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Midsona

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 2019 2020e 2021e
Sales 3118 3602 3733
Sales growth (%) 9,3 15,5 3,6
EBITDA 293 420 463
EBITDA margin (%) 9,4 11,7 12,4
EBIT adj 194 299 339
EBIT adj margin (%) 6,2 8,3 9,1
Pretax profit 129 265 305
EPS rep 1,61 3,18 3,66
EPS growth (%) -41,7 96,7 15,2
EPS adj 1,78 3,18 3,66
DPS 1,35 1,5 1,75
EV/EBITDA (x) 17,1 11,7 10,3
EV/EBIT adj (x) 25,8 16,4 14,1
P/E (x) 33,8 17,2 14,9
P/E adj (x) 30,6 17,2 14,9
EV/sales (x) 1,6 1,4 1,3
FCF yield (%) -17,9 7 8
Dividend yield (%) 2,5 2,7 3,2
Net IB debt/EBITDA 5 3,2 2,6
SEKm 2019 2020e 2021e
Sales 3118 3602 3733
COGS -2185 -2453 -2523
Gross profit 933 1149 1210
Other operating items -640 -729 -747
EBITDA 293 420 463
Depreciation on tangibles -68 -76 -78
Depreciation on intangibles 0 0 0
EBITA 183 299 339
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 183 299 339
Other financial items 0 0 0
Net financial items -54 -34 -34
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 129 265 305
Tax -24 -58 -67
Net profit 105 207 238
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 105 207 238
EPS 1,61 3,18 3,66
EPS Adj 1,78 3,18 3,66
Total extraordinary items after tax -11 0 0
Tax rate (%) -18,7 -22 -22
Gross margin (%) 29,9 31,9 32,4
EBITDA margin (%) 9,4 11,7 12,4
EBITA margin (%) 5,9 8,3 9,1
EBIT margin (%) 5,9 8,3 9,1
Pretax margin (%) 4,1 7,4 8,2
Net margin (%) 3,4 5,7 6,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 9,3 15,5 3,6
EBITDA growth (%) 27,6 43,3 10,2
EBIT growth (%) 3,1 62,9 13,4
Net profit growth (%) -18,6 96,7 15,2
EPS growth (%) -41,7 96,7 15,2
Profitability 2019 2020 2021
ROE (%) 5,3 8,6 9,4
ROE Adj (%) 5,9 8,6 9,4
ROCE (%) 5,4 7,6 8,3
ROCE Adj(%) 5,8 7,6 8,3
ROIC (%) 4,1 5,6 6,4
ROIC Adj (%) 4,4 5,6 6,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj 304 420 463
EBITDA Adj margin (%) 9,8 11,7 12,4
EBITA Adj 194 299 339
EBITA Adj margin (%) 6,2 8,3 9,1
EBIT Adj 194 299 339
EBIT Adj margin (%) 6,2 8,3 9,1
Pretax profit Adj 140 265 305
Net profit Adj 116 207 238
Net profit to shareholders Adj 116 207 238
Net Adj margin (%) 3,7 5,7 6,4
SEKm 2019 2020e 2021e
EBITDA 293 420 463
Net financial items -54 -34 -34
Paid tax -24 -58 -67
Non-cash items -50 0 0
Cash flow before change in WC 165 328 362
Change in WC -82 -37 -34
Operating cash flow 83 291 328
CAPEX tangible fixed assets -720 -43 -45
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -636 248 284
Dividend paid 58 88 98
Share issues and buybacks 0 0 0
Other non cash items 266 -176 -195
Decrease in net IB debt -356 114 140
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1517 1517 1517
Indefinite intangible assets 0 0 0
Definite intangible assets 1401 1384 1368
Tangible fixed assets 552 535 519
Other fixed assets 66 66 66
Fixed assets 3773 3740 3707
Inventories 575 655 679
Receivables 388 450 448
Other current assets 0 0 0
Cash and liquid assets 84 198 338
Total assets 4820 5044 5172
Shareholders equity 2333 2452 2592
Minority 0 0 0
Total equity 2333 2452 2592
Long-term debt 1319 1319 1319
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 351 351 351
Short-term debt 0 0 0
Accounts payable 579 684 672
Other current liabilities 0 0 0
Total liabilities and equity 2857 3699 4820
Net IB debt 1468 1354 1214
Net IB debt excl. pension debt 1468 1354 1214
Capital invested 4152 4157 4157
Working capital 384 421 455
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3549 3549 3549
Net IB debt Adj 1472 1358 1218
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 5022 4908 4768
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 73,2 73 73,1
Capital invested turnover (%) 86 86,7 89,8
Capital employed turnover (%) 92,6 91,2 91,5
Inventories / sales (%) 16,9 17,1 17,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,3 17,5 18,2
Working capital / sales (%) 11 11,2 11,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 62,9 55,2 46,8
Net debt / market cap (%) 42,7 38,2 34,2
Equity ratio (%) 48,4 48,6 50,1
Net IB debt adj. / equity (%) 63,1 55,4 47
Current ratio (%) 180,8 190,5 218
EBITDA / net interest (%) 539,5 1234 1368,6
Net IB debt / EBITDA (%) 500,5 322,1 262,1
Interest cover (%) 337,4 877 1001,1
SEKm 2019 2020e 2021e
Shares outstanding adj. 65 65 65
Fully diluted shares Adj 65 65 65
EPS 1,61 3,18 3,66
Dividend per share Adj 1,4 1,5 1,8
EPS Adj 1,78 3,18 3,66
BVPS 35,89 37,72 39,88
BVPS Adj -8,99 -6,92 -4,5
Net IB debt / share 22,6 20,8 18,7
Share price 52,95 54,6 54,6
Market cap. (m) 3442 3549 3549
Valuation 2019 2020 2021
P/E 33,8 17,2 14,9
EV/sales 1,61 1,36 1,28
EV/EBITDA 17,1 11,7 10,3
EV/EBITA 27,4 16,4 14,1
EV/EBIT 27,4 16,4 14,1
Dividend yield (%) 2,5 2,7 3,2
FCF yield (%) -17,9 7 8
P/BVPS 1,52 1,45 1,37
P/BVPS Adj -6,07 -7,89 -12,13
P/E Adj 30,6 17,2 14,9
EV/EBITDA Adj 16,5 11,7 10,3
EV/EBITA Adj 25,8 16,4 14,1
EV/EBIT Adj 25,8 16,4 14,1
EV/cap. employed 1,3 1,2 1,1
Investment ratios 2019 2020 2021
Capex / sales 23,1 1,2 1,2
Capex / depreciation 1052,1 57,1 57,1
Capex tangibles / tangible fixed assets 130,5 8,1 8,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,4 14,1 15,1

Equity research

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Media

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

Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 23.4 % 28.0 % 31 Dec 2019
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Peter Wahlberg 5.0 % 4.5 % 20 Nov 2019
Handelsbanken Fonder 4.8 % 4.3 % 8 Jan 2020
Lannebo Fonder 4.7 % 4.2 % 31 Dec 2019
Nordea Fonder 4.6 % 4.1 % 31 Dec 2019
Cliens Fonder 3.8 % 3.4 % 31 Dec 2019
Avanza Pension 2.8 % 2.7 % 31 Dec 2019
Catella Fonder 2.3 % 2.1 % 31 Dec 2019
Andra AP-fonden 2.3 % 2.0 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Lennart Svensson - 4 960 SELL 11 Dec 2019
Lennart Svensson - 4 960 SELL 11 Dec 2019
Lennart Svensson - 4 960 SELL 11 Dec 2019
Lennart Svensson + 18 000 ALTM 10 Dec 2019
Lennart Svensson - 4 742 SELL 10 Dec 2019
Lennart Svensson + 18 000 ALTM 10 Dec 2019
Lennart Svensson - 4 742 SELL 10 Dec 2019
Lennart Svensson - 5 000 SELL 10 Dec 2019
Ulrika Palm - 3 030 SELL 9 Dec 2019
Ulrika Palm - 3 030 SELL 9 Dec 2019

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