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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 3621 4131
Sales growth (%) 8 17,5 14,1
EBITDA 284 400 459
EBITDA margin (%) 9,2 11 11,1
EBIT adj 176 234 297
EBIT adj margin (%) 5,7 6,5 7,2
Pretax profit 116 206 253
EPS rep 2,01 2,48 2,98
EPS growth (%) -28,2 23,2 19,9
EPS adj 2,89 2,9 3,84
DPS 1,25 1,3 1,35
EV/EBITDA (x) 13,1 14,9 12,6
EV/EBIT adj (x) 21,2 25,4 19,5
P/E (x) 24,5 26,8 22,4
P/E adj (x) 17,1 23 17,4
EV/sales (x) 1,2 1,6 1,4
FCF yield (%) -21,6 -3,5 6,4
Dividend yield (%) 2,5 2 2
Net IB debt/EBITDA 4,7 4 3,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 3081 3621 4131
COGS -2178 -2594 -2925
Gross profit 903 1026 1206
Other operating items -619 -627 -747
EBITDA 284 400 459
Depreciation on tangibles -39 -56 -64
Depreciation on intangibles -36 -48 -56
EBITA 206 303 353
Goodwill impairment charges 0 0 0
Other impairment and amortisation -36 -48 -56
EBIT 170 255 297
Other financial items 0 0 0
Net financial items -54 -49 -44
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 206 253
Tax -19 -44 -59
Net profit 97 161 193
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 97 161 193
EPS 2,01 2,48 2,98
EPS Adj 2,89 2,9 3,84
Total extraordinary items after tax -6 21 0
Tax rate (%) -16,4 -21,6 -23,5
Gross margin (%) 29,3 28,3 29,2
EBITDA margin (%) 9,2 11 11,1
EBITA margin (%) 6,7 8,4 8,5
EBIT margin (%) 5,5 7 7,2
Pretax margin (%) 3,8 5,7 6,1
Net margin (%) 3,1 4,5 4,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8 17,5 14,1
EBITDA growth (%) 23,5 40,7 14,8
EBIT growth (%) -4,5 49,8 16,6
Net profit growth (%) -24,8 66,3 19,9
EPS growth (%) -28,2 23,2 19,9
Profitability 2019 2020 2021
ROE (%) 4,9 7 8,2
ROE Adj (%) 7 8,1 10,5
ROCE (%) 5,1 6,4 7,1
ROCE Adj(%) 6,3 7,1 8,5
ROIC (%) 4 4,8 5,3
ROIC Adj (%) 4,1 4,4 5,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 290 379 459
EBITDA Adj margin (%) 9,4 10,5 11,1
EBITA Adj 212 282 353
EBITA Adj margin (%) 6,9 7,8 8,5
EBIT Adj 176 234 297
EBIT Adj margin (%) 5,7 6,5 7,2
Pretax profit Adj 158 233 309
Net profit Adj 139 188 249
Net profit to shareholders Adj 139 188 249
Net Adj margin (%) 4,5 5,2 6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 284 400 459
Net financial items -54 -49 -44
Paid tax -54 -49 -44
Non-cash items 169 -6 20
Cash flow before change in WC 345 296 391
Change in WC -147 -27 -70
Operating cash flow 198 269 321
CAPEX tangible fixed assets -19 -20 -33
CAPEX intangible fixed assets -22 -70 -12
Acquisitions and disposals -671 -330 0
Free cash flow -514 -151 275
Dividend paid -58 -81 -85
Share issues and buybacks 625 -1 0
Other non cash items -366 26 -36
Decrease in net IB debt -211 -286 143
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1810 1914 1914
Indefinite intangible assets 0 0 0
Definite intangible assets 1248 1422 1378
Tangible fixed assets 358 332 302
Other fixed assets 101 69 69
Fixed assets 3744 3942 3873
Inventories 529 579 653
Receivables 290 305 347
Other current assets 44 41 41
Cash and liquid assets 173 175 318
Total assets 4780 5042 5232
Shareholders equity 2322 2315 2424
Minority 0 0 0
Total equity 2322 2315 2424
Long-term debt 1229 1493 1493
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 413 359 359
Short-term debt 71 93 93
Accounts payable 288 326 372
Other current liabilities 231 253 289
Total liabilities and equity 4780 5042 5232
Net IB debt 1323 1609 1466
Net IB debt excl. pension debt 1323 1609 1466
Capital invested 4058 4284 4250
Working capital 344 346 380
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2380 4329 4329
Net IB debt Adj 1353 1613 1470
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 5943 5800
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 72,7 73,7 80,4
Capital invested turnover (%) 86,1 86,8 96,8
Capital employed turnover (%) 92 91,1 99,3
Inventories / sales (%) 16,4 15,3 14,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,5 8,5 8,4
Working capital / sales (%) 10,5 9,5 8,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57 69,5 60,5
Net debt / market cap (%) 51,9 37,2 33,9
Equity ratio (%) 48,6 45,9 46,3
Net IB debt adj. / equity (%) 58,3 69,7 60,7
Current ratio (%) 162,6 153,5 170,3
EBITDA / net interest (%) 525,9 815,6 1042,8
Net IB debt / EBITDA (%) 465,8 402,7 319,6
Interest cover (%) 381,5 617,7 801,9
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 2,48 2,98
Dividend per share Adj 1,3 1,3 1,4
EPS Adj 2,89 2,9 3,84
BVPS 48,2 35,62 37,29
BVPS Adj -15,28 -15,7 -13,36
Net IB debt / share 27,5 24,8 22,6
Share price 52,95 66,6 66,6
Market cap. (m) 2551 4329 4329
Valuation 2019 2020 2021
P/E 24,5 26,8 22,4
EV/sales 1,21 1,64 1,4
EV/EBITDA 13,1 14,9 12,6
EV/EBITA 18,1 19,6 16,4
EV/EBIT 22 23,3 19,5
Dividend yield (%) 2,5 2 2
FCF yield (%) -21,6 -3,5 6,4
P/BVPS 1,02 1,87 1,79
P/BVPS Adj -3,23 -4,24 -4,99
P/E Adj 17,1 23 17,4
EV/EBITDA Adj 12,9 15,7 12,6
EV/EBITA Adj 17,6 21,1 16,4
EV/EBIT Adj 21,2 25,4 19,5
EV/cap. employed 1 1,4 1,4
Investment ratios 2019 2020 2021
Capex / sales 1,3 2,5 1,1
Capex / depreciation 54,7 86,9 37,9
Capex tangibles / tangible fixed assets 5,3 6 11
Capex intangibles / definite intangibles 1,8 4,9 0,9
Depreciation on intangibles / definite intangibles 2,9 3,4 4,1
Depreciation on tangibles / tangibles 10,9 16,7 21,2
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 Oct 2020
Creades AB 5.9 % 5.3 % 1 Jun 2020
La Financière de l'Echiquier 5.7 % 5.1 % 30 Jun 2020
Swedbank Robur Fonder 5.2 % 4.7 % 31 Oct 2020
Peter Wahlberg 5.0 % 4.5 % 28 Feb 2020
Lannebo Fonder 3.8 % 3.5 % 31 Oct 2020
Cliens Fonder 3.8 % 3.4 % 30 Sep 2020
Handelsbanken Fonder 3.5 % 3.2 % 31 Oct 2020
Nordea Fonder 3.0 % 2.7 % 30 Sep 2020
Skandia Fonder 2.9 % 2.6 % 31 Oct 2020
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Peter Åsberg + 4 200 BUY 29 Oct 2020
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

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