Careium continued to grow organically in the quarter.
* Margin pressure to remain in H1'26e * We cut our '26-'27 EBIT estimates by 15% and 9% * Share is trading at 9x-7x '26e-'27e EV/EBIT EBIT ...
* Q4 sales 4% above our ests. at SEK 231m, for 6% org.
Careium reported 1% y/y sales growth in Q4, leading to sales 1% above SEBe.
* Q4e: 4% organic sales growth, 11% adj. EBITA margin * We cut estimates on the downgraded outlook * Trading at 8x '26e adj.
The UK and Germany signal uncertainty after management communicated in mid-December that it will not meet its financial guidance of higher s...
* Careium states that it will not meet FY'25 outlook.
Due to longer sales cycles in the UK and Germany, Careium announced its full-year 2025 guidance will not be met.
Tove Christiansson, currently Head of the Assistive Tech Business Area at MedCap, will take on the role of CEO at Careium during Q2/26.
* Q3: Softer than expected, but back to growth * We cut our sales and adj.
* Q3 sales 3% below our ests. at SEK 214m, for 9.4% org.
* Q3e: 11% organic sales growth, 10% adj. EBITA margin * We lower estimates on continued lack of upfront revenue * Trading at 9x-6x '25e-'27...
Market headwinds worsened by accounting effects Careium delivered soft sales in Q2, with organic growth of -9.
- Q2 sales 8% below our ests. at SEK 202m, for -9% org.
Q2e: -4.5% organic sales growth, 9% adj. EBITA margin Expect continued caution in Sweden Trading at 9x-7x '25e-'27e EV/EBITA adj.
Q1: Minor sales miss, but EBIT beat on strong GM We cut our sales estimates slightly, but raise adj.
Q1 sales 3% below our ests. at SEK 207m, for -2.3% org.
Q1e: Flat organic sales growth, 5.3% adj. EBITA margin Expect Sweden to weigh on growth, awaiting ADDA 2025 Trading at 8.
Careium wins 12-year Norwegian contract Contract worth SEK 24m, ~2% of '26e net sales Trading at 9.
Q4: Sales in line, but EBIT beat on strong GM We slightly cut our sales estimate, but raise adj.
Q4 sales -1% below our ests. at SEK 229m, for 12.5% org.
Q4e: 15% organic sales growth y-o-y, 11% adj. EBITA margin Expect a solid Q4, partly on light comps Trading at 8.
- Q3: Sales weaker than expected, but solid margins - We trim sales, but more than offset by a lower opex base - Share is trading at 9x-7x '...
- Q3 sales -6% below our ests. at SEK 202m, for -8% org.
Q3e: -1% organic sales growth y-o-y, 7% adj. EBITA margin We decrease '25e-'26e sales by 2% Trading at 10x-8x '25e-'26e adj.
We cut '24e-'26e sales by 5-3% on outlook downgrade Delays should result in pent-up demand Share is trading at 12x-8x '24e-'26e EV/EBITA adj...
FY'24 org. growth outlook downgraded... ...now expecting 5-10% org.
- Q2: stable top line despite headwinds, margins keep improving y-o-y - Tweaked '24e, as we look for 15% adj.
- Q2 sales a touch above our ests. at SEK 229m, for 7% org.
Q2e: 6% organic sales growth y-o-y, 9% adj. EBITA margin Expect a softer Q2, partly on further market delays Trading at 9.
Q1: growth recovery and margin improvements with solid FCF We tweak our '24e sales and adj.
Q1 sales in line with est. at SEK 211m, 8% org. growth EBIT in line, and FCF better than expected at SEK 17m Unchanged guidance - trading at...
Q1e: 7% organic sales growth y-o-y, 10% adj. EBITA margin Expect a stronger H2, partly on lighter comps Trading at 7.
Q4: flat organic growth but major FCF improvements '24e sales and adj.
Q4 sales lower than expected, mainly on delayed product sales Strong CF driven by WC improvements Share is trading at 8.
Fruitful restructuring - we revisit the Careium story Double-digit organic growth to persist in '24e, margins stabilising FVR of SEK 21-36 (...
Q3: solid organic growth and strong margin improvement Positive revisions continue on further proof of recovery Trading at 5x '24e EV/EBITA ...
Q3 well above our expectations, mainly on margins Weak CF driven by WC tie-up Share is trading at 5.
Another solid quarter awaits after the turnaround in Q4'22 Limited revisions - we forecast a resilient outlook for Careium Trading at 8-4x '...
Reinitiating coverage, fair value range SEK 14-38 Q2: accelerating org.
Decent Q1, continuing to improve margins y-o-y '23e-'25e adj.
5% Q1e adj. EBITA margin and 7% org. growth Limited adj.
Q4 was surprisingly strong on all items We raise '23e-'24e adj.
Q4 well above our expectations, mainly on margins Weak CF, but driven by the "right" reasons Share is trading at 11x '23e EV/EBITA on our pr...
Redeye ceases its coverage of Careium due to the end of the contractual period.
Q4e adj. EBITA breakeven and 14% org. growth Limited '23e-'24e adj.
Redeye comments on Careium’s press release of the appointment of Christian Walén as the new CEO and President, effective from March 27, 2023...
Redeye comments on Careium's Q3 report, which showed good organic growth.
Q3e: sales up 23% y-o-y but margins remain pressured We expect 2023e to show improvements Small positive sales revisions, but costs up as...
Redeye comments on Careium's decision to appoint Maria Khorsand as interim CEO.
Redeye updates its estimates following Careium’s Q2’22 report, which was more or less inline with the estimates.
Strong top line, 3% above ABGSC Underlying profitability weak, set to improve from now CEO announced he is leaving Q2 thoughts While the...
Redeye comments on Careium's Q2 report, which was more or less in line with our top-line estimate.
Sales came in 3% above ABGSCe Normalised EBIT of SEK -6.
Redeye comments on the news that Careium’s CEO Carl-Johan Zetterberg Boudrie is set to leave his position.
Q2 report due on 15 July Expect continued y-o-y growth, but not as strong as in Q1 Lower ’22 EBITA estimates, trading at 9x ‘23e EV/EBITA ...
Redeye was taken by surprise by the strong sales figure in the quarter but also notes continuing struggles on the margin side.
Sales +10% vs. ABG & adj. EBIT margin 2% vs. ABG 4% Small negative GM and positive NRI adjustments Trading at EV/EBITA 11x on 2023e Stron...
Sales up 29% y-o-y, but pressured profitability Write down of account receivable of SEK 15m due to UK UK-restructuring to improve profitabil...
Redeye states that the Q4 report was mixed with better sales development and weaker profitability.
Redeye takes a slightly more conservative stance on Careium after the first report as a standalone company.
Redeye states that the Q4 report was mixed with higher sales but lower profitability negatively impacted by a large write-off in the UK.
