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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 3081 3658 3695
Sales growth (%) 8 18,7 1
EBITDA 284 397 451
EBITDA margin (%) 9,2 10,8 12,2
EBIT adj 176 257 300
EBIT adj margin (%) 5,7 7 8,1
Pretax profit 116 224 267
EPS rep 1,78 2,68 3,21
EPS growth (%) -35,9 50,9 19,5
EPS adj 2,55 3,42 3,94
DPS 1,25 1,5 1,75
EV/EBITDA (x) 14,3 10,3 8,7
EV/EBIT adj (x) 23 15,9 13
P/E (x) 27,8 16,7 14
P/E adj (x) 19,4 13,1 11,4
EV/sales (x) 1,3 1,1 1,1
FCF yield (%) -19,1 9,3 10,4
Dividend yield (%) 2,5 3,3 3,9
Net IB debt/EBITDA 4,7 2,8 2,1
SEKm 2019 2020e 2021e
Sales 3081 3658 3695
COGS -2178 -2586 -2570
Gross profit 903 1072 1125
Other operating items -619 -675 -674
EBITDA 284 397 451
Depreciation on tangibles -39 -52 -61
Depreciation on intangibles -36 -48 -48
EBITA 206 305 348
Goodwill impairment charges 0 0 0
Other impairment and amortisation -36 -48 -48
EBIT 170 257 300
Other financial items 0 0 0
Net financial items -54 -33 -33
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 224 267
Tax -19 -49 -59
Net profit 97 174 208
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 97 174 208
EPS 1,78 2,68 3,21
EPS Adj 2,55 3,42 3,94
Total extraordinary items after tax -6 0 0
Tax rate (%) -16,4 -22 -22
Gross margin (%) 29,3 29,3 30,4
EBITDA margin (%) 9,2 10,8 12,2
EBITA margin (%) 6,7 8,3 9,4
EBIT margin (%) 5,5 7 8,1
Pretax margin (%) 3,8 6,1 7,2
Net margin (%) 3,1 4,8 5,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8 18,7 1
EBITDA growth (%) 23,5 39,6 13,7
EBIT growth (%) -4,5 50,9 16,9
Net profit growth (%) -24,8 79,7 19,5
EPS growth (%) -35,9 50,9 19,5
Profitability 2019 2020 2021
ROE (%) 4,9 7,4 8,4
ROE Adj (%) 7 9,4 10,4
ROCE (%) 5,1 6,6 7,5
ROCE Adj(%) 6,3 7,8 8,7
ROIC (%) 4 5 6
ROIC Adj (%) 4,1 5 6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 290 397 451
EBITDA Adj margin (%) 9,4 10,8 12,2
EBITA Adj 212 305 348
EBITA Adj margin (%) 6,9 8,3 9,4
EBIT Adj 176 257 300
EBIT Adj margin (%) 5,7 7 8,1
Pretax profit Adj 158 272 315
Net profit Adj 139 222 256
Net profit to shareholders Adj 139 222 256
Net Adj margin (%) 4,5 6,1 6,9
SEKm 2019 2020e 2021e
EBITDA 284 397 451
Net financial items -54 -33 -33
Paid tax -19 -49 -59
Non-cash items 29 0 0
Cash flow before change in WC 240 314 359
Change in WC -42 14 5
Operating cash flow 198 328 365
CAPEX tangible fixed assets -712 -59 -63
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -514 270 302
Dividend paid 58 81 98
Share issues and buybacks 0 0 0
Other non cash items 225 -113 -195
Decrease in net IB debt -211 198 162
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1810 1810 1810
Indefinite intangible assets 0 0 0
Definite intangible assets 1248 1227 1204
Tangible fixed assets 358 337 314
Other fixed assets 101 52 52
Fixed assets 3744 3653 3607
Inventories 529 569 606
Receivables 334 384 384
Other current assets 0 0 0
Cash and liquid assets 173 371 533
Total assets 4780 4977 5130
Shareholders equity 2322 2415 2526
Minority 0 0 0
Total equity 2322 2415 2526
Long-term debt 1300 1300 1300
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 413 413 413
Short-term debt 0 0 0
Accounts payable 519 623 665
Other current liabilities 0 0 0
Total liabilities and equity 4780 4977 5130
Net IB debt 1323 1125 963
Net IB debt excl. pension debt 1323 1125 963
Capital invested 4058 3954 3902
Working capital 344 330 325
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2696 2912 2912
Net IB debt Adj 1353 1155 993
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 4049 4068 3905
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 72,7 75 73,1
Capital invested turnover (%) 86,1 91,3 94,1
Capital employed turnover (%) 92 93,9 92,4
Inventories / sales (%) 16,4 15 15,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,5 15,6 17,4
Working capital / sales (%) 10,5 9,2 8,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57 46,6 38,1
Net debt / market cap (%) 38,4 38,6 33,1
Equity ratio (%) 48,6 48,5 49,2
Net IB debt adj. / equity (%) 58,3 47,8 39,3
Current ratio (%) 199,6 212,4 229
EBITDA / net interest (%) 525,9 1198,6 1373,7
Net IB debt / EBITDA (%) 465,8 283,8 213,6
Interest cover (%) 381,5 920,7 1060
SEKm 2019 2020e 2021e
Shares outstanding adj. 65 65 65
Fully diluted shares Adj 55 65 65
EPS 1,78 2,68 3,21
Dividend per share Adj 1,3 1,5 1,8
EPS Adj 2,55 3,42 3,94
BVPS 35,72 37,15 38,86
BVPS Adj -11,32 -9,57 -7,51
Net IB debt / share 20,4 17,3 14,8
Share price 52,95 44,8 44,8
Market cap. (m) 3442 2912 2912
Valuation 2019 2020 2021
P/E 27,8 16,7 14
EV/sales 1,31 1,11 1,06
EV/EBITDA 14,3 10,3 8,7
EV/EBITA 19,7 13,4 11,2
EV/EBIT 23,8 15,9 13
Dividend yield (%) 2,5 3,3 3,9
FCF yield (%) -19,1 9,3 10,4
P/BVPS 1,38 1,21 1,15
P/BVPS Adj -4,36 -4,68 -5,96
P/E Adj 19,4 13,1 11,4
EV/EBITDA Adj 14 10,3 8,7
EV/EBITA Adj 19,1 13,4 11,2
EV/EBIT Adj 23 15,9 13
EV/cap. employed 1,1 1 1
Investment ratios 2019 2020 2021
Capex / sales 23,1 1,6 1,7
Capex / depreciation 949,3 58,6 57,6
Capex tangibles / tangible fixed assets 198,9 17,4 20
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 2,9 3,9 4
Depreciation on tangibles / tangibles 10,9 15,4 19,4

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
Lannebo Fonder 6.2 % 5.7 % 29 Feb 2020
Avanza Pension 5.4 % 5.1 % 12 Mar 2020
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Peter Wahlberg 5.0 % 4.5 % 20 Nov 2019
Handelsbanken Fonder 4.1 % 3.7 % 29 Feb 2020
Cliens Fonder 3.8 % 3.4 % 31 Dec 2019
Nordea Fonder 3.0 % 2.7 % 31 Jan 2020
Skandia Fonder 2.9 % 2.6 % 29 Feb 2020
Swedbank Robur Fonder 2.6 % 2.4 % 29 Feb 2020
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Johan Wester + 1 120 GIFT 7 Feb 2020
Johan Wester - 1 120 GIFT 7 Feb 2020
Lennart Svensson - 4 960 SELL 11 Dec 2019
Lennart Svensson - 5 000 SELL 10 Dec 2019
Lennart Svensson + 18 000 ALTM 10 Dec 2019
Lennart Svensson - 4 742 SELL 10 Dec 2019
Ulrika Palm - 3 030 SELL 9 Dec 2019
Peter Åsberg - 12 000 SELL 6 Dec 2019
Tobias Traneborn - 2 774 SELL 5 Dec 2019
Tobias Traneborn - 725 SELL 3 Dec 2019

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