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Freemelt

Freemelt

Data and telecommunications products

Freemelt is a Swedish company developing and manufacturing electron beam powder bed fusion (E-PBF) metal 3D printers. Sales are currently limited as the company has yet to finish development of its industrial scale printer, but once finished, the company anticipates sales opportunities within the medical implants, electromobility and energy production industries.

Being a young, cash flow negative company, 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.

SEKm 2023 2024e 2025e
Sales 22 63 129
Sales growth (%) -40,2 184 102,9
EBITDA -31 -13 25
EBITDA margin (%) -140,4 -20,9 19,1
EBIT adj. -37 -22 13
EBIT adj. margin (%) -163,6 -35,4 9,8
Pretax profit -83 -70 -36
EPS -1,81 -1,3 -0,6
EPS growth (%) -2,1 -27,9 -54
EPS adj. -1,15 -0,74 -0,21
DPS 0 0 0
EV/EBITDA (x) -9,3 -26,4 15,4
EV/EBIT adj. (x) -8 -15,5 30,2
P/E (x) -3,8 -5,3 -11,4
P/E adj. (x) -6 -9,2 -32,5
EV/sales (x) 13,11 5,51 2,95
FCF yield (%) -13,3 -16,4 -7,4
Le. adj. FCF yld. (%) -13,3 -16,4 -7,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 4,4 -1,2
Le. adj. ND/EBITDA (x) 1,1 4,4 -1,2
SEKm 2023 2024e 2025e
Sales 22 63 129
COGS -8 -25 -51
Gross profit 14 38 77
Other operating items -45 -51 -53
EBITDA -31 -13 25
Depreciation and amortisation -5 -9 -12
of which leasing depreciation 0 0 0
EBITA -37 -22 13
EO Items 0 0 0
Impairment and PPA amortisation -48 -48 -48
EBIT -84 -70 -35
Net financial items 1 0 -1
Pretax profit -83 -70 -36
Tax 0 0 0
Net profit -83 -70 -36
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -83 -70 -36
EPS -1,81 -1,3 -0,6
EPS adj. -1,15 -0,74 -0,21
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 63,3 60 60
EBITDA margin (%) -140,4 -20,9 19,1
EBITA margin (%) -163,6 -35,4 9,8
EBIT margin (%) -376,6 -110,5 -27,2
Pre-tax margin (%) -371,4 -111 -27,7
Net margin (%) -371,4 -111 -27,7
Sales growth (%) -40,2 184 102,9
EBITDA growth (%) 118,1 -57,7 -285,9
EBITA growth (%) 81,4 -38,5 -155,8
EBIT growth (%) 24,2 -16,7 -50
Net profit growth (%) 22,6 -15,2 -49,3
EPS growth (%) -2,1 -27,9 -54
Profitability N/A N/A N/A
ROE (%) -33,3 -28,8 -15,4
ROE adj. (%) -14,2 -9,3 5,1
ROCE (%) -33,3 -28,8 -15,4
ROCE adj. (%) -14,2 -9,3 5,1
ROIC (%) -16,2 -11,3 6,7
ROIC adj. (%) -16,2 -11,3 6,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -31 -13 25
EBITDA adj. margin (%) -140,4 -20,9 19,1
EBITDA lease adj. -31 -13 25
EBITDA lease adj. margin (%) -140,4 -20,9 19,1
EBITA adj. -37 -22 13
EBITA adj. margin (%) -163,6 -35,4 9,8
EBIT adj. -37 -22 13
EBIT adj. margin (%) -163,6 -35,4 9,8
Pretax profit Adj. -35 -23 12
Net profit Adj. -35 -23 12
Net profit to shareholders adj. -35 -23 12
Net adj. margin (%) -158,4 -35,9 9,3
SEKm 2023 2024e 2025e
EBITDA -31 -13 25
Goodwill 130 82 35
Net financial items 1 0 -1
Other intangible assets 64 82 107
Paid tax 0 0 0
Tangible fixed assets 5 6 10
Non-cash items 0 -5 0
Right-of-use asset 0 0 0
Cash flow before change in WC -30 -19 24
Total other fixed assets 5 5 5
Change in working capital 14 -13 -14
Fixed assets 204 176 157
Operating cash flow -17 -32 10
Inventories 8 16 32
Capex tangible fixed assets -3 -3 -6
Receivables 7 19 39
Capex intangible fixed assets -22 -25 -35
Other current assets 2 2 3
Acquisitions and Disposals 0 0 0
Cash and liquid assets 34 59 28
Free cash flow -42 -61 -30
Total assets 255 271 258
Dividend paid 0 0 0
Shareholders equity 240 249 213
Share issues and buybacks 65 85 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 240 249 213
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 6 6 13
Other current liabilities 9 16 32
Total liabilities and equity 255 271 258
Net IB debt -34 -59 -28
Net IB debt excl. pension debt -34 -59 -28
Net IB debt excl. leasing -34 -59 -28
Capital employed 240 249 213
Capital invested 205 190 185
Working capital 1 15 28
Market cap. diluted (m) 327 408 408
Net IB debt adj. -34 -59 -28
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 292 349 379
Total assets turnover (%) 8,5 24,1 48,5
Working capital/sales (%) 36,3 12,5 16,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -14,2 -23,5 -13,3
Net debt / market cap (%) -10,4 -14,4 -6,9
Equity ratio (%) 94 91,8 82,6
Net IB debt adj. / equity (%) -14,2 -23,5 -13,3
Current ratio 3,33 4,3 2,26
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 1,1 4,4 -1,2
Net IB debt/EBITDA lease adj. (x) 1,1 4,4 -1,2
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 48 59 59
Diluted shares adj. 48 59 59
EPS -1,81 -1,3 -0,6
Dividend per share 0 0 0
EPS adj. -1,15 -0,74 -0,21
BVPS 5,03 4,19 3,59
BVPS adj. 0,96 1,43 1,2
Net IB debt/share -0,72 -0,99 -0,48
Share price 6,86 6,86 6,86
Market cap. (m) 327 408 408
Valuation N/A N/A N/A
P/E (x) -3,8 -5,3 -11,4
EV/sales (x) 13,11 5,51 2,95
EV/EBITDA (x) -9,3 -26,4 15,4
EV/EBITA (x) -8 -15,5 30,2
EV/EBIT (x) -3,5 -5 -10,8
Dividend yield (%) 0 0 0
FCF yield (%) -13,3 -16,4 -7,4
Le. adj. FCF yld. (%) -13,3 -16,4 -7,4
P/BVPS (x) 1,36 1,64 1,91
P/BVPS adj. (x) 7,17 4,81 5,7
P/E adj. (x) -6 -9,2 -32,5
EV/EBITDA adj. (x) -9,3 -26,4 15,4
EV/EBITA adj. (x) -8 -15,5 30,2
EV/EBIT adj. (x) -8 -15,5 30,2
EV/CE (x) 1,2 1,4 1,8
Investment ratios N/A N/A N/A
Capex/sales (%) 112,7 45 31,5
Capex/depreciation 4,8 3,1 3,4
Capex tangibles / tangible fixed assets 54,7 49,4 60,1
Capex intangibles / definite intangibles 34,8 30,8 32,3
Depreciation on intang / def. intang 6 9 9
Depreciation on tangibles / tangibles 20,98 26,28 26,84

Equity research

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Media

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

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Stiftelsen Industrifonden 14.3 % 14.3 % 27 Dec 2023
Carlbergssjön 13.7 % 13.7 % 27 Dec 2023
Henrik Ohldin 7.5 % 7.5 % 27 Dec 2023
Avanza Pension 6.6 % 6.6 % 27 Dec 2023
Coeli Asset Management 5.4 % 5.4 % 31 Jan 2024
Carl Palmstierna 5.1 % 5.1 % 27 Dec 2023
Birger Ulrik Lindeblad 5.1 % 5.1 % 27 Dec 2023
Martin Wildheim 5.1 % 5.1 % 30 Nov 2022
Swedbank Försäkring 4.3 % 4.3 % 27 Dec 2023
Ulric Ljungblad 4.0 % 4.0 % 27 Sep 2023
Source: Holdings by Modular Finance AB