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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 67 127
Sales growth (%) -10 234,1 89,2
EBITDA -41 -24 3
EBITDA margin (%) -205,6 -36,3 2,4
EBIT adj. -43 -34 -9
EBIT adj. margin (%) -213,4 -50,9 -7,3
Pretax profit -90 -81 -30
EPS -1,5 -0,77 -0,19
EPS growth (%) -17,2 -48,9 -74,8
EPS adj. -0,71 -0,32 -0,06
DPS 0 0 0
EV/EBITDA (x) -2,5 -8,1 81,5
EV/EBIT adj. (x) -2,4 -5,8 -26,7
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 5,14 2,94 1,95
FCF yield (%) -74,2 -34,8 -14,6
Le. adj. FCF yld. (%) -74,2 -34,8 -14,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,3 1,8 -11,2
Le. adj. ND/EBITDA (x) 0,3 1,8 -11,2
SEKm 2024 2025e 2026e
Sales 20 67 127
COGS -7 -27 -51
Gross profit 13 40 76
Other operating items -55 -65 -73
EBITDA -41 -24 3
Depreciation and amortisation -2 -10 -12
of which leasing depreciation 0 0 0
EBITA -43 -34 -9
EO Items 0 0 0
Impairment and PPA amortisation -48 -48 -22
EBIT -90 -82 -31
Net financial items 0 0 1
Pretax profit -90 -81 -30
Tax 0 0 0
Net profit -90 -81 -30
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -90 -81 -30
EPS -1,5 -0,77 -0,19
EPS adj. -0,71 -0,32 -0,06
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 66 60 60
EBITDA margin (%) -205,6 -36,3 2,4
EBITA margin (%) -213,4 -50,9 -7,3
EBIT margin (%) -450,2 -121,7 -24,3
Pre-tax margin (%) -448 -121,3 -23,8
Net margin (%) -448 -121,3 -23,8
Sales growth (%) -10 234,1 89,2
EBITDA growth (%) 31,8 -41 -112,5
EBITA growth (%) 17,4 -20,3 -72,8
EBIT growth (%) 7,6 -9,7 -62,2
Net profit growth (%) 8,5 -9,5 -62,9
EPS growth (%) -17,2 -48,9 -74,8
Profitability N/A N/A N/A
ROE (%) -40,8 -39,2 -14,2
ROE adj. (%) -19,2 -16,3 -4,1
ROCE (%) -40,3 -38,8 -14,2
ROCE adj. (%) -19 -16,1 -4,1
ROIC (%) -21,7 -18,9 -5,3
ROIC adj. (%) -21,7 -18,9 -5,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -13 25 49
EBITA adj. -43 -34 -9
EBITDA adj. margin (%) -20,9 19,1 27,4
EBITA adj. margin (%) -213,4 -50,9 -7,3
EBITDA lease adj. -13 25 49
EBIT adj. -43 -34 -9
EBITDA lease adj. margin (%) -20,9 19,1 27,4
EBIT adj. margin (%) -213,4 -50,9 -7,3
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 -41 -24 3
Goodwill 82 35 13
Net financial items 0 0 1
Other intangible assets 89 105 122
Paid tax 0 0 0
Tangible fixed assets 11 17 22
Non-cash items 5 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -36 -24 4
Total other fixed assets 5 5 5
Change in working capital -1 -6 -7
Fixed assets 187 162 162
Operating cash flow -37 -30 -4
Inventories 7 17 32
Capex tangible fixed assets -8 -8 -9
Receivables 5 17 32
Capex intangible fixed assets -30 -24 -25
Other current assets 3 5 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 17 43 34
Free cash flow -74 -62 -38
Total assets 219 243 269
Dividend paid 0 0 0
Shareholders equity 202 213 212
Share issues and buybacks 52 93 29
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 202 213 212
Other non-cash items 0 0 0
Long-term debt 5 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 5 10 19
Other current liabilities 7 20 38
Total liabilities and equity 219 243 269
Net IB debt -12 -43 -34
Net IB debt excl. pension debt -12 -43 -34
Net IB debt excl. leasing -12 -43 -34
Capital employed 207 213 212
Capital invested 190 170 178
Working capital 3 8 16
Market cap. diluted (m) 115 240 281
Net IB debt adj. -12 -43 -34
Market value of minority 0 0 0
EV 103 197 247
Reversal of shares and participations 0 0 0
Total assets turnover (%) 8,5 29 49,5
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 9,9 8,2 9,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -5,8 -20,1 -16
Net debt / market cap (%) -10,1 -17,9 -12,1
Equity ratio (%) 92,1 87,6 78,8
Net IB debt adj. / equity (%) -5,8 -20,1 -16
Current ratio 2,56 2,7 1,87
EBITDA/net interest 93,1 86,4 4,7
Net IB debt/EBITDA (x) 0,3 1,8 -11,2
Net IB debt/EBITDA lease adj. (x) 0,3 1,8 -11,2
Interest coverage 3853,1 N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 69 144 169
Diluted shares adj. 69 144 169
EPS -1,5 -0,77 -0,19
Dividend per share 0 0 0
EPS adj. -0,71 -0,32 -0,06
BVPS 2,93 1,48 1,26
BVPS adj. 0,44 0,51 0,46
Net IB debt/share -0,17 -0,3 -0,2
Share price 1,67 1,67 1,67
Market cap. (m) 115 240 281
Valuation N/A N/A N/A
P/E (x) N/A N/A N/A
EV/sales (x) 5,14 2,94 1,95
EV/EBITDA (x) -2,5 -8,1 81,5
EV/EBITA (x) -2,4 -5,8 -26,7
EV/EBIT (x) -1,1 -2,4 -8
Dividend yield (%) 0 0 0
FCF yield (%) -74,2 -34,8 -14,6
Le. adj. FCF yld. (%) -74,2 -34,8 -14,6
P/BVPS (x) 0,57 1,13 1,33
P/BVPS adj. (x) 3,77 3,28 3,63
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -26,4 15,4 8,1
EV/EBITA adj. (x) -2,4 -5,8 -26,7
EV/EBIT adj. (x) -2,4 -5,8 -26,7
EV/CE (x) 0,5 0,9 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 184,8 47,7 27
Capex/depreciation 23,7 3,3 2,8
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

Equity research

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Media

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

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Main shareholders - Freemelt

Main shareholders Share capital % Voting shares % Verified
Stiftelsen Industrifonden 14.3 % 14.3 % 23 Dec 2024
Carlbergssjön 13.7 % 13.7 % 26 Mar 2024
Bengt Julander 6.1 % 6.1 % 23 Dec 2024
Henrik Ohldin 5.8 % 5.8 % 23 Dec 2024
Birger Ulrik Lindeblad 5.1 % 5.1 % 23 Dec 2024
Martin Wildheim 5.1 % 5.1 % 30 Nov 2022
Avanza Pension 4.5 % 4.5 % 23 Dec 2024
Carl Palmstierna 4.2 % 4.2 % 23 Dec 2024
Ulric Ljungblad 4.0 % 4.0 % 31 Dec 2023
Nordnet Pensionsförsäkring 3.9 % 3.9 % 23 Dec 2024
Source: Holdings by Modular Finance AB