Industry

Health Care

Sector

Health Care Equipment & Services

Country

Denmark

Company description

Coloplast develops, manufactures and markets medical devices and services related to ostomy, urology, continence and wound care. The company was founded in 1957 and today employs more 9,700 people, with sales activities in 53 countries and production in Denmark, Hungary, France, China and the US.

Market cap.

DKKm 139,479

Share price

DKK 657

Earnings per share (EPS)

DKK 18

Dividend per share (DPS)

DKK 11

Price / earnings

28.3x

Price / sales

6.6x

Price / book value

16.9x

Enterprise value / EBITDA

19.2x

CEO

Kristian Villumsen

Chairman of the Board of Directors

Lars Rasmussen

CFO

Anders Lonning-Skovgaard

Investor relations

Ellen Bjurgert

Ticker symbol

COLO

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0060448595

Phone

0045 4911 1111

Website

coloplast.com

Address

Holtedam 1-3, 3050 Humlebaek

Income statements

DKKm 2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Sales 3,6034,0695,6245,6696,0696,5286,7098,0428,4638,8209,53711,02311,02311,63513,90914,68115,52816,449
Other income 000000000000000000
Total income 3,6034,0695,6245,6696,0696,5286,7098,0428,4638,8209,53711,02311,02311,63513,90914,68115,52816,449
Total expenses -2,676-2,457-4,396-4,374-4,717-5,212-5,119-6,511-6,519-6,236-6,429-7,267-6,863-8,062-11,889-10,057-9,893-10,734
EBITDA 9271,6121,2281,2951,3521,3161,5901,5311,9442,5843,1083,7564,1603,5732,0204,6245,6355,715
Depreciation tangible assets -243-243-268-283-313-350-379-376-379-408-351-320-326-297-347-391-449-467
Write-downs tangible assets 000000000000000000
EBITA 6841,3699601,0121,0399661,2111,1551,5652,1762,7573,4363,8343,2761,6734,2335,1865,248
Amortisation intangible assets -14-41-29-24-34-87-462-161-170-181-176-181-162-129-138-137-162-157
Income from associated companies 2600000000000000000
Earnings before interest and taxes (EBIT) 6961,3289319881,0058797499941,3951,9952,5813,2553,6723,1471,5354,0965,0245,091
Financial income 6912625648483468201611847429689136673125
Financial expenses -141-229-310-137-168-256-222-203-245-339-171-342-142-43-302-79-145-207
Income from associated companies 0111000000-10-1-1-2-1-100
Earnings before taxes (EBT) 6241,2368788998856575959921,2111,6732,4572,9543,6253,1911,2454,0824,9525,009
Taxes -211-341-297-317-290-191-225-277-328-431-637-760-914-801-346-939-1,153-1,164
Profit from continuing operations 4138955815825954663707158831,2421,8202,1942,7112,3908993,1433,7993,845
Discontinued operations 0000014946800000000000
Minorities 0-127-20-5-2-1-100000000000
Net profit or loss 4137685615775936148377158831,2421,8202,1942,7112,3908993,1433,7993,845

Cash flow statements

DKKm 2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
EBITDA 9271,6121,2281,2951,3521,3161,5901,5311,9442,5843,1083,7564,1603,5732,0204,6245,6355,715
Net interest paid -72-105-8-91-128-230-164-27-124-350-46-36053-18-266-606923
Taxes paid -169-238-362-297-193-320-295-50-270-265-613-595-825-1,090-1,178-365-395-874
Investments in working capital -102-7052-70330109-83-96320-250-260-133-251-2643931,126-1,406-422
Other operating cash items 16-28618-811616-34-405016-19-19482,368-2,297-652-81
Cash flow from operations (CFFO) 6009139118451,3539911,0641,3241,8301,7692,2052,6493,1363,1493,3373,0283,2514,361
Capital expenditures (capex) -395-478-798-950-434-387-694-671-402-293-227-313-159-777-468-624-475-654
Acquisitions -897-400000-2,8530000-16000000-1,144-293
Disposals 0015290222729000000002100
Other investing cash items 00030000000000000000
Cash flow from investing activities -1,292-878-783-621-434-3,01835-671-402-293-387-313-159-777-468-603-1,619-947
Free cash flow to equity holders (FCFE) -69235128224919-2,0271,0996531,4281,4761,8182,3362,9772,3722,8692,4251,6323,414
Dividends paid -72-85-102-117-140-162-184-396-257-300-422-587-1,476-2,320-2,535-2,650-2,864-3,288
Share buy-backs -23-25-10-84-176-103-1,024-4840-471-344-174-537-500-500-500-500-500
New share issues 00000000190000072282374454
Increase/(decrease) in debt 8861,290430-25-1251,048-215411-485-788-128-892-1,4170001,136-96
Other financing cash flows -1,168-143119-453627448-263-269-71-81-28-16-8594108-10-1
Cash flow from financing activities (CFFF) 79112175-107-8941,410-975-732-992-1,630-975-1,681-3,446-2,905-2,869-2,760-1,864-3,431
Discontinued activities and other 00000000000000000
Net cash flow / Change in cash position 4730311725-617124-79436-154843655-469-5330-335-232-17

Balance sheets

DKKm 2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Goodwill 0652362983271,0216396416296707377677357728428441,7241,984
Other intangible assets 4374961271691,6841,4251,2861,1791,0971,065938781709669553571534
Total intangible assets 431393324254962,7052,0641,9271,8081,7671,8021,7051,5161,4811,5111,3972,2952,518
Fixed tangible assets 1,3761,5851,8512,0862,0882,2762,4152,7342,6352,4482,2662,2862,2862,4622,7052,9253,0723,169
Shares and associated companies 3912222000267141311111010
Other financial assets 8000671344400000000
Deferred tax assets 147154129102136128145146147178163193164360808495464460
Other non-current assets 2600000000191616181617151522
Total fixed assets 1,6391,8792,3142,6152,7285,1184,6374,8114,5944,4184,2534,2073,9984,3325,0524,8435,8566,179
Inventories 4747288839226988449401,2249869599461,0081,0691,3221,4731,5181,6921,725
Trade receivables 7341,1071,1311,1951,2241,5981,6191,5631,5301,6961,8201,9221,9702,2102,4672,6792,8902,877
Other current assets 1134554091714762742821902242238811,0668231,5449441,4211,298691
Cash and cash equivalents 2733206237407651482721936294751,3181,9731,504971881546314297
Total current assets 1,5942,6103,0463,0283,1632,8643,1133,1703,3693,3534,9655,9695,3666,0475,7656,1646,1945,590
Total assets 3,2334,4895,3605,6435,8917,9827,7507,9817,9637,7719,21810,1769,36410,37910,81711,00712,05011,769
Equity 1,0421,5621,9962,3572,5722,8042,3982,2902,8503,4514,4526,0426,7696,2834,7065,0685,9526,418
Non-controlling interests (minorities) 11714521210000000000
Shareholders equity 1,0531,5692,0102,3622,5742,8052,4002,2912,8503,4514,4526,0426,7696,2834,7065,0685,9526,418
Pension liabilities 084838380106103907580113157181181169236213192
Deferred tax liabilities 335296114720219122518615517696711106253282
Long-term provisions 442319281426111623114582971,3222586849
Convertible debt 000000000000000000
Long-term debt 2381,6122,0441,8161,7262,7132,3722,7832,2561,5511,9960000000
Other long-term liabilities 0002031673004064405474334118844184130139120
Total long-term liabilities 2851,7222,1512,1592,0483,2923,0943,5203,1262,2612,6794263295671,533630673643
Short-term debt 1,15717925718772277725487233172921,296111921002221,3581,262
Trade payables 200375349298300391461397428455420478418566591697675751
Other current liabilities 5386445936378971,2171,0701,2861,3261,4311,5751,9341,7372,8713,8874,3903,3922,695
Total current liabilities 1,8951,1981,1991,1221,2691,8852,2562,1701,9872,0582,0873,7082,2663,5294,5785,3095,4254,708
Total equity and liabilities 3,2334,4895,3605,6435,8917,9827,7507,9817,9637,7709,21810,1769,36410,37910,81711,00712,05011,769

Growth rates

[%] 2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Sales growth 0.0%13.0%38.0%1.0%7.0%8.0%3.0%20.0%5.0%4.0%8.0%16.0%0.0%6.0%0.0%6.0%6.0%6.0%
EBITDA growth 0.0%74.0%-24.0%5.0%4.0%-3.0%21.0%-4.0%27.0%33.0%20.0%21.0%11.0%-14.0%0.0%129.0%22.0%1.0%
EBITA growth 0.0%100.0%-30.0%5.0%3.0%-7.0%25.0%-5.0%36.0%39.0%27.0%25.0%12.0%-15.0%0.0%153.0%23.0%1.0%
EBIT growth 0.0%91.0%-30.0%6.0%2.0%-13.0%-15.0%33.0%40.0%43.0%29.0%26.0%13.0%-14.0%0.0%167.0%23.0%1.0%
EBT growth 0.0%98.0%-29.0%2.0%-2.0%-26.0%-9.0%67.0%22.0%38.0%47.0%20.0%23.0%-12.0%0.0%228.0%21.0%1.0%
Earnings growth 0.0%86.0%-27.0%3.0%3.0%4.0%36.0%-15.0%24.0%41.0%47.0%21.0%24.0%-12.0%0.0%250.0%21.0%1.0%

Margins

[%] 2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
EBITDA-margin 26.0%40.0%22.0%23.0%22.0%20.0%24.0%19.0%23.0%29.0%33.0%34.0%38.0%31.0%15.0%32.0%36.0%35.0%
EBITA-margin 19.0%34.0%17.0%18.0%17.0%15.0%18.0%14.0%18.0%25.0%29.0%31.0%35.0%28.0%12.0%29.0%33.0%32.0%
EBIT-margin 19.0%33.0%17.0%17.0%17.0%13.0%11.0%12.0%16.0%23.0%27.0%30.0%33.0%27.0%11.0%28.0%32.0%31.0%
EBT-margin 17.0%30.0%16.0%16.0%15.0%10.0%9.0%12.0%14.0%19.0%26.0%27.0%33.0%27.0%9.0%28.0%32.0%30.0%
Earnings-margin 11.0%19.0%10.0%10.0%10.0%9.0%12.0%9.0%10.0%14.0%19.0%20.0%25.0%21.0%6.0%21.0%24.0%23.0%

Other key figures

DKKm 2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Tax rate 34.0%28.0%34.0%35.0%33.0%29.0%38.0%28.0%27.0%26.0%26.0%26.0%25.0%25.0%28.0%23.0%23.0%23.0%
Net working capital balance (NWC) 5831,2711,4811,3531,2011,1081,3101,2949869921,6521,5841,7071,6394065311,8131,847
Net interest bearing debt (NIBD) 1,1221,5551,7611,3461,1132,9482,9283,1671,9351,328883-520-1,212-698-612-881,2571,157
Invested capital (including goodwill) 2,1753,1243,7713,7083,6875,7535,3285,4584,7854,7795,3355,5225,5575,5854,0944,9807,2097,575
Invested capital (excluding goodwill) 2,1753,0593,5353,4103,3604,7324,6894,8174,1564,1094,5984,7554,8224,8133,2524,1365,4855,591
Enterprise value (EV) 14,58214,23613,89514,70920,64524,85026,08318,99319,15028,43633,01949,50768,007103,45599,982114,439109,865

Share data

2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Shares outstanding, millions (excl. treasury) 235235235235234232231220209211209210219211212220213212
Market capitalisation (DKKm) 13,02712,47512,54913,59617,69721,92222,91617,05817,82227,55333,53950,71968,705104,067100,070113,182108,708139,479
Market capitalisation (DKKm) 13,02712,47512,54913,59617,69721,92222,91617,05817,82227,55333,53950,71968,705104,067100,070113,182108,708139,479
Share price (DKK) 55.553.053.457.975.694.599.477.585.1130.7160.7241.6313.9494.0472.7514.0511.0656.8
Earnings per share (EPS), (DKK) 1.73.32.42.52.42.73.73.34.25.88.710.412.911.34.314.917.918.1
Dividend per share (DPS), (DKK) 0.40.40.50.60.70.81.01.21.42.02.84.07.07.58.09.010.511.0

Price multiples

2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Price/Earnings (P/E) 0.0x17.0x22.2x21.8x22.9x28.8x26.2x32.1x19.3x14.4x15.1x15.3x18.7x28.8x115.8x31.8x29.8x28.3x
Price/Sales (P/S) 0.0x3.2x2.2x2.2x2.2x2.7x3.3x2.9x2.0x2.0x2.9x3.0x4.6x5.9x7.5x6.8x7.3x6.6x
Price/Book value (P/B) 0.0x8.3x6.3x5.3x5.3x6.3x9.1x10.0x6.0x5.2x6.2x5.6x7.5x10.9x22.1x19.8x19.0x16.9x

Enterprise value (EV) multiples

2000/012001/022002/032003/042004/052005/062006/072007/082008/092009/102010/112011/122012/132013/142014/152015/162016/172017/18
Enterprise value/Sales (EV/Sales) 0.0x3.6x2.5x2.5x2.4x3.2x3.7x3.2x2.2x2.2x3.0x3.0x4.5x5.9x7.4x6.8x7.4x6.7x
Enterprise value/EBITDA (EV/EBITDA) 0.0x9.1x11.6x10.7x10.9x15.7x15.6x17.0x9.8x7.4x9.2x8.8x11.9x19.0x51.2x21.6x20.3x19.2x
Enterprise value/EBITA (EV/EBITA) 0.0x10.7x14.8x13.7x14.2x21.4x20.5x22.6x12.1x8.8x10.3x9.6x12.9x20.8x61.8x23.6x22.1x20.9x
Enterprise value/EBIT (EV/EBIT) 0.0x11.0x15.3x14.1x14.6x23.5x33.2x26.2x13.6x9.6x11.0x10.1x13.5x21.6x67.4x24.4x22.8x21.6x