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Arjo AB (publ)

ARJO-B.ST

Medical - Distribution · Healthcare

Price

kr 24.40

+0.32 (+1.33%)

Market Cap

kr 6.65B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

Arjo AB is a Swedish medical equipment company that makes products to help care for patients who have limited mobility. Its core products include patient lifts, hospital beds, pressure injury prevention mattresses, hygiene systems, and equipment to help prevent blood clots. Its main customers are hospitals, nursing homes, and other care facilities across Europe and North America.

Arjo earns revenue by selling and renting this equipment directly to healthcare providers, and it also sells related consumables and services like maintenance contracts. The company operates in over 60 countries, with Sweden as its home market and Europe generating the largest share of sales. Its competitive position comes from deep relationships with institutional buyers and a broad product portfolio covering the full patient handling workflow. The key growth driver is aging populations in developed countries, which steadily increases demand for long-term care equipment, though pricing pressure from hospital budget constraints and competition from larger medical device companies remain ongoing risks.

Winston Score History

Score breakdown

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Quality

Gross Margin

39.2%

Modest — 39.2% gross margin

Operating Margin

7.0%

Modest — 7.0% operating margin

ROCE

1.5%

Weak — 1.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-4.9%

Shrinking sales (-4.9% YoY)

EPS YoY

-22.6%

Earnings shrinking (-22.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

424%

Turns 424% of profit into real cash

FCF Margin

9.4%

Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.58

Conservative — low debt load (0.58)

Interest Cover

3.68x

Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio

20.6x

Growth-priced — P/E 20.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+8.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.6 → 11.8)

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Dividends

Dividend Yield

3.82%

Moderate income — 3.82% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+14.1%

Dividend growing fast (14.1% YoY)

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