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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 3595 3629
Sales growth (%) 8 16,7 1
EBITDA 284 399 438
EBITDA margin (%) 9,2 11,1 12,1
EBIT adj 176 261 289
EBIT adj margin (%) 5,7 7,3 8
Pretax profit 116 226 256
EPS rep 1,78 2,66 3,01
EPS growth (%) -35,9 49,8 13
EPS adj 2,55 3,34 3,75
DPS 1,25 1,5 1,75
EV/EBITDA (x) 14,3 12,2 10,7
EV/EBIT adj (x) 23 18,7 16,2
P/E (x) 27,8 21,1 18,7
P/E adj (x) 19,4 16,9 15
EV/sales (x) 1,3 1,4 1,3
FCF yield (%) -19,1 6,5 8,5
Dividend yield (%) 2,5 2,7 3,1
Net IB debt/EBITDA 4,7 3 2,3
SEKm 2019 2020e 2021e
Sales 3081 3595 3629
COGS -2178 -2543 -2530
Gross profit 903 1052 1100
Other operating items -619 -654 -661
EBITDA 284 399 438
Depreciation on tangibles -39 -54 -59
Depreciation on intangibles -36 -44 -48
EBITA 206 305 337
Goodwill impairment charges 0 0 0
Other impairment and amortisation -36 -44 -48
EBIT 170 261 289
Other financial items 0 0 0
Net financial items -54 -35 -33
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 226 256
Tax -19 -53 -61
Net profit 97 173 196
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 97 173 196
EPS 1,78 2,66 3,01
EPS Adj 2,55 3,34 3,75
Total extraordinary items after tax -6 0 0
Tax rate (%) -16,4 -23,4 -23,7
Gross margin (%) 29,3 29,3 30,3
EBITDA margin (%) 9,2 11,1 12,1
EBITA margin (%) 6,7 8,5 9,3
EBIT margin (%) 5,5 7,3 8
Pretax margin (%) 3,8 6,3 7,1
Net margin (%) 3,1 4,8 5,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 8 16,7 1
EBITDA growth (%) 23,5 40,4 9,9
EBIT growth (%) -4,5 53,4 10,9
Net profit growth (%) -24,8 78,4 13
EPS growth (%) -35,9 49,8 13
Profitability 2019 2020 2021
ROE (%) 4,9 7,3 7,9
ROE Adj (%) 7 9,1 9,9
ROCE (%) 5,1 6,7 7,2
ROCE Adj(%) 6,3 7,8 8,4
ROIC (%) 4 4,9 5,5
ROIC Adj (%) 4,1 4,9 5,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 290 399 438
EBITDA Adj margin (%) 9,4 11,1 12,1
EBITA Adj 212 305 337
EBITA Adj margin (%) 6,9 8,5 9,3
EBIT Adj 176 261 289
EBIT Adj margin (%) 5,7 7,3 8
Pretax profit Adj 158 270 304
Net profit Adj 139 217 244
Net profit to shareholders Adj 139 217 244
Net Adj margin (%) 4,5 6 6,7
SEKm 2019 2020e 2021e
EBITDA 284 399 438
Net financial items -54 -35 -33
Paid tax -19 -53 -61
Non-cash items 29 32 0
Cash flow before change in WC 240 343 345
Change in WC -42 -14 30
Operating cash flow 198 329 375
CAPEX tangible fixed assets -712 -92 -62
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -514 237 313
Dividend paid 58 81 98
Share issues and buybacks 0 0 0
Other non cash items 225 -147 -195
Decrease in net IB debt -211 140 173
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1810 1800 1800
Indefinite intangible assets 0 0 0
Definite intangible assets 1248 1258 1235
Tangible fixed assets 358 357 334
Other fixed assets 101 59 59
Fixed assets 3744 3701 3655
Inventories 529 572 585
Receivables 334 386 377
Other current assets 0 0 0
Cash and liquid assets 173 312 485
Total assets 4780 4970 5103
Shareholders equity 2322 2424 2522
Minority 0 0 0
Total equity 2322 2424 2522
Long-term debt 1300 1299 1299
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 413 421 421
Short-term debt 0 0 0
Accounts payable 519 601 635
Other current liabilities 0 0 0
Total liabilities and equity 4780 4970 5103
Net IB debt 1323 1183 1010
Net IB debt excl. pension debt 1323 1183 1010
Capital invested 4058 4028 3953
Working capital 344 358 328
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2696 3660 3660
Net IB debt Adj 1353 1213 1040
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 4873 4700
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 72,7 73,7 72,1
Capital invested turnover (%) 86,1 88,9 91
Capital employed turnover (%) 92 92,2 90,8
Inventories / sales (%) 16,4 15,3 15,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,5 15,6 17
Working capital / sales (%) 10,5 9,8 9,4
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57 48,8 40,1
Net debt / market cap (%) 38,4 32,3 27,6
Equity ratio (%) 48,6 48,8 49,4
Net IB debt adj. / equity (%) 58,3 50,1 41,2
Current ratio (%) 199,6 211,4 227,9
EBITDA / net interest (%) 525,9 1142,9 1331,3
Net IB debt / EBITDA (%) 465,8 296,8 230,4
Interest cover (%) 381,5 873,6 1024,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 65 65 65
Fully diluted shares Adj 55 65 65
EPS 1,78 2,66 3,01
Dividend per share Adj 1,3 1,5 1,8
EPS Adj 2,55 3,34 3,75
BVPS 35,72 37,29 38,8
BVPS Adj -11,32 -9,75 -7,89
Net IB debt / share 20,4 18,2 15,5
Share price 52,95 56,3 56,3
Market cap. (m) 3442 3660 3660
Valuation 2019 2020 2021
P/E 27,8 21,1 18,7
EV/sales 1,31 1,36 1,29
EV/EBITDA 14,3 12,2 10,7
EV/EBITA 19,7 16 13,9
EV/EBIT 23,8 18,7 16,2
Dividend yield (%) 2,5 2,7 3,1
FCF yield (%) -19,1 6,5 8,5
P/BVPS 1,38 1,51 1,45
P/BVPS Adj -4,36 -5,77 -7,13
P/E Adj 19,4 16,9 15
EV/EBITDA Adj 14 12,2 10,7
EV/EBITA Adj 19,1 16 13,9
EV/EBIT Adj 23 18,7 16,2
EV/cap. employed 1,1 1,2 1,2
Investment ratios 2019 2020 2021
Capex / sales 23,1 2,6 1,7
Capex / depreciation 949,3 94,4 57,6
Capex tangibles / tangible fixed assets 198,9 25,9 18,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 2,9 3,5 3,9
Depreciation on tangibles / tangibles 10,9 15,1 17,7

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 May 2020
Creades AB 5.9 % 5.3 % 1 Jun 2020
La Financière de l'Echiquier 5.5 % 5.0 % 1 Apr 2019
Peter Wahlberg 5.0 % 4.5 % 20 Nov 2019
Lannebo Fonder 4.2 % 3.8 % 31 May 2020
Cliens Fonder 3.8 % 3.4 % 31 Mar 2020
Handelsbanken Fonder 3.3 % 3.0 % 30 Jun 2020
Swedbank Robur Fonder 3.2 % 2.9 % 31 May 2020
Nordea Fonder 3.0 % 2.7 % 31 May 2020
Skandia Fonder 2.9 % 2.6 % 31 May 2020
Source: Holdings by Modular Finance AB

Insider list - Midsona

Name Quantity Code Date
Tobias Traneborn - 5 139 SELL 8 May 2020
Ulrika Palm - 700 SELL 30 Apr 2020
Ulrika Palm - 11 300 SELL 29 Apr 2020
Tobias Traneborn - 5 904 SELL 29 Apr 2020
Tobias Traneborn - 3 957 SELL 28 Apr 2020
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 - 4 742 SELL 10 Dec 2019
Lennart Svensson - 5 000 SELL 10 Dec 2019

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