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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 3005 3081
Sales growth (%) 32,9 5,4 2,5
EBITDA 230 283 338
EBITDA margin (%) 8,1 9,4 11
EBIT adj 189 246 283
EBIT adj margin (%) 6,6 8,2 9,2
Pretax profit 163 200 259
EPS rep 2,77 3,35 4,34
EPS growth (%) 47 21 29,3
EPS adj 3,01 3,78 4,34
DPS 1,25 1,35 1,5
EV/EBITDA (x) 17,3 12 9,6
EV/EBIT adj (x) 21,1 13,8 11,5
P/E (x) 22,2 15,4 11,9
P/E adj (x) 20,5 13,7 11,9
EV/sales (x) 1,4 1,1 1,1
FCF yield (%) -5,1 7,5 8,5
Dividend yield (%) 2 2,6 2,9
Net IB debt/EBITDA 4,8 3,5 2,5
SEKm 2018 2019e 2020e
Sales 2852 3005 3081
COGS -1980 -2059 -2083
Gross profit 872 946 998
Other operating items -642 -663 -660
EBITDA 230 283 338
Depreciation on tangibles -52 -57 -55
Depreciation on intangibles 0 0 0
EBITA 178 226 283
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 178 226 283
Other financial items 0 0 0
Net financial items -15 -26 -25
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 163 200 259
Tax -34 -44 -57
Net profit 129 156 202
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 129 156 202
EPS 2,77 3,35 4,34
EPS Adj 3,01 3,78 4,34
Total extraordinary items after tax -11 -20 0
Tax rate (%) -20,9 -22 -22
Gross margin (%) 30,6 31,5 32,4
EBITDA margin (%) 8,1 9,4 11
EBITA margin (%) 6,2 7,5 9,2
EBIT margin (%) 6,2 7,5 9,2
Pretax margin (%) 5,7 6,7 8,4
Net margin (%) 4,5 5,2 6,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 32,9 5,4 2,5
EBITDA growth (%) 36,1 23,2 19,4
EBIT growth (%) 32,8 27 25,4
Net profit growth (%) 53,6 21 29,3
EPS growth (%) 47 21 29,3
Profitability 2018 2019 2020
ROE (%) 8,1 9,3 11,2
ROE Adj (%) 8,8 10,5 11,2
ROCE (%) 7,2 8,3 10,4
ROCE Adj(%) 7,7 9 10,4
ROIC (%) 5,3 5,8 7,3
ROIC Adj (%) 5,6 6,3 7,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 241 303 338
EBITDA Adj margin (%) 8,5 10,1 11
EBITA Adj 189 246 283
EBITA Adj margin (%) 6,6 8,2 9,2
EBIT Adj 189 246 283
EBIT Adj margin (%) 6,6 8,2 9,2
Pretax profit Adj 174 220 259
Net profit Adj 140 176 202
Net profit to shareholders Adj 140 176 202
Net Adj margin (%) 4,9 5,9 6,6
SEKm 2018 2019e 2020e
EBITDA 230 283 338
Net financial items -15 -26 -25
Paid tax -34 -44 -57
Non-cash items 0 0 0
Cash flow before change in WC 181 213 257
Change in WC -163 -43 -15
Operating cash flow 212 214 242
CAPEX tangible fixed assets -357 -33 -37
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -145 181 205
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -318 -58 -62
Decrease in net IB debt -463 123 143
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1408 1408 1408
Indefinite intangible assets 0 0 0
Definite intangible assets 1058 1046 1037
Tangible fixed assets 254 242 233
Other fixed assets 78 34 34
Fixed assets 2798 2730 2712
Inventories 482 509 560
Receivables 318 332 385
Other current assets 0 0 0
Cash and liquid assets 101 144 208
Total assets 3699 3716 3865
Shareholders equity 1630 1729 1868
Minority 0 0 0
Total equity 1630 1729 1868
Long-term debt 1217 1137 1057
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 354 354 354
Short-term debt 0 0 0
Accounts payable 498 496 585
Other current liabilities 0 0 0
Total liabilities and equity 2620 2857 3699
Net IB debt 1112 989 845
Net IB debt excl. pension debt 1112 989 845
Capital invested 3022 3041 3038
Working capital 302 345 360
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2868 2407 2407
Net IB debt Adj 1116 993 849
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 3399 3256
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 87 81,1 81,3
Capital invested turnover (%) 106,7 99,1 101,4
Capital employed turnover (%) 115,4 110,1 113,5
Inventories / sales (%) 13,2 16,5 17,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 16,5 17,5
Working capital / sales (%) 7,7 10,8 11,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 68,2 57,2 45,2
Net debt / market cap (%) 37,5 41,6 35,5
Equity ratio (%) 44,1 46,5 48,3
Net IB debt adj. / equity (%) 68,5 57,4 45,5
Current ratio (%) 180,9 198,8 196,9
EBITDA / net interest (%) 1533,3 1090,4 1368,9
Net IB debt / EBITDA (%) 483,5 348,8 249,8
Interest cover (%) 1186,7 869,8 1146,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 46 46 46
Fully diluted shares Adj 47 47 47
EPS 2,77 3,35 4,34
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,01 3,78 4,34
BVPS 35,43 37,57 40,61
BVPS Adj -18,17 -15,76 -12,53
Net IB debt / share 24,2 21,5 18,4
Share price 64,37 51,7 51,7
Market cap. (m) 2962 2379 2379
Valuation 2018 2019 2020
P/E 22,2 15,4 11,9
EV/sales 1,4 1,13 1,06
EV/EBITDA 17,3 12 9,6
EV/EBITA 22,4 15 11,5
EV/EBIT 22,4 15 11,5
Dividend yield (%) 2 2,6 2,9
FCF yield (%) -5,1 7,5 8,5
P/BVPS 1,74 1,38 1,27
P/BVPS Adj -3,39 -3,28 -4,13
P/E Adj 20,5 13,7 11,9
EV/EBITDA Adj 16,5 11,2 9,6
EV/EBITA Adj 21,1 13,8 11,5
EV/EBIT Adj 21,1 13,8 11,5
EV/cap. employed 1,5 1,3 1,2
Investment ratios 2018 2019 2020
Capex / sales 12,5 1,1 1,2
Capex / depreciation 686,5 57,7 67,3
Capex tangibles / tangible fixed assets 140,6 13,7 15,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 23,7 23,6

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Main shareholders

Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 23.6 % 28.2 % 31 Dec 2018
Handelsbanken Fonder 7.4 % 6.7 % 28 Feb 2019
Andra AP-fonden 5.0 % 4.6 % 31 Dec 2018
La Financière de l'Echiquier 5.0 % 4.5 % 15 Feb 2019
Nordea Fonder 4.6 % 4.2 % 31 Jan 2019
Cliens Fonder 4.0 % 3.6 % 31 Dec 2018
Bengt Julander 3.7 % 3.4 % 31 Dec 2018
Peter Wahlberg 3.2 % 2.9 % 31 Dec 2018
Lannebo Fonder 3.2 % 2.9 % 31 Jan 2019
Oppenheimer 2.2 % 2.0 % 31 Jan 2019
Source: Holdings by Modular Finance AB

Insider list

Midsona

Name Quantity Code Date
Birgitta Stymne Göransson + 2 000 BUY 14 Nov 2018
Christopher Törnblom - 700 000 AKLÅN 9 Oct 2018
Christopher Törnblom +1 957 506 TECKN 5 Oct 2018
Ingemar Andersson +1 557 142 TECKN 17 Sep 2018
kirsten ägidius + 1 500 BUY 6 Sep 2018
kirsten ägidius + 2 500 BUY 6 Sep 2018
Peter Åsberg + 119 700 BUY 16 May 2018
Peter Overgaard + 15 000 BUY 20 Dec 2017
Markku Janhunen + 10 000 BUY 20 Dec 2017
Anders Dahlin + 30 000 BUY 20 Dec 2017

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