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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.

The metal 3D-printing space is a rapidly growing market, providing Freemelt with ample growth opportunities. Multiple technologies for metal 3D printing exist, but Freemelt is aiming to capture market share by targeting niches where it believes its E-PBF technology to be superior. Within E-PBF printing, competition is still relatively scarce, which suggests Freemelt is well-positioned to achieve this goal.

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 2021 2022e 2023e
Sales 0 29 36
Sales growth (%) -95,3 9403,3 25,6
EBITDA 3 3 8
EBITDA margin (%) 1080,7 10,1 22
EBIT adj -27 -51 -49
EBIT adj margin (%) -8907 -178,7 -134,7
Pretax profit -27 -52 -49
EPS rep -0,65 -1,12 -1,06
EPS growth (%) 99,3 -70,3 5,1
EPS adj -0,3 -0,54 -0,49
DPS 0 0 0
EV/EBITDA (x) 132,2 102,1 42,1
EV/EBIT adj (x) -16 -5,8 -6,9
P/E (x) -20,4 -7,7 -8,1
P/E adj (x) -44,4 -15,7 -17,5
EV/sales (x) 1428,3 10,4 9,3
FCF yield (%) -5,4 -13,8 -10,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -17,4 -19,9 -2,6
Lease adj. FCF yield (%) -5,4 -13,8 -10,4
Lease adj. ND/EBITDA -17,4 -19,9 -2,6
SEKm 2021 2022e 2023e
ROCE (%) -15,5 -15,8 -16
ROCE Adj(%) -8 -8,5 -8,2
ROIC (%) -16,6 -17,1 -16,4
ROIC Adj (%) -16,6 -17,1 -16,4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 3 3 8
EBITDA Adj margin (%) 1080,7 10,1 22
EBITDA lease Adj 3 3 8
EBITDA lease Adj margin (%) 1080,7 10,1 22
EBITA Adj -14 -28 -25
EBITA Adj margin (%) -4608,6 -95,9 -68,8
EBIT Adj -27 -51 -49
EBIT Adj margin (%) -8907 -178,7 -134,7
Pretax profit Adj -14 -28 -25
Net profit Adj -11 -23 -20
Net profit to shareholders Adj -11 -23 -20
Net Adj margin (%) -3639,4 -78,9 -56,2
Sales 0 29 36
COGS 0 -10 -13
Gross profit 0 19 23
Other operating items 3 -16 -15
EBITDA 3 3 8
Depreciation and amortisation -17 -30 -33
Of which leasing depreciation 0 0 0
EBITA -14 -28 -25
EO items 0 0 0
Impairment and PPA amortisation -13 -24 -24
EBIT -27 -51 -49
Net financial items 0 0 0
Pretax profit -27 -52 -49
Tax 3 5 5
Net profit -24 -46 -44
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -24 -46 -44
EPS -0,65 -1,12 -1,06
EPS Adj -0,3 -0,54 -0,49
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -11,2 -10 -10
Gross margin (%) 22,2 65 65
EBITDA margin (%) 1080,7 10,1 22
EBITA margin (%) -4608,6 -95,9 -68,8
EBIT margin (%) -8907 -178,7 -134,7
Pretax margin (%) -8937,7 -179,7 -135,7
Net margin (%) -7937,7 -161,7 -122,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -95,3 9403,3 25,6
EBITDA growth (%) 202,7 -10,8 172,8
EBIT growth (%) -381,7 -90,6 5,3
Net profit growth (%) -443,5 -93,6 5,1
EPS growth (%) 99,3 -70,3 5,1
Profitability 2021 2022 2023
ROE (%) -13,8 -14,2 -14,4
ROE Adj (%) -6,3 -6,9 -6,6
SEKm 2021 2022e 2023e
EBITDA 3 3 8
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items -20 -24 -24
Cash flow before change in WC -17 -21 -16
Change in WC -1 -6 -1
Operating cash flow -18 -27 -18
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -8 -19 -16
Acquisitions and disposals 3 0 0
Free cash flow -26 -49 -37
Dividend paid 0 0 0
Share issues and buybacks 85 50 0
Lease liability amortisation 0 0 0
Other non cash items -4 4 -1
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 225 201 177
Other intangible assets 36 49 58
Tangible fixed assets 3 4 6
Right-of-use asset 0 0 0
Total other fixed assets 5 10 15
Fixed assets 268 265 257
Inventories 6 6 7
Receivables 4 6 7
Other current assets 0 0 0
Cash and liquid assets 57 58 21
Total assets 335 334 292
Shareholders equity 325 329 285
Minority 0 0 0
Total equity 325 329 285
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 4 3 4
Other current liabilities 7 3 4
Total liabilities and equity 335 334 292
Net IB debt -57 -58 -21
Net IB debt excl. pension debt -57 -58 -21
Net IB debt excl. leasing -57 -58 -21
Capital invested 268 271 264
Working capital 0 6 7
EV breakdown 2021 2022 2023
Market cap. diluted (m) 488 355 355
Net IB debt Adj -57 -58 -21
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 431 297 334
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 0,2 8,6 11,5
Working capital / sales (%) -243 9,6 18
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -17,5 -17,6 -7,3
Net debt / market cap (%) -8,4 -16,3 -5,9
Equity ratio (%) 96,9 98,3 97,5
Net IB debt adj. / equity (%) -17,5 -17,6 -7,3
Current ratio (%) 649,3 1209,9 489,3
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -1743,5 -1991 -262,6
Net IB debt / EBITDA lease Adj (%) -1743,5 -1991 -262,6
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 37 42 42
Fully diluted shares Adj 37 42 42
EPS -0,65 -1,12 -1,06
Dividend per share Adj 0 0 0
EPS Adj -0,3 -0,54 -0,49
BVPS 8,88 7,9 6,84
BVPS Adj 1,76 1,89 1,19
Net IB debt / share -1,6 -1,4 -0,5
Share price 18,45 8,54 8,54
Market cap. (m) 675 355 355
Valuation 2021 2022 2023
P/E -20,4 -7,7 -8,1
EV/sales 1428,28 10,36 9,28
EV/EBITDA 132,2 102,1 42,1
EV/EBITA -31 -10,8 -13,5
EV/EBIT -16 -5,8 -6,9
Dividend yield (%) 0 0 0
FCF yield (%) -5,4 -13,8 -10,4
Lease adj. FCF yield (%) -5,4 -13,8 -10,4
P/BVPS 1,5 1,08 1,25
P/BVPS Adj 7,57 4,53 7,18
P/E Adj -44,4 -15,7 -17,5
EV/EBITDA Adj 132,2 102,1 42,1
EV/EBITA Adj -31 -10,8 -13,5
EV/EBIT Adj -16 -5,8 -6,9
EV/cap. employed 1,3 0,9 1,2
Investment ratios 2021 2022 2023
Capex / sales 3698,7 76 54
Capex / depreciation 65 71,7 59,5
Capex tangibles / tangible fixed assets 101,9 65,6 58,8
Capex intangibles / definite intangibles 23,6 38,4 27,3
Depreciation on intangibles / definite intangibles 46,3 59,4 53,2
Depreciation on tangibles / tangibles 21,1 25,8 30,2

Equity research

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Media

Freemelt - Company presentation with CEO Ulric Ljungblad

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Carlbergssjön 13.7 % 13.7 % 28 Jun 2022
Stiftelsen Industrifonden 11.7 % 11.7 % 28 Jun 2022
Henrik Ohldin 9.7 % 9.7 % 28 Jun 2022
Avanza Pension 8.5 % 8.5 % 28 Jun 2022
Birger Ulrik Lindeblad 5.9 % 5.9 % 28 Jun 2022
Carl Palmstierna 5.7 % 5.7 % 28 Jun 2022
Swedbank Försäkring 5.5 % 5.5 % 28 Jun 2022
Ulric Ljungblad 5.2 % 5.2 % 7 Jul 2021
Nordea Liv & Pension 5.2 % 5.2 % 28 Jun 2022
Ackelid Förvaltning AB 5.2 % 5.2 % 30 Sep 2021
Source: Holdings by Modular Finance AB