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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 3550 3620
Sales growth (%) 8 15,2 2
EBITDA 284 407 439
EBITDA margin (%) 9,2 11,5 12,1
EBIT adj 176 255 292
EBIT adj margin (%) 5,7 7,2 8,1
Pretax profit 116 217 257
EPS rep 2,01 2,57 3,02
EPS growth (%) -28,2 27,5 17,6
EPS adj 2,89 3,12 3,76
DPS 1,25 1,3 1,35
EV/EBITDA (x) 13,1 15 13,6
EV/EBIT adj (x) 21,2 23,9 20,4
P/E (x) 24,5 28,1 23,9
P/E adj (x) 17,1 23,1 19,2
EV/sales (x) 1,2 1,7 1,6
FCF yield (%) -21,6 1,4 4,5
Dividend yield (%) 2,5 1,8 1,9
Net IB debt/EBITDA 4,7 3,4 2,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 3081 3550 3620
COGS -2178 -2524 -2534
Gross profit 903 1025 1086
Other operating items -619 -618 -647
EBITDA 284 407 439
Depreciation on tangibles -39 -54 -57
Depreciation on intangibles -36 -47 -48
EBITA 206 313 340
Goodwill impairment charges 0 0 0
Other impairment and amortisation -36 -47 -48
EBIT 170 266 292
Other financial items 0 0 0
Net financial items -54 -49 -35
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 217 257
Tax -19 -51 -61
Net profit 97 167 196
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 97 167 196
EPS 2,01 2,57 3,02
EPS Adj 2,89 3,12 3,76
Total extraordinary items after tax -6 11 0
Tax rate (%) -16,4 -23,2 -23,6
Gross margin (%) 29,3 28,9 30
EBITDA margin (%) 9,2 11,5 12,1
EBITA margin (%) 6,7 8,8 9,4
EBIT margin (%) 5,5 7,5 8,1
Pretax margin (%) 3,8 6,1 7,1
Net margin (%) 3,1 4,7 5,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8 15,2 2
EBITDA growth (%) 23,5 43,5 7,7
EBIT growth (%) -4,5 56,7 9,5
Net profit growth (%) -24,8 72,1 17,6
EPS growth (%) -28,2 27,5 17,6
Profitability 2019 2020 2021
ROE (%) 4,9 7,3 8,3
ROE Adj (%) 7 8,8 10,4
ROCE (%) 5,1 7 7,6
ROCE Adj(%) 6,3 8 8,9
ROIC (%) 4 5 5,5
ROIC Adj (%) 4,1 4,8 5,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 290 396 439
EBITDA Adj margin (%) 9,4 11,2 12,1
EBITA Adj 212 302 340
EBITA Adj margin (%) 6,9 8,5 9,4
EBIT Adj 176 255 292
EBIT Adj margin (%) 5,7 7,2 8,1
Pretax profit Adj 158 253 305
Net profit Adj 139 203 244
Net profit to shareholders Adj 139 203 244
Net Adj margin (%) 4,5 5,7 6,7
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 284 407 439
Net financial items -54 -49 -35
Paid tax -54 -49 -35
Non-cash items 169 -37 -106
Cash flow before change in WC 345 272 263
Change in WC -147 -81 1
Operating cash flow 198 191 263
CAPEX tangible fixed assets -19 -20 -36
CAPEX intangible fixed assets -22 -11 -16
Acquisitions and disposals -671 -92 0
Free cash flow -514 68 211
Dividend paid -58 -81 -39
Share issues and buybacks 625 -1 0
Other non cash items -366 -8 81
Decrease in net IB debt -211 -74 130
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1810 1796 1796
Indefinite intangible assets 0 0 0
Definite intangible assets 1248 1246 1215
Tangible fixed assets 358 332 311
Other fixed assets 101 71 71
Fixed assets 3744 3660 3608
Inventories 529 609 584
Receivables 290 334 333
Other current assets 44 46 46
Cash and liquid assets 173 60 190
Total assets 4780 4710 4760
Shareholders equity 2322 2277 2434
Minority 0 0 0
Total equity 2322 2277 2434
Long-term debt 1229 1158 1158
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 413 374 374
Short-term debt 71 93 93
Accounts payable 288 332 305
Other current liabilities 231 266 186
Total liabilities and equity 4780 4710 4760
Net IB debt 1323 1397 1267
Net IB debt excl. pension debt 1323 1397 1267
Capital invested 4058 4048 4075
Working capital 344 392 472
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2380 4693 4693
Net IB debt Adj 1353 1401 1271
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 3733 6095 5965
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 72,7 74,8 76,5
Capital invested turnover (%) 86,1 87,6 89,1
Capital employed turnover (%) 92 93,6 94,9
Inventories / sales (%) 16,4 16 16,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,5 8,7 8,8
Working capital / sales (%) 10,5 10,4 11,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57 61,4 52,1
Net debt / market cap (%) 51,9 29,8 27
Equity ratio (%) 48,6 48,3 51,1
Net IB debt adj. / equity (%) 58,3 61,6 52,2
Current ratio (%) 162,6 142,8 183,5
EBITDA / net interest (%) 525,9 831,5 1253,7
Net IB debt / EBITDA (%) 465,8 342,9 288,8
Interest cover (%) 381,5 639,7 970,9
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 48 65 65
Fully diluted shares Adj 48 65 65
EPS 2,01 2,57 3,02
Dividend per share Adj 1,3 1,3 1,4
EPS Adj 2,89 3,12 3,76
BVPS 48,2 35,02 37,44
BVPS Adj -15,28 -11,78 -8,87
Net IB debt / share 27,5 21,5 19,5
Share price 52,95 72,2 72,2
Market cap. (m) 2551 4693 4693
Valuation 2019 2020 2021
P/E 24,5 28,1 23,9
EV/sales 1,21 1,72 1,65
EV/EBITDA 13,1 15 13,6
EV/EBITA 18,1 19,4 17,6
EV/EBIT 22 22,9 20,4
Dividend yield (%) 2,5 1,8 1,9
FCF yield (%) -21,6 1,4 4,5
P/BVPS 1,02 2,06 1,93
P/BVPS Adj -3,23 -6,13 -8,14
P/E Adj 17,1 23,1 19,2
EV/EBITDA Adj 12,9 15,4 13,6
EV/EBITA Adj 17,6 20,2 17,6
EV/EBIT Adj 21,2 23,9 20,4
EV/cap. employed 1 1,6 1,5
Investment ratios 2019 2020 2021
Capex / sales 1,3 0,9 1,4
Capex / depreciation 54,7 31 50
Capex tangibles / tangible fixed assets 5,3 6 11,6
Capex intangibles / definite intangibles 1,8 0,9 1,3
Depreciation on intangibles / definite intangibles 2,9 3,8 4
Depreciation on tangibles / tangibles 10,9 16,3 18,3
N/A N/A N/A

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 % 31 Aug 2020
Creades AB 5.9 % 5.3 % 1 Jun 2020
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Swedbank Robur Fonder 5.2 % 4.7 % 31 Aug 2020
Peter Wahlberg 5.0 % 4.5 % 20 Nov 2019
Lannebo Fonder 3.8 % 3.4 % 31 Aug 2020
Cliens Fonder 3.8 % 3.4 % 30 Jun 2020
Handelsbanken Fonder 3.4 % 3.1 % 31 Aug 2020
Nordea Fonder 3.0 % 2.7 % 31 Jul 2020
Skandia Fonder 2.9 % 2.6 % 31 Aug 2020
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Markku Janhunen - 3 000 SELL 10 Sep 2020
Markku Janhunen - 3 000 SELL 9 Sep 2020
Markku Janhunen - 1 940 SELL 8 Sep 2020
Markku Janhunen - 2 000 SELL 7 Sep 2020
Tobias Traneborn - 5 000 SELL 21 Aug 2020
Lennart Svensson - 23 511 SELL 7 Aug 2020
Lennart Svensson - 11 489 SELL 6 Aug 2020
Peter Åsberg + 450 BUY 5 Aug 2020
Lennart Svensson - 20 953 SELL 23 Jul 2020
Lennart Svensson - 5 000 SELL 23 Jul 2020

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