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Midsona

For a healthier living

Midsona develops, manufactures and markets products within health and wellness. The group has around 385 employees. Its operations are conducted through four geographical business segments: Sweden, Denmark, Norway and Finland. The company has played an active role in recent years' market consolidation in Scandinavia and is now eyeing further market possibilities/consolidation in the rest of Europe.

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 2018 2019e 2020e
Sales 2852 3118 3602
Sales growth (%) 32,9 9,3 15,5
EBITDA 230 293 420
EBITDA margin (%) 8,1 9,4 11,7
EBIT adj 189 194 299
EBIT adj margin (%) 6,6 6,2 8,3
Pretax profit 163 131 252
EPS rep 2,77 2,29 4,22
EPS growth (%) 47 -17,2 84,1
EPS adj 3,01 2,53 4,22
DPS 1,25 1,35 1,5
EV/EBITDA (x) 17,3 14,3 9,7
EV/EBIT adj (x) 21,1 21,6 13,6
P/E (x) 22,2 20 10,8
P/E adj (x) 20,5 18,1 10,8
EV/sales (x) 1,4 1,3 1,1
FCF yield (%) -5,1 -29,8 11,2
Dividend yield (%) 2 2,9 3,3
Net IB debt/EBITDA 4,8 7 4,6
SEKm 2018 2019e 2020e
Sales 2852 3118 3602
COGS -1980 -2185 -2453
Gross profit 872 933 1149
Other operating items -642 -640 -729
EBITDA 230 293 420
Depreciation on tangibles -52 -68 -76
Depreciation on intangibles 0 0 0
EBITA 178 183 299
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 178 183 299
Other financial items 0 0 0
Net financial items -15 -52 -47
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 163 131 252
Tax -34 -25 -55
Net profit 129 107 196
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 129 107 196
EPS 2,77 2,29 4,22
EPS Adj 3,01 2,53 4,22
Total extraordinary items after tax -11 -11 0
Tax rate (%) -20,9 -18,7 -22
Gross margin (%) 30,6 29,9 31,9
EBITDA margin (%) 8,1 9,4 11,7
EBITA margin (%) 6,2 5,9 8,3
EBIT margin (%) 6,2 5,9 8,3
Pretax margin (%) 5,7 4,2 7
Net margin (%) 4,5 3,4 5,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 32,9 9,3 15,5
EBITDA growth (%) 36,1 27,6 43,3
EBIT growth (%) 32,8 3,1 62,9
Net profit growth (%) 53,6 -17,4 84,1
EPS growth (%) 47 -17,2 84,1
Profitability 2018 2019 2020
ROE (%) 8,1 6,3 10,9
ROE Adj (%) 8,8 7 10,9
ROCE (%) 7 5,4 7,5
ROCE Adj(%) 7,4 5,8 7,5
ROIC (%) 5,1 4,1 5,6
ROIC Adj (%) 5,4 4,4 5,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 241 304 420
EBITDA Adj margin (%) 8,5 9,8 11,7
EBITA Adj 189 194 299
EBITA Adj margin (%) 6,6 6,2 8,3
EBIT Adj 189 194 299
EBIT Adj margin (%) 6,6 6,2 8,3
Pretax profit Adj 174 142 252
Net profit Adj 140 118 196
Net profit to shareholders Adj 140 118 196
Net Adj margin (%) 4,9 3,8 5,4
SEKm 2018 2019e 2020e
EBITDA 230 293 420
Net financial items -15 -52 -47
Paid tax -12 -25 -55
Non-cash items 172 -49 0
Cash flow before change in WC 375 167 318
Change in WC -163 -82 -37
Operating cash flow 212 85 281
CAPEX tangible fixed assets -357 -720 -43
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -145 -634 237
Dividend paid 55 58 63
Share issues and buybacks 0 0 0
Other non cash items -501 -335 -125
Decrease in net IB debt -463 -955 129
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1408 1517 1517
Indefinite intangible assets 0 0 0
Definite intangible assets 1058 1401 1384
Tangible fixed assets 254 552 535
Other fixed assets 78 65 65
Fixed assets 2798 3772 3740
Inventories 482 575 655
Receivables 318 388 450
Other current assets 0 0 0
Cash and liquid assets 101 89 218
Total assets 3699 4824 5063
Shareholders equity 1630 1734 1867
Minority 0 0 0
Total equity 1630 1734 1867
Long-term debt 1217 1923 1923
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 354 351 351
Short-term debt 0 0 0
Accounts payable 498 579 684
Other current liabilities 0 0 0
Total liabilities and equity 2620 2857 3699
Net IB debt 1112 2067 1939
Net IB debt excl. pension debt 1112 2067 1939
Capital invested 3096 4152 4157
Working capital 302 384 421
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2868 2127 2127
Net IB debt Adj 1116 2071 1943
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 3984 4198 4069
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 87 73,2 72,9
Capital invested turnover (%) 103,3 86 86,7
Capital employed turnover (%) 111,8 92,5 90,9
Inventories / sales (%) 13,2 16,9 17,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 17,3 17,5
Working capital / sales (%) 7,7 11 11,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 68,2 119,3 103,8
Net debt / market cap (%) 37,5 97,2 91,2
Equity ratio (%) 44,1 35,9 36,9
Net IB debt adj. / equity (%) 68,5 119,5 104,1
Current ratio (%) 180,9 181,6 193,3
EBITDA / net interest (%) 1533,3 560,1 888
Net IB debt / EBITDA (%) 483,5 704,7 461
Interest cover (%) 1186,7 350,3 631,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 46 46 46
Fully diluted shares Adj 47 46 46
EPS 2,77 2,29 4,22
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,01 2,53 4,22
BVPS 35,43 37,33 40,21
BVPS Adj -18,17 -25,5 -22,28
Net IB debt / share 24,2 44,5 41,8
Share price 64,37 45,8 45,8
Market cap. (m) 2962 2127 2127
Valuation 2018 2019 2020
P/E 22,2 20 10,8
EV/sales 1,4 1,35 1,13
EV/EBITDA 17,3 14,3 9,7
EV/EBITA 22,4 22,9 13,6
EV/EBIT 22,4 22,9 13,6
Dividend yield (%) 2 2,9 3,3
FCF yield (%) -5,1 -29,8 11,2
P/BVPS 1,74 1,23 1,14
P/BVPS Adj -3,39 -1,8 -2,06
P/E Adj 20,5 18,1 10,8
EV/EBITDA Adj 16,5 13,8 9,7
EV/EBITA Adj 21,1 21,6 13,6
EV/EBIT Adj 21,1 21,6 13,6
EV/cap. employed 1,4 1,1 1
Investment ratios 2018 2019 2020
Capex / sales 12,5 23,1 1,2
Capex / depreciation 686,5 1052,1 57,1
Capex tangibles / tangible fixed assets 140,6 130,5 8,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 12,4 14,1

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Media

Midsona - Interview with CEO Peter Åsberg (in Swedish)
Midsona - Company presentation with CEO Peter Åsberg (in Swedish)

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 23.4 % 27.9 % 30 Sep 2019
Lannebo Fonder 6.2 % 5.6 % 30 Sep 2019
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Handelsbanken Fonder 5.1 % 4.7 % 31 Oct 2019
Peter Wahlberg 5.0 % 4.5 % 28 Feb 2019
Nordea Fonder 4.6 % 4.1 % 30 Sep 2019
Cliens Fonder 4.0 % 3.6 % 30 Sep 2019
Andra AP-fonden 3.6 % 3.2 % 30 Sep 2019
Catella Fonder 2.3 % 2.1 % 31 Oct 2019
Invesco 2.2 % 1.9 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Lennart Svensson - 61 235 SELL 11 Nov 2019
Lennart Svensson - 29 515 SELL 8 Nov 2019
Tobias Traneborn - 23 499 SELL 8 Nov 2019
kirsten ägidius + 3 400 SUBS 7 Nov 2019
Johan Wester - 40 000 SELL 6 Nov 2019
Ulrika Palm - 15 479 SELL 13 Sep 2019
Ulrika Palm - 15 479 SELL 13 Sep 2019
Ulrika Palm - 6 928 SELL 12 Sep 2019
Ulrika Palm - 6 928 SELL 12 Sep 2019
Tobias Traneborn - 2 301 SELL 11 Sep 2019

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