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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 3108 3609
Sales growth (%) 32,9 9 16,1
EBITDA 230 309 422
EBITDA margin (%) 8,1 9,9 11,7
EBIT adj 189 221 301
EBIT adj margin (%) 6,6 7,1 8,3
Pretax profit 163 152 253
EPS rep 2,77 2,62 4,24
EPS growth (%) 47 -5,3 61,4
EPS adj 3,01 3,03 4,24
DPS 1,25 1,35 1,5
EV/EBITDA (x) 17,3 15 10,6
EV/EBIT adj (x) 21,1 20,9 14,9
P/E (x) 22,2 20,4 12,7
P/E adj (x) 20,5 17,7 12,7
EV/sales (x) 1,4 1,5 1,2
FCF yield (%) -5,1 -25,1 10
Dividend yield (%) 2 2,5 2,8
Net IB debt/EBITDA 4,8 6,9 4,7
SEKm 2018 2019e 2020e
Sales 2852 3108 3609
COGS -1980 -2165 -2456
Gross profit 872 943 1152
Other operating items -642 -634 -730
EBITDA 230 309 422
Depreciation on tangibles -52 -107 -122
Depreciation on intangibles 0 0 0
EBITA 178 202 301
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 178 202 301
Other financial items 0 0 0
Net financial items -15 -50 -48
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 163 152 253
Tax -34 -30 -56
Net profit 129 122 197
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 129 122 197
EPS 2,77 2,62 4,24
EPS Adj 3,01 3,03 4,24
Total extraordinary items after tax -11 -19 0
Tax rate (%) -20,9 -19,6 -22
Gross margin (%) 30,6 30,3 31,9
EBITDA margin (%) 8,1 9,9 11,7
EBITA margin (%) 6,2 6,5 8,3
EBIT margin (%) 6,2 6,5 8,3
Pretax margin (%) 5,7 4,9 7
Net margin (%) 4,5 3,9 5,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 32,9 9 16,1
EBITDA growth (%) 36,1 34,4 36,7
EBIT growth (%) 32,8 13,7 48,5
Net profit growth (%) 53,6 -5,3 61,4
EPS growth (%) 47 -5,3 61,4
Profitability 2018 2019 2020
ROE (%) 8,1 7,2 10,8
ROE Adj (%) 8,8 8,3 10,8
ROCE (%) 7 6 7,5
ROCE Adj(%) 7,4 6,5 7,5
ROIC (%) 5,1 4,5 5,6
ROIC Adj (%) 5,4 4,9 5,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 241 328 422
EBITDA Adj margin (%) 8,5 10,6 11,7
EBITA Adj 189 221 301
EBITA Adj margin (%) 6,6 7,1 8,3
EBIT Adj 189 221 301
EBIT Adj margin (%) 6,6 7,1 8,3
Pretax profit Adj 174 171 253
Net profit Adj 140 141 197
Net profit to shareholders Adj 140 141 197
Net Adj margin (%) 4,9 4,5 5,5
SEKm 2018 2019e 2020e
EBITDA 230 309 422
Net financial items -15 -50 -48
Paid tax -12 -30 -56
Non-cash items 172 -31 0
Cash flow before change in WC 375 198 319
Change in WC -163 -92 -27
Operating cash flow 212 105 292
CAPEX tangible fixed assets -357 -731 -43
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -145 -625 248
Dividend paid 55 58 62
Share issues and buybacks 0 0 0
Other non cash items -501 -411 -170
Decrease in net IB debt -463 -1015 140
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1408 1452 1452
Indefinite intangible assets 0 0 0
Definite intangible assets 1058 1617 1600
Tangible fixed assets 254 693 677
Other fixed assets 78 56 56
Fixed assets 2798 3818 3786
Inventories 482 581 656
Receivables 318 379 451
Other current assets 0 0 0
Cash and liquid assets 101 51 191
Total assets 3699 4830 5084
Shareholders equity 1630 1764 1899
Minority 0 0 0
Total equity 1630 1764 1899
Long-term debt 1217 2182 2182
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 354 318 318
Short-term debt 0 0 0
Accounts payable 498 566 686
Other current liabilities 0 0 0
Total liabilities and equity 2620 2857 3699
Net IB debt 1112 2127 1986
Net IB debt excl. pension debt 1112 2127 1986
Capital invested 3096 4209 4203
Working capital 302 394 422
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2868 2495 2495
Net IB debt Adj 1116 2131 1990
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 4626 4485
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 87 72,9 72,8
Capital invested turnover (%) 103,3 85,1 85,8
Capital employed turnover (%) 111,8 91,5 89,9
Inventories / sales (%) 13,2 17,1 17,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 17,1 17,3
Working capital / sales (%) 7,7 11,2 11,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 68,2 120,5 104,6
Net debt / market cap (%) 37,5 86,2 80,5
Equity ratio (%) 44,1 36,5 37,4
Net IB debt adj. / equity (%) 68,5 120,8 104,8
Current ratio (%) 180,9 178,6 189,4
EBITDA / net interest (%) 1533,3 612,2 882,1
Net IB debt / EBITDA (%) 483,5 688,1 470,1
Interest cover (%) 1186,7 401 627,8
SEKm 2018 2019e 2020e
Shares outstanding adj. 46 46 46
Fully diluted shares Adj 47 47 47
EPS 2,77 2,62 4,24
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,01 3,03 4,24
BVPS 35,43 38,34 41,28
BVPS Adj -18,17 -28,35 -25,07
Net IB debt / share 24,2 46,2 43,2
Share price 64,37 53,6 53,6
Market cap. (m) 2962 2466 2466
Valuation 2018 2019 2020
P/E 22,2 20,4 12,7
EV/sales 1,4 1,49 1,24
EV/EBITDA 17,3 15 10,6
EV/EBITA 22,4 22,9 14,9
EV/EBIT 22,4 22,9 14,9
Dividend yield (%) 2 2,5 2,8
FCF yield (%) -5,1 -25,1 10
P/BVPS 1,74 1,4 1,3
P/BVPS Adj -3,39 -1,89 -2,14
P/E Adj 20,5 17,7 12,7
EV/EBITDA Adj 16,5 14,1 10,6
EV/EBITA Adj 21,1 20,9 14,9
EV/EBIT Adj 21,1 20,9 14,9
EV/cap. employed 1,4 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 12,5 23,5 1,2
Capex / depreciation 686,5 685,4 35,6
Capex tangibles / tangible fixed assets 140,6 105,4 6,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 15,4 18

Equity research

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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 23.6 % 28.2 % 30 Jun 2019
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Handelsbanken Fonder 5.5 % 4.9 % 31 Aug 2019
Peter Wahlberg 5.0 % 4.5 % 28 Feb 2019
Lannebo Fonder 4.9 % 4.4 % 31 Aug 2019
Andra AP-fonden 4.7 % 4.3 % 30 Jun 2019
Nordea Fonder 4.6 % 4.2 % 31 Jul 2019
Cliens Fonder 4.0 % 3.6 % 30 Jun 2019
Invesco 2.2 % 2.0 % 31 Jul 2019
Catella Fonder 2.1 % 1.9 % 31 Aug 2019
Source: Holdings by Modular Finance AB

Insider list

Midsona

Name Quantity Code Date
Ulrika Palm - 15 479 SELL 13 Sep 2019
Ulrika Palm - 6 928 SELL 12 Sep 2019
Tobias Traneborn - 2 301 SELL 11 Sep 2019
Tobias Traneborn - 5 000 SELL 10 Sep 2019
Markku Janhunen + 8 000 Redemp 30 Aug 2019
Markku Janhunen - 8 000 Redemp 30 Aug 2019
Lennart Svensson - 50 000 Redemp 30 Aug 2019
Lennart Svensson + 77 000 Redemp 30 Aug 2019
Susanne Berg + 7 614 BUY 16 Apr 2019
Birgitta Stymne Göransson + 2 000 BUY 14 Nov 2018

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