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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 3018 3097
Sales growth (%) 32,9 5,8 2,6
EBITDA 230 308 368
EBITDA margin (%) 8,1 10,2 11,9
EBIT adj 189 229 263
EBIT adj margin (%) 6,6 7,6 8,5
Pretax profit 163 157 233
EPS rep 2,77 2,63 3,9
EPS growth (%) 47 -4,9 48,2
EPS adj 3,01 3,17 3,9
DPS 1,25 1,35 1,5
EV/EBITDA (x) 17,3 11,7 9,5
EV/EBIT adj (x) 21,1 15,8 13,2
P/E (x) 22,2 19,4 13,1
P/E adj (x) 20,5 16,1 13,1
EV/sales (x) 1,4 1,2 1,1
FCF yield (%) -5,1 7,3 9,6
Dividend yield (%) 2 2,6 2,9
Net IB debt/EBITDA 4,8 4 3
SEKm 2018 2019e 2020e
Sales 2852 3018 3097
COGS -1980 -2104 -2106
Gross profit 872 914 991
Other operating items -642 -606 -623
EBITDA 230 308 368
Depreciation on tangibles -52 -104 -105
Depreciation on intangibles 0 0 0
EBITA 178 204 263
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 178 204 263
Other financial items 0 0 0
Net financial items -15 -47 -30
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 163 157 233
Tax -34 -34 -51
Net profit 129 123 182
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 129 123 182
EPS 2,77 2,63 3,9
EPS Adj 3,01 3,17 3,9
Total extraordinary items after tax -11 -25 0
Tax rate (%) -20,9 -21,9 -22
Gross margin (%) 30,6 30,3 32
EBITDA margin (%) 8,1 10,2 11,9
EBITA margin (%) 6,2 6,8 8,5
EBIT margin (%) 6,2 6,8 8,5
Pretax margin (%) 5,7 5,2 7,5
Net margin (%) 4,5 4,1 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 32,9 5,8 2,6
EBITDA growth (%) 36,1 33,9 19,6
EBIT growth (%) 32,8 14,5 29,1
Net profit growth (%) 53,6 -4,9 48,2
EPS growth (%) 47 -4,9 48,2
Profitability 2018 2019 2020
ROE (%) 8,1 7,3 10,1
ROE Adj (%) 8,8 8,8 10,1
ROCE (%) 7 6,8 8,2
ROCE Adj(%) 7,4 7,7 8,2
ROIC (%) 5,1 5 6,2
ROIC Adj (%) 5,4 5,6 6,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 241 333 368
EBITDA Adj margin (%) 8,5 11 11,9
EBITA Adj 189 229 263
EBITA Adj margin (%) 6,6 7,6 8,5
EBIT Adj 189 229 263
EBIT Adj margin (%) 6,6 7,6 8,5
Pretax profit Adj 174 182 233
Net profit Adj 140 148 182
Net profit to shareholders Adj 140 148 182
Net Adj margin (%) 4,9 4,9 5,9
SEKm 2018 2019e 2020e
EBITDA 230 308 368
Net financial items -15 -47 -30
Paid tax -12 -34 -51
Non-cash items 172 17 0
Cash flow before change in WC 375 244 287
Change in WC -163 -38 -22
Operating cash flow 212 206 265
CAPEX tangible fixed assets -357 -32 -37
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -145 174 228
Dividend paid 55 58 62
Share issues and buybacks 0 0 0
Other non cash items -373 -351 -164
Decrease in net IB debt -463 -119 126
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1408 1439 1439
Indefinite intangible assets 0 0 0
Definite intangible assets 1058 1053 1040
Tangible fixed assets 254 432 419
Other fixed assets 78 45 45
Fixed assets 2798 2970 2942
Inventories 482 501 563
Receivables 318 327 387
Other current assets 0 0 0
Cash and liquid assets 101 155 280
Total assets 3699 3952 4172
Shareholders equity 1630 1741 1861
Minority 0 0 0
Total equity 1630 1741 1861
Long-term debt 1217 1390 1390
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 354 333 333
Short-term debt 0 0 0
Accounts payable 498 488 588
Other current liabilities 0 0 0
Total liabilities and equity 2620 2857 3699
Net IB debt 1112 1231 1106
Net IB debt excl. pension debt 1112 1231 1106
Capital invested 3096 3305 3299
Working capital 302 340 362
EV breakdown 2018 2019 2020
Market cap. diluted (m) 2868 2374 2374
Net IB debt Adj 1116 1235 1110
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 3610 3484
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 87 78,9 76,2
Capital invested turnover (%) 103,3 94,3 93,8
Capital employed turnover (%) 111,8 101 97,1
Inventories / sales (%) 13,2 16,3 17,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,3 16,3 17,4
Working capital / sales (%) 7,7 10,6 11,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 68,2 70,7 59,4
Net debt / market cap (%) 37,5 52,5 47,1
Equity ratio (%) 44,1 44,1 44,6
Net IB debt adj. / equity (%) 68,5 70,9 59,6
Current ratio (%) 180,9 201,3 209,1
EBITDA / net interest (%) 1533,3 658,4 1216,7
Net IB debt / EBITDA (%) 483,5 399,9 300,2
Interest cover (%) 1186,7 436 869,7
SEKm 2018 2019e 2020e
Shares outstanding adj. 46 46 46
Fully diluted shares Adj 47 47 47
EPS 2,77 2,63 3,9
Dividend per share Adj 1,3 1,4 1,5
EPS Adj 3,01 3,17 3,9
BVPS 35,43 37,84 40,44
BVPS Adj -18,17 -16,33 -13,43
Net IB debt / share 24,2 26,8 24
Share price 64,37 51 51
Market cap. (m) 2962 2346 2346
Valuation 2018 2019 2020
P/E 22,2 19,4 13,1
EV/sales 1,4 1,2 1,12
EV/EBITDA 17,3 11,7 9,5
EV/EBITA 22,4 17,7 13,2
EV/EBIT 22,4 17,7 13,2
Dividend yield (%) 2 2,6 2,9
FCF yield (%) -5,1 7,3 9,6
P/BVPS 1,74 1,35 1,26
P/BVPS Adj -3,39 -3,12 -3,8
P/E Adj 20,5 16,1 13,1
EV/EBITDA Adj 16,5 10,8 9,5
EV/EBITA Adj 21,1 15,8 13,2
EV/EBIT Adj 21,1 15,8 13,2
EV/cap. employed 1,4 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 12,5 1,1 1,2
Capex / depreciation 686,5 30,8 35,4
Capex tangibles / tangible fixed assets 140,6 7,4 8,9
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 24 25,1

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
Handelsbanken Fonder 5.9 % 5.4 % 30 Jun 2019
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Peter Wahlberg 5.0 % 4.5 % 28 Feb 2019
Andra AP-fonden 4.7 % 4.3 % 30 Jun 2019
Nordea Fonder 4.6 % 4.2 % 30 Jun 2019
Lannebo Fonder 4.6 % 4.2 % 30 Jun 2019
Cliens Fonder 4.0 % 3.6 % 30 Jun 2019
Invesco 2.2 % 2.0 % 31 May 2019
Spiltan Fonder 2.1 % 1.9 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Midsona

Name Quantity Code Date
Susanne Berg + 7 614 BUY 16 Apr 2019
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

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