 3.4 % 10 Mar 2021
Skandia Fonder 3.5 % 3.2 % 30 Sep 2021
Cliens Fonder 3.4 % 3.1 % 30 Sep 2021
Avanza Pension 2.8 % 2.7 % 30 Sep 2021
Nordea Fonder 3.0 % 2.7 % 30 Sep 2021
Handelsbanken Fonder 2.4 % 2.2 % 30 Sep 2021
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Johan Wester + 15 000 BUY 26 Aug 2021
Johan Wester +2 850 000 SUBS 25 Aug 2021
johan wester + 130 BUY 25 Aug 2021
johan wester + 770 BUY 23 Jul 2021
johan wester + 100 BUY 3 May 2021
Ola Erici + 100 000 Redemp 3 May 2021
johan wester + 150 BUY 25 Mar 2021
Ola Erici - 24 730 SELL 19 Feb 2021
Johan Wester + 24 730 BUY 19 Feb 2021
Peter Åsberg - 35 150 SELL 11 Feb 2021

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