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Freemelt

Freemelt

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Freemelt is a Swedish company developing, manufacturing and selling metal 3D printers, based on electron-beam powder-bed-fusion technology (E-PBF). The company specialises in the production of small- to medium-sized tungsten, titanium and copper components, as the production of these can especially benefit from E-PBF 3D printing. Having successfully established itself in the R&D space with its Freemelt ONE printer, Freemelt is currently in the process of commercialising its industrial scale printer, the eMELT, aimed at mass production applications within the medical implants, defence, energy production, and electromobility industries.

Being a young, cash flow negative company in the commercialisation phase, there is significant uncertainty about the future of Freemelt. The company's size and focus on cutting-edge technology also means it is heavily reliant on key personnel, which would be difficult to replace in case of their departure from the company.

Financials

SEKm 2024 2025e 2026e
Sales 20 74 129
Sales growth (%) -10,2 270,2 73,9
EBITDA -37 -19 5
EBITDA margin (%) -182,4 -25,8 3,9
EBIT adj. -43 -26 -6
EBIT adj. margin (%) -216,6 -35,1 -4,8
Pretax profit -90 -73 -27
EPS -1,46 -0,48 -0,13
EPS growth (%) -19,3 -67,3 -72,8
EPS adj. -0,69 -0,17 -0,03
DPS 0 0 0
EV/EBITDA (x) -4,4 -22,9 103,6
EV/EBIT adj. (x) -3,7 -16,9 -83
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 7,96 5,92 4,02
FCF yield (%) -47,1 -11,6 -5,4
Le. adj. FCF yld. (%) -47,1 -11,6 -5,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,5 2,3 -13,6
Le. adj. ND/EBITDA (x) 0,5 2,3 -13,6
SEKm 2024 2025e 2026e
Sales 20 74 129
COGS -6 -29 -52
Gross profit 14 45 77
Other operating items -51 -64 -72
EBITDA -37 -19 5
Depreciation and amortisation -7 -7 -11
of which leasing depreciation 0 0 0
EBITA -43 -26 -6
EO Items 0 0 0
Impairment and PPA amortisation -48 -48 -22
EBIT -91 -74 -28
Net financial items 1 1 1
Pretax profit -90 -73 -27
Tax 0 0 0
Net profit -90 -73 -27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -90 -73 -27
EPS -1,46 -0,48 -0,13
EPS adj. -0,69 -0,17 -0,03
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 70,1 60,9 60
EBITDA margin (%) -182,4 -25,8 3,9
EBITA margin (%) -216,6 -35,1 -4,8
EBIT margin (%) -453,9 -99,3 -21,6
Pre-tax margin (%) -449,2 -98,2 -21
Net margin (%) -449,2 -98,2 -21
Sales growth (%) -10,2 270,2 73,9
EBITDA growth (%) 16,6 -47,6 -126,1
EBITA growth (%) 18,8 -40 -76
EBIT growth (%) 8,2 -19 -62,2
Net profit growth (%) 8,6 -19,1 -62,7
EPS growth (%) -19,3 -67,3 -72,8
Profitability N/A N/A N/A
ROE (%) -40,8 -35,6 -12,4
ROE adj. (%) -19,2 -12,3 -2,5
ROCE (%) -40,8 -35,6 -12,4
ROCE adj. (%) -19,2 -12,3 -2,5
ROIC (%) -22,2 -15 -3,8
ROIC adj. (%) -22,2 -15 -3,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -13 25 49
EBITA adj. -43 -26 -6
EBITDA adj. margin (%) -20,9 19,1 27,4
EBITA adj. margin (%) -216,6 -35,1 -4,8
EBITDA lease adj. -13 25 49
EBIT adj. -43 -26 -6
EBITDA lease adj. margin (%) -20,9 19,1 27,4
EBIT adj. margin (%) -216,6 -35,1 -4,8
Pretax profit Adj. -23 12 32
Net profit Adj. -23 12 30
Net profit to shareholders adj. -23 12 30
Net adj. margin (%) -35,9 9,3 16,8
SEKm 2024 2025e 2026e
EBITDA -37 -19 5
Goodwill 82 34 13
Net financial items 1 1 1
Other intangible assets 89 101 111
Paid tax 0 0 0
Tangible fixed assets 11 13 20
Non-cash items 0 2 0
Right-of-use asset 0 0 0
Cash flow before change in WC -36 -16 6
Total other fixed assets 5 5 5
Change in working capital -2 -5 -7
Fixed assets 187 154 149
Operating cash flow -38 -21 -1
Inventories 14 19 32
Capex tangible fixed assets -8 -5 -9
Receivables 1 19 32
Capex intangible fixed assets -29 -19 -19
Other current assets 5 6 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 17 44 68
Free cash flow -75 -45 -29
Total assets 223 241 291
Dividend paid 0 0 0
Shareholders equity 202 207 232
Share issues and buybacks 52 78 53
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 202 207 232
Other non-cash items 0 0 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 3 11 19
Other current liabilities 19 23 40
Total liabilities and equity 223 241 291
Net IB debt -17 -44 -68
Net IB debt excl. pension debt -17 -44 -68
Net IB debt excl. leasing -17 -44 -68
Capital employed 202 207 232
Capital invested 185 162 164
Working capital -2 8 15
Market cap. diluted (m) 176 483 586
Net IB debt adj. -17 -44 -68
Market value of minority 0 0 0
EV 159 439 518
Reversal of shares and participations 0 0 0
Total assets turnover (%) 8,4 31,9 48,5
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) -0,5 4,7 9,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,2 -21,4 -29,2
Net debt / market cap (%) -9,4 -9,2 -11,6
Equity ratio (%) 90,3 85,8 79,8
Net IB debt adj. / equity (%) -8,2 -21,4 -29,2
Current ratio 1,7 2,54 2,41
EBITDA/net interest 38,8 22,7 7,5
Net IB debt/EBITDA (x) 0,5 2,3 -13,6
Net IB debt/EBITDA lease adj. (x) 0,5 2,3 -13,6
Interest coverage 2356,4 232,2 N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 69 189 229
Diluted shares adj. 69 189 229
EPS -1,46 -0,48 -0,13
Dividend per share 0 0 0
EPS adj. -0,69 -0,17 -0,03
BVPS 2,93 1,1 1,02
BVPS adj. 0,45 0,38 0,47
Net IB debt/share -0,24 -0,23 -0,3
Share price 2,56 2,56 2,56
Market cap. (m) 176 483 586
Valuation N/A N/A N/A
P/E (x) N/A N/A N/A
EV/sales (x) 7,96 5,92 4,02
EV/EBITDA (x) -4,4 -22,9 103,6
EV/EBITA (x) -3,7 -16,9 -83
EV/EBIT (x) -1,8 -6 -18,6
Dividend yield (%) 0 0 0
FCF yield (%) -47,1 -11,6 -5,4
Le. adj. FCF yld. (%) -47,1 -11,6 -5,4
P/BVPS (x) 0,87 2,34 2,52
P/BVPS adj. (x) 5,67 6,79 5,43
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -26,4 15,4 8,1
EV/EBITA adj. (x) -3,7 -16,9 -83
EV/EBIT adj. (x) -3,7 -16,9 -83
EV/CE (x) 0,8 2,1 2,2
Investment ratios N/A N/A N/A
Capex/sales (%) 183,5 32,4 21,7
Capex/depreciation 5,4 3,5 2,5
Capex tangibles / tangible fixed assets 49,4 60,1 57,3
Capex intangibles / definite intangibles 30,8 32,3 29,9
Depreciation on intang / def. intang 9 9 9
Depreciation on tangibles / tangibles 26,28 26,84 26,25

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Media

Freemelt - Company presentation with CEO Daniel Gidlund
Freemelt - Company presentation with CEO Daniel Gidlund

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Main shareholders - Freemelt

Main shareholders Share capital % Voting shares % Verified
Stiftelsen Industrifonden 23.4 % 23.4 % 26 Jun 2025
Coeli Asset Management 7.7 % 7.7 % 30 Jun 2025
Bengt Julander 6.7 % 6.7 % 26 Jun 2025
Nordnet Pensionsförsäkring 5.7 % 5.7 % 26 Jun 2025
Carlbergssjön 5.0 % 5.0 % 26 Jun 2025
Avanza Pension 4.5 % 4.5 % 26 Jun 2025
Birger Ulrik Lindeblad 2.6 % 2.6 % 26 Jun 2025
Alarik Förvaltning AB 2.4 % 2.4 % 26 Jun 2025
Carl Palmstierna 2.2 % 2.2 % 26 Jun 2025
Henrik Ohldin 2.1 % 2.1 % 26 Jun 2025
Source: Holdings by Modular Finance AB