Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 62 130
Sales growth (%) -40,2 179,9 108
EBITDA -31 -15 17
EBITDA margin (%) -140,4 -24,1 13,3
EBIT adj. -37 -21 9
EBIT adj. margin (%) -163,6 -34,4 6,6
Pretax profit -83 -68 -38
EPS -1,81 -1,17 -0,55
EPS growth (%) -2,2 -35,5 -52,8
EPS adj. -0,77 -0,35 0,14
DPS 0 0 0
EV/EBITDA (x) -2,7 -8,6 8,9
EV/EBIT adj. (x) -2,3 -6 17,9
P/E (x) -1,4 -2,2 -4,6
P/E adj. (x) -3,3 -7,2 17,9
EV/sales (x) 3,83 2,07 1,19
FCF yield (%) -36,2 -34,9 -14,4
Le. adj. FCF yld. (%) -36,2 -34,9 -14,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,1 2,9 -1,1
Le. adj. ND/EBITDA (x) 1,1 2,9 -1,1
SEKm 2023 2024e 2025e
Sales 22 62 130
COGS -8 -25 -52
Gross profit 14 37 78
Other operating items -45 -53 -61
EBITDA -31 -15 17
Depreciation and amortisation -5 -6 -9
of which leasing depreciation 0 0 0
EBITA -37 -21 9
EO Items 0 0 0
Impairment and PPA amortisation -48 -48 -48
EBIT -84 -69 -39
Net financial items 1 1 1
Pretax profit -83 -68 -38
Tax 0 0 0
Net profit -83 -68 -38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -83 -68 -38
EPS -1,81 -1,17 -0,55
EPS adj. -0,77 -0,35 0,14
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 -24,1 13,3
EBITA margin (%) -163,6 -34,4 6,6
EBIT margin (%) -376,6 -110,6 -30
Pre-tax margin (%) -371,4 -108,7 -29,2
Net margin (%) -371,4 -108,7 -29,2
Sales growth (%) -40,2 179,9 108
EBITDA growth (%) 118,1 -52 -215
EBITA growth (%) 81,4 -41,1 -140
EBIT growth (%) 24,2 -17,8 -43,7
Net profit growth (%) 22,6 -18,1 -44,1
EPS growth (%) -2,2 -35,5 -52,8
Profitability N/A N/A N/A
ROE (%) -33,3 -28,8 -17,8
ROE adj. (%) -14,2 -8,6 4,5
ROCE (%) -33,3 -28,8 -17,8
ROCE adj. (%) -14,2 -8,6 4,5
ROIC (%) -16,1 -10,9 4,7
ROIC adj. (%) -16,1 -10,9 4,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -31 -13 25
EBITA adj. -37 -21 9
EBITDA adj. margin (%) -140,4 -20,9 19,1
EBITA adj. margin (%) -163,6 -34,4 6,6
EBITDA lease adj. -31 -13 25
EBIT adj. -37 -21 9
EBITDA lease adj. margin (%) -140,4 -20,9 19,1
EBIT adj. margin (%) -163,6 -34,4 6,6
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 -15 17
Goodwill 130 82 34
Net financial items 1 1 1
Other intangible assets 64 85 107
Paid tax 0 0 0
Tangible fixed assets 5 7 10
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -30 -14 18
Total other fixed assets 5 5 5
Change in working capital 14 -8 -10
Fixed assets 204 180 157
Operating cash flow -17 -21 8
Inventories 8 16 32
Capex tangible fixed assets -3 -3 -4
Receivables 4 19 39
Capex intangible fixed assets -22 -27 -29
Other current assets 5 2 4
Acquisitions and Disposals 0 0 0
Cash and liquid assets 34 43 18
Free cash flow -42 -51 -25
Total assets 255 259 250
Dividend paid 0 0 0
Shareholders equity 240 232 194
Share issues and buybacks 65 60 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 240 232 194
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 9 19
Other current liabilities 9 18 37
Total liabilities and equity 255 259 250
Net IB debt -34 -43 -18
Net IB debt excl. pension debt -34 -43 -18
Net IB debt excl. leasing -34 -43 -18
Capital employed 240 232 194
Capital invested 205 189 176
Working capital 1 9 19
Market cap. diluted (m) 119 173 173
Net IB debt adj. -34 -43 -18
Market value of minority 0 0 0
EV 85 130 154
Reversal of shares and participations 0 0 0
Total assets turnover (%) 8,5 24,3 51
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 36,3 8,1 10,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -14,2 -18,6 -9,4
Net debt / market cap (%) -28,5 -25 -10,6
Equity ratio (%) 94 89,4 77,4
Net IB debt adj. / equity (%) -14,2 -18,6 -9,4
Current ratio 3,33 2,89 1,66
EBITDA/net interest 26,8 12,2 16,9
Net IB debt/EBITDA (x) 1,1 2,9 -1,1
Net IB debt/EBITDA lease adj. (x) 1,1 2,9 -1,1
Interest coverage 1471,1 N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 48 69 69
Diluted shares adj. 48 69 69
EPS -1,81 -1,17 -0,55
Dividend per share 0 0 0
EPS adj. -0,77 -0,35 0,14
BVPS 5,03 3,37 2,82
BVPS adj. 0,96 0,93 0,76
Net IB debt/share -0,72 -0,63 -0,27
Share price 2,51 2,51 2,51
Market cap. (m) 119 173 173
Valuation N/A N/A N/A
P/E (x) -1,4 -2,2 -4,6
EV/sales (x) 3,83 2,07 1,19
EV/EBITDA (x) -2,7 -8,6 8,9
EV/EBITA (x) -2,3 -6 17,9
EV/EBIT (x) -1 -1,9 -4
Dividend yield (%) 0 0 0
FCF yield (%) -36,2 -34,9 -14,4
Le. adj. FCF yld. (%) -36,2 -34,9 -14,4
P/BVPS (x) 0,5 0,74 0,89
P/BVPS adj. (x) 2,62 2,69 3,32
P/E adj. (x) -3,3 -7,2 17,9
EV/EBITDA adj. (x) -9,3 -26,4 15,4
EV/EBITA adj. (x) -2,3 -6 17,9
EV/EBIT adj. (x) -2,3 -6 17,9
EV/CE (x) 0,4 0,6 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 112,7 47,6 25,4
Capex/depreciation 4,8 4,6 3,8
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

Read earlier research

Media

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

Main shareholders - Alcadon

Main shareholders Share capital % Voting shares % Verified
Stiftelsen Industrifonden 14.3 % 14.3 % 26 Mar 2024
Carlbergssjön 13.7 % 13.7 % 26 Mar 2024
Henrik Ohldin 7.5 % 7.5 % 26 Mar 2024
Avanza Pension 6.5 % 6.5 % 26 Mar 2024
Carl Palmstierna 5.1 % 5.1 % 26 Mar 2024
Birger Ulrik Lindeblad 5.1 % 5.1 % 26 Mar 2024
Martin Wildheim 5.1 % 5.1 % 30 Nov 2022
Swedbank Försäkring 4.3 % 4.3 % 26 Mar 2024
Ulric Ljungblad 4.0 % 4.0 % 27 Sep 2023
Simon Dannatt 3.9 % 3.9 % 26 Mar 2024
Source: Holdings by Modular Finance AB