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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 4202 4370
Sales growth (%) 20,4 13,3 4
EBITDA 404 465 523
EBITDA margin (%) 10,9 11,1 12
EBIT adj 243 299 351
EBIT adj margin (%) 6,6 7,1 8
Pretax profit 204 255 307
EPS rep 2,71 3 3,62
EPS growth (%) 34,5 10,9 20,4
EPS adj 3,23 3,86 4,48
DPS 1,3 1,35 1,45
EV/EBITDA (x) 16,4 15 13
EV/EBIT adj (x) 27,3 23,4 19,4
P/E (x) 28,7 28,3 23,5
P/E adj (x) 24,1 22 19
EV/sales (x) 1,8 1,7 1,6
FCF yield (%) -1,6 4,3 6
Dividend yield (%) 1,7 1,6 1,7
Net IB debt/EBITDA 3,9 3,2 2,5
N/A N/A N/A
Lease adj. FCF yield (%) -2,6 3,4 5,1
Lease adj. ND/EBITDA 4 3 2,3
SEKm 2020 2021e 2022e
Sales 3709 4202 4370
COGS -2672 -3032 -3126
Gross profit 1037 1171 1245
Other operating items -633 -705 -721
EBITDA 404 465 523
Depreciation on tangibles -57 -68 -72
Depreciation on intangibles -48 -56 -56
EBITA 305 355 407
Goodwill impairment charges 0 0 0
Other impairment and amortisation -48 -56 -56
EBIT 257 299 351
Other financial items 0 0 0
Net financial items -53 -44 -44
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 204 255 307
Tax -28 -60 -72
Net profit 176 195 235
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 176 195 235
EPS 2,71 3 3,62
EPS Adj 3,23 3,86 4,48
Total extraordinary items after tax 14 0 0
Tax rate (%) -13,7 -23,5 -23,5
Gross margin (%) 28 27,9 28,5
EBITDA margin (%) 10,9 11,1 12
EBITA margin (%) 8,2 8,5 9,3
EBIT margin (%) 6,9 7,1 8
Pretax margin (%) 5,5 6,1 7
Net margin (%) 4,7 4,6 5,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,4 13,3 4
EBITDA growth (%) 42,3 15,2 12,5
EBIT growth (%) 51,2 16,4 17,4
Net profit growth (%) 81,4 10,9 20,4
EPS growth (%) 34,5 10,9 20,4
Profitability 2020 2021 2022
ROE (%) 7,6 8,2 9,4
ROE Adj (%) 9,1 10,6 11,7
ROCE (%) 6,5 7,2 8,2
ROCE Adj(%) 7,3 8,6 9,5
ROIC (%) 5,3 5,4 6,3
ROIC Adj (%) 5 5,4 6,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 390 465 523
EBITDA Adj margin (%) 10,5 11,1 12
EBITA Adj 291 355 407
EBITA Adj margin (%) 7,8 8,5 9,3
EBIT Adj 243 299 351
EBIT Adj margin (%) 6,6 7,1 8
Pretax profit Adj 238 311 363
Net profit Adj 210 251 291
Net profit to shareholders Adj 210 251 291
Net Adj margin (%) 5,7 6 6,7
N/A N/A N/A
Depreciation and amortisation -147 -166 -172
Of which leasing depreciation -42 -42 -44
EO items 14 0 0
Impairment and PPA amortisation -48 -56 -56
EBITDA lease Adj 339 417 475
EBITDA lease Adj margin (%) 9,1 9,9 10,9
SEKm 2020 2021e 2022e
EBITDA 404 465 523
Net financial items -53 -44 -44
Paid tax -53 -44 -44
Non-cash items -18 17 -17
Cash flow before change in WC 280 394 418
Change in WC 3 -62 -41
Operating cash flow 283 333 377
CAPEX tangible fixed assets -20 -84 -35
CAPEX intangible fixed assets -68 -13 -13
Acquisitions and disposals -277 0 0
Free cash flow -82 236 329
Dividend paid -81 -85 -91
Share issues and buybacks 10 0 0
Other non cash items -39 -33 -11
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 334 350 313
Other fixed assets 89 89 89
Fixed assets 3926 3905 3829
Inventories 643 720 766
Receivables 290 329 342
Other current assets 73 73 73
Cash and liquid assets 195 299 489
Total assets 5127 5325 5499
Shareholders equity 2313 2424 2568
Minority 0 0 0
Total equity 2313 2424 2568
Long-term debt 1367 1367 1367
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 198 198 198
Accounts payable 405 459 477
Other current liabilities 250 283 295
Total liabilities and equity 5127 5325 5499
Net IB debt 1580 1476 1286
Net IB debt excl. pension debt 1580 1476 1286
Capital invested 4273 4280 4234
Working capital 351 380 409
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5057 5519 5519
Net IB debt Adj 1584 1480 1290
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 6999 6809
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 74,9 80,4 80,8
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 8,7 9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 68,3 60,9 50,1
Net debt / market cap (%) 41,3 26,8 23,3
Equity ratio (%) 45,1 45,5 46,7
Net IB debt adj. / equity (%) 68,5 61,1 50,2
Current ratio (%) 132,3 142,7 162,9
EBITDA / net interest (%) 762,3 1057,3 1189,4
Net IB debt / EBITDA (%) 391,1 317,4 245,8
Interest cover (%) 575,5 807,3 925,7
N/A N/A N/A
Lease liability amortisation -51 -48 -48
Other intangible assets 1409 1366 1323
Right-of-use asset 214 220 224
Total other fixed assets 89 89 89
Leasing liability 214 214 214
Total other long-term liabilities 380 380 380
Net IB debt excl. leasing 1370 1266 1076
Net IB debt / EBITDA lease Adj (%) 404,1 303,6 226,4
SEKm 2020 2021e 2022e
Shares outstanding adj. 65 65 65
Fully diluted shares Adj 65 65 65
EPS 2,71 3 3,62
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,23 3,86 4,48
BVPS 35,58 37,29 39,5
BVPS Adj -15,01 -12,64 -9,77
Net IB debt / share 24,3 22,7 19,8
Share price 58,92 84,9 84,9
Market cap. (m) 3830 5519 5519
Valuation 2020 2021 2022
P/E 28,7 28,3 23,5
EV/sales 1,79 1,67 1,56
EV/EBITDA 16,4 15 13
EV/EBITA 21,8 19,7 16,7
EV/EBIT 25,8 23,4 19,4
Dividend yield (%) 1,7 1,6 1,7
FCF yield (%) -1,6 4,3 6
P/BVPS 2,19 2,28 2,15
P/BVPS Adj -5,18 -6,72 -8,69
P/E Adj 24,1 22 19
EV/EBITDA Adj 17 15 13
EV/EBITA Adj 22,8 19,7 16,7
EV/EBIT Adj 27,3 23,4 19,4
EV/cap. employed 1,6 1,7 1,6
Investment ratios 2020 2021 2022
Capex / sales 2,4 2,3 1,1
Capex / depreciation 83,8 77,9 37,6
Capex tangibles / tangible fixed assets 6 24 11,2
Capex intangibles / definite intangibles 4,8 0,9 1
Depreciation on intangibles / definite intangibles 3,4 4,1 4,2
Depreciation on tangibles / tangibles 17,1 19,4 23
N/A N/A N/A
Lease adj. FCF yield (%) -2,6 3,4 5,1

Equity research

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Media

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

Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 23.4 % 28.0 % 11 Feb 2021
Creades AB (Publ) 5.9 % 5.3 % 1 Jun 2020
Swedbank Robur Fonder 5.8 % 5.2 % 1 Mar 2021
La Financière de l'Echiquier 5.7 % 5.1 % 30 Jun 2020
Peter Wahlberg 5.0 % 4.5 % 28 Feb 2020
Lannebo Fonder 3.8 % 3.5 % 31 Jan 2021
Cliens Fonder 3.8 % 3.4 % 31 Dec 2020
Handelsbanken Fonder 3.3 % 3.0 % 31 Jan 2021
Nordea Fonder 3.0 % 2.7 % 31 Jan 2021
Skandia Fonder 2.9 % 2.7 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Ola Erici - 24 730 SELL 19 Feb 2021
Johan Wester + 24 730 BUY 19 Feb 2021
Johan Wester + 35 150 BUY 11 Feb 2021
Peter Åsberg - 35 150 SELL 11 Feb 2021
Ulrika Palm - 3 680 SELL 8 Feb 2021
Tobias Traneborn - 8 632 SELL 8 Feb 2021
Christoffer Moerck - 14 000 SELL 5 Feb 2021
Christoffer Moerck - 15 000 Redemp 17 Dec 2020
Christoffer Moerck + 17 100 Redemp 17 Dec 2020
Peter Åsberg - 60 000 Redemp 15 Dec 2020

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