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I-tech

I-tech

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I-Tech develops and sells the performance ingredient Selektope, an active antifouling agent that is incorporated into marine paints to combat the growth of barnacles on ship hulls. This greatly reduces fuel consumption, reducing costs and emissions. The company operates a highly scalable B2B business model, and outsources all its production of Selektope to contract manufacturers, allowing I-Tech to focus on sales, R&D and regulatory matters while ensuring a reliable supply chain. I-Tech has established relations with major customers, with Selektope currently integrated into the product portfolios of six out of the nine largest paint companies in the commercial and industrial shipping market.

Sustainability information

The main risk for I-Tech is regulatory in nature, as Selektope is classified as a biocide, and is therefore affected by extensive regulation in several jurisdictions. Should an important jurisdiction forbid the use of Selektope, this would affect I-Tech negatively. Other main risks are customer and product risks, as I-Tech only sells one product, and has a very concentrated customer portfolio. Should the overall demand for Selektope diminish, or a significant customer decide to switch to an alternative, this could significantly affect I-tech's sales.

Financials

SEKm 2025 2026e 2027e
Sales 168,12 185,97 225,02
Sales growth (%) -6,3 10,6 21
EBITDA 49 56 78
EBITDA margin (%) 29,2 30,2 34,7
EBIT adj. 41 48 74
EBIT adj. margin (%) 24,4 25,8 33
Pretax profit 42 53 79
EPS 2,8 3,52 5,21
EPS growth (%) -14,6 25,9 47,8
EPS adj. 3,16 3,9 5,21
Dividend per share 1,25 1,41 2,08
EV/EBITDA (x) 9,1 7,4 4,7
EV/EBIT adj. (x) 10,9 8,6 5
P/E (x) 17,75 14,1 9,54
P/E adj. (x) 15,7 12,7 9,5
EV/sales (x) 2,67 2,22 1,64
FCF yield (%) 10,9 5,8 10,4
Le. adj. FCF yld. (%) 10,9 5,8 10,4
Dividend yield (%) 2,5 2,8 4,2
Net IB debt/EBITDA (x) -3 -3,3 -2,9
Le. adj. ND/EBITDA (x) -3 -3,3 -2,9
SEKm 2025 2026e 2027e
Sales 168,12 185,97 225,02
COGS -72 -79 -93
Gross profit 96 107 132
Other operating items -47 -51 -54
EBITDA 49 56 78
Depreciation and amortisation -4 -4 -4
Depreciation on leased assets 0 0 0
EBITA 45,31 52,38 74,29
Operating EO items 0 0 0
Impairment and amortisation charges -4 -4 0
EBIT 41,04 47,9 74,25
Net financial items 1 5 4
Pretax profit 42 53 79
Tax -9 -11 -16
Net profit 33 42 62
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 33 42 62
EPS 2,8 3,52 5,21
EPS adj. 3,16 3,9 5,21
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,6 20,6
Gross margin (%) 57 57,8 58,5
EBITDA margin (%) 29,2 30,2 34,7
EBITA margin (%) 26,9 28,2 33
EBIT margin (%) 24,4 25,8 33
Pre-tax margin (%) 24,9 28,6 35
Net margin (%) 19,7 22,7 27,8
Sales growth (%) -6,3 10,6 21
EBITDA growth (%) -8,7 14,5 39,1
EBITA growth (%) -9,2 15,6 41,8
EBIT growth (%) -9,8 16,7 55
Net profit growth (%) -14,9 27,4 47,8
EPS growth (%) -14,6 25,9 47,8
Profitability N/A N/A N/A
ROE (%) 20 21,6 26,1
ROE adj. (%) 22,6 23,9 26,1
ROCE (%) 25,2 27,2 32,9
ROCE adj. (%) 27,8 29,5 32,9
ROIC (%) 86,1 138,3 172,8
ROIC adj. (%) 86,1 138,3 172,8
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 49 56 78
EBITDA adj. margin (%) 29,2 30,2 34,7
EBITDA lease adj. 49 56 78
EBITDA lease adj. margin (%) 29,2 30,2 34,7
EBITA adj. 45 52 74
EBITA adj. margin (%) 26,9 28,2 33
EBIT adj. 41 48 74
EBIT adj. margin (%) 24,4 25,8 33
Pretax profit Adj. 46 58 79
Net profit Adj. 37 47 63
Net profit to shareholders adj. 37 47 63
Net adj. margin (%) 22,3 25,1 27,8
SEKm 2025 2026e 2027e
EBITDA 49 56 78
Goodwill 0 0 0
Net financial items 1 5 4
Other intangible assets 16 8 5
Paid tax -1 -11 -16
Tangible fixed assets 2 2 1
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 49 51 66
Other Fixed Assets All 0 0 0
Change in working capital 16 -15 -4
Fixed assets 18 10 7
Operating cash flow 65 35 63
Inventories 9 7 8
Capex tangible fixed assets 0 0 0
Receivables 12 24 32
Capex intangible fixed assets 0 0 0
Other current assets 7 13 14
Acquisitions and Disposals 0 0 0
Cash and liquid assets 148 183 228
Free cash flow 64 35 62
Total assets 194 237 287
Dividend paid -21 0 -17
Shareholders equity 174 217 262
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 174 217 262
Other changes in net debt 5 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 10 10 12
Other current liabilities 10 10 13
Total liabilities and equity 194 237 287
Net IB debt -148 -183 -228
Net IB debt excl. pension debt -148 -183 -228
Net IB debt excl. leasing -148 -183 -228
Capital employed 174 217 262
Capital invested 26 34 34
Working capital 9 24 28
Market cap. diluted (m) 596 596 596
Net IB debt adj. -148 -183 -228
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 448 414 368
Total assets turnover (%) 91,7 86,3 85,8
Financial risk and debt service N/A N/A N/A
Working capital/sales (%) 12,1 8,8 11,5
Year N/A N/A N/A
Net debt/equity (%) -85 -84,3 -86,9
Net debt / market cap (%) -24,8 -30,6 -38,2
Equity ratio (%) 90 91,4 91,2
Net IB debt adj. / equity (%) -85 -84,3 -86,9
Current ratio 9,11 11,11 11,14
EBITDA/net interest 100,7 18 42,7
Net IB debt/EBITDA (x) -3 -3,3 -2,9
Net IB debt/EBITDA lease adj. (x) -3 -3,3 -2,9
Interest coverage 5546,4 N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 2,8 3,52 5,21
Dividend per share 1,25 1,41 2,08
EPS adj. 3,16 3,9 5,21
BVPS 14,53 18,06 21,86
BVPS adj. 13,24 17,38 21,42
Net IB debt/share -12,35 -15,23 -19
Share price 49,7 49,7 49,7
Market cap. (m) 596 596 596
P/E (x) 17,75 14,1 9,54
EV/sales (x) 2,67 2,22 1,64
EV/EBITDA (x) 9,1 7,4 4,7
EV/EBITA (x) 9,9 7,9 5
EV/EBIT (x) 10,9 8,6 5
Dividend yield (%) 2,5 2,8 4,2
FCF yield (%) 10,9 5,8 10,4
Le. adj. FCF yld. (%) 10,9 5,8 10,4
P/BVPS (x) 3,42 2,75 2,27
P/BVPS adj. (x) 3,75 2,86 2,32
P/E adj. (x) 15,7 12,7 9,5
EV/EBITDA adj. (x) 9,1 7,4 4,7
EV/EBITA adj. (x) 9,9 7,9 5
EV/EBIT adj. (x) 10,9 8,6 5
EV/CE (x) 2,6 1,9 1,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -0,2 -0,2 -0,3
Capex/depreciation 0,1 0,1 0,2
Capex tangibles / tangible fixed assets 13,8 19 33,8
Capex intangibles / definite intangibles 0,9 1,6 4,2
Depreciation on intang / def. intang 20 37 57
Depreciation on tangibles / tangibles 34,16 42,91 54,19

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Media

I-Tech - Company presentation with CFO & Acting CEO Magnus Henell
I-tech - Company presentation with CEO Markus Jönsson

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Main shareholders - I-tech

Main shareholders Share capital % Voting shares % Verified
Pomona-gruppen 14.6 % 14.6 % 23 Dec 2025
Handelsbanken Fonder 7.0 % 7.0 % 28 Feb 2026
Swedbank Robur Fonder 6.5 % 6.5 % 28 Feb 2026
Futur Pension 6.2 % 6.2 % 23 Dec 2025
Andra AP-fonden 5.4 % 5.4 % 23 Dec 2025
NEA Partners 5.2 % 5.2 % 17 Oct 2025
Avanza Pension 5.0 % 5.0 % 23 Dec 2025
Unionen 4.0 % 4.0 % 23 Dec 2025
Stefan Sedersten 3.7 % 3.7 % 23 Dec 2025
Nordnet Pensionsförsäkring 3.3 % 3.3 % 23 Dec 2025
Source: Holdings by Modular Finance AB