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Midsona

Midsona

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Midsona develops, manufactures and markets products within health and wellness, with revenues of c. SEK 4bn and c. 850 employees. The company is active all over Europe, working across three business segments: Nordics, North Europe and South Europe. Having successfully played a part in market consolidation in the Nordics, and with a track record of deriving synergies, the company is currently looking towards Europe to continue this journey.

Sustainability Information

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.

Financials

SEKm 2025 2026e 2027e
Sales 3630 3668,17 3885,84
Sales growth (%) -2,6 1,1 5,9
EBITDA 244 335 332
EBITDA margin (%) 6,7 9,1 8,5
EBIT adj. 133 153 194
EBIT adj. margin (%) 3,7 4,2 5
Pretax profit 24 191 168
EPS 0,07 1,1 0,88
EPS growth (%) -79 N/A -19,7
EPS adj. 0,54 1,04 1,15
DPS N/A N/A N/A
Dividend per share 0,22 0,32 0,32
EV/EBITDA (x) 7 4,8 4,6
EV/EBIT adj. (x) 12,9 10,4 7,9
P/E (x) N/A 8,84 11,01
P/E adj. (x) 17,9 9,3 8,5
EV/sales (x) 0,47 0,44 0,4
FCF yield (%) 14,6 14,8 12
Le. adj. FCF yld. (%) 10,8 10,9 7,5
Dividend yield (%) 2,3 3,3 3,3
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Le. adj. ND/EBITDA (x) 0,3 -0,2 -0,3
SEKm 2025 2026e 2027e
Sales 3630 3668,17 3885,84
COGS -2647 -2596 -2746
Gross profit 983 1073 1140
Other operating items -739 -738 -808
EBITDA 244 335 332
Depreciation and amortisation -95 -86 -88
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -54 -55 -56
EBITA 105 248,77 243,68
EO Items N/A N/A N/A
Operating EO items -75 53 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges -91 -43 -50
EBIT 58 205,77 193,68
Net financial items -34 -15 -25
Pretax profit 24 191 168
Tax -14 -31 -40
Net profit 10 160 129
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 160 129
EPS 0,07 1,1 0,88
EPS adj. 0,54 1,04 1,15
Total extraordinary items after tax -31 45 0
Leasing payments -54 -55 -56
Tax rate (%) 58,3 16 23,5
Gross margin (%) 27,1 29,2 29,3
EBITDA margin (%) 6,7 9,1 8,5
EBITA margin (%) 2,9 6,8 6,3
EBIT margin (%) 1,6 5,6 5
Pre-tax margin (%) 0,7 5,2 4,3
Net margin (%) 0,3 4,4 3,3
Sales growth (%) -2,6 1,1 5,9
EBITDA growth (%) -12,9 37,2 -0,9
EBITA growth (%) -40,7 136,9 -2
EBIT growth (%) -54,7 N/A -5,9
Net profit growth (%) -78,7 1501,6 -19,7
EPS growth (%) -79 N/A -19,7
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) 0,3 5,2 4
ROE adj. (%) 4,4 5,2 5,5
ROCE (%) 1,6 5,6 5,1
ROCE adj. (%) 6,2 5,3 6,4
ROIC (%) 1,3 6,3 5,5
ROIC adj. (%) 2,2 5 5,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 319 282 332
EBITDA adj. margin (%) 8,8 7,7 8,5
EBITDA lease adj. 265 227 276
EBITDA lease adj. margin (%) 7,3 6,2 7,1
EBITA adj. 180 196 244
EBITA adj. margin (%) 5 5,3 6,3
EBIT adj. 133 153 194
EBIT adj. margin (%) 3,7 4,2 5
Pretax profit Adj. 190 181 218
Net profit Adj. 132 159 179
Net profit to shareholders adj. 132 159 179
Net adj. margin (%) 3,6 4,3 4,6
SEKm 2025 2026e 2027e
EBITDA 244 335 332
Goodwill 1571 1571 1571
Net financial items -34 -15 -25
Other intangible assets 1200 1304 1266
Paid tax -25 -35 -40
Tangible fixed assets 78 94 101
Non-cash items 42 2 0
Right-of-use asset 214 214 222
Cash flow before change in WC 227 287 267
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 77 68 68
Change in working capital 2 -24 -46
Fixed assets 3140 3251 3227
Operating cash flow 229 263 220
Inventories 552 642 699
Capex tangible fixed assets -17 -20 -39
Receivables 383 377 405
Capex intangible fixed assets -5 -33 -12
Other current assets N/A N/A N/A
Acquisitions and Disposals 0 0 0
Cash and liquid assets 316 436 435
Free cash flow 207 210 170
Total assets 4391 4706 4767
Dividend paid -29 -32 -47
Shareholders equity 2933 3199 3281
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -54 -55 -64
Total equity 2933 3199 3281
Other non-cash items N/A N/A N/A
Other changes in net debt 50 -1 0
Long-term debt 391 391 331
Pension debt N/A N/A N/A
Convertible debt 0 0 0
Leasing liability 214 214 214
Total other long-term liabilities 313 311 311
Short-term debt 10 10 10
Accounts payable 261 350 375
Other current liabilities 269 231 244
Total liabilities and equity 4391 4706 4767
Net IB debt 294 174 115
Net IB debt excl. pension debt 294 174 115
Net IB debt excl. leasing 80 -40 -99
Capital employed 3548 3814 3836
Capital invested 3227 3373 3396
Working capital 405 438 485
Market cap. diluted (m) 1416 1416 1416
Net IB debt adj. 299 179 120
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1715 1596 1536
Total assets turnover (%) 81,3 80,6 82
Working capital/sales (%) 12 11,5 11,9
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 10 5,4 3,5
Net debt / market cap (%) 20,8 12,3 8,1
Equity ratio (%) 66,8 68 68,8
Net IB debt adj. / equity (%) 10,2 5,6 3,7
Current ratio 2,32 2,46 2,45
EBITDA/net interest 7,2 22,3 13
Net IB debt/EBITDA (x) 1,2 0,5 0,3
Net IB debt/EBITDA lease adj. (x) 0,3 -0,2 -0,3
Interest coverage 3,1 16,5 9,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 145 145 145
Diluted shares adj. 145 145 145
EPS 0,07 1,1 0,88
Dividend per share 0,22 0,32 0,32
EPS adj. 0,54 1,04 1,15
BVPS 20,17 22 22,56
BVPS adj. N/A N/A N/A
Net IB debt/share 2,06 1,23 0,82
Share price 9,74 9,74 9,74
Market cap. (m) 1416 1416 1416
P/E (x) N/A 8,84 11,01
EV/sales (x) 0,47 0,44 0,4
EV/EBITDA (x) 7 4,8 4,6
EV/EBITA (x) 16,3 6,4 6,3
EV/EBIT (x) 29,6 7,8 7,9
Dividend yield (%) 2,3 3,3 3,3
FCF yield (%) 14,6 14,8 12
Le. adj. FCF yld. (%) 10,8 10,9 7,5
P/BVPS (x) 0,48 0,44 0,43
P/BVPS adj. (x) 1,19 0,96 0,88
P/E adj. (x) 17,9 9,3 8,5
EV/EBITDA adj. (x) 5,4 5,7 4,6
EV/EBITA adj. (x) 9,5 8,2 6,3
EV/EBIT adj. (x) 12,9 10,4 7,9
EV/CE (x) 0,5 0,4 0,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,6 -1,4 -1,3
Capex/depreciation 0,5 1,7 1,6
Capex tangibles / tangible fixed assets 21,8 21,2 38,5
Capex intangibles / definite intangibles 2,9 20,7 10,7
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 52,56 33,36 31,74

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Media

Midsona - Company presentation with President & CEO Henrik Hjalmarsson
Midsona - Company presentation with CEO Henrik Hjalmarsson

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Main shareholders - Midsona

Main shareholders Share capital % Voting shares % Verified
Stena 48.1 % 46.9 % 28 Sep 2026
Charles Jobson 9.6 % 9.3 % 11 Jun 2026
DNB Carnegie - Equity Proprietary Account 4.6 % 4.5 % 28 Sep 2026
Rune Bro Róin 2.5 % 3.6 % 28 Sep 2026
Nordea Funds 3.5 % 3.4 % 28 Sep 2026
Avanza Pension 2.3 % 2.3 % 28 Sep 2026
Protean Funds Scandinavia 2.2 % 2.1 % 31 Aug 2026
Ralph Mühlrad 2.0 % 2.0 % 28 Sep 2026
Nordnet Pensionsförsäkring 1.3 % 1.4 % 28 Sep 2026
Carnegie Fonder 0.9 % 0.9 % 28 Sep 2026
Source: Holdings by Modular Finance AB