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I-tech

I-tech

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.

SEKm 2025 2026e 2027e
Sales 174 189 226
Sales growth (%) -3,1 8,4 19,7
EBITDA 51 58 79
EBITDA margin (%) 29,3 30,8 34,9
EBIT adj. 43 50 75
EBIT adj. margin (%) 24,7 26,6 33,4
Pretax profit 44 55 80
EPS 3,01 3,67 5,28
EPS growth (%) -8,4 22,2 43,8
EPS adj. 3,37 4,03 5,28
DPS 1,18 1,47 2,11
EV/EBITDA (x) 10,1 8 5,3
EV/EBIT adj. (x) 12 9,3 5,6
P/E (x) 18,1 14,8 10,3
P/E adj. (x) 16,1 13,5 10,3
EV/sales (x) 2,95 2,47 1,86
FCF yield (%) 8,6 7,2 9,9
Le. adj. FCF yld. (%) 8,6 7,2 9,9
Dividend yield (%) 2,2 2,7 3,9
Net IB debt/EBITDA (x) -2,7 -3,2 -3
Le. adj. ND/EBITDA (x) -2,7 -3,2 -3
SEKm 2025 2026e 2027e
Sales 174 189 226
COGS -75 -79 -94
Gross profit 99 109 132
Other operating items -48 -51 -53
EBITDA 51 58 79
Depreciation and amortisation -4 -4 -3
of which leasing depreciation 0 0 0
EBITA 47 54 75
EO Items 0 0 0
Impairment and PPA amortisation -4 -4 0
EBIT 43 50 75
Net financial items 2 5 5
Pretax profit 44 55 80
Tax -9 -11 -16
Net profit 35 44 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 35 44 63
EPS 3,01 3,67 5,28
EPS adj. 3,37 4,03 5,28
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 20,6 20,6 20,6
Gross margin (%) 57,1 57,9 58,5
EBITDA margin (%) 29,3 30,8 34,9
EBITA margin (%) 27,2 28,8 33,4
EBIT margin (%) 24,7 26,6 33,4
Pre-tax margin (%) 25,5 29,4 35,4
Net margin (%) 20,3 23,4 28,1
Sales growth (%) -3,1 8,4 19,7
EBITDA growth (%) -5,2 14,1 35,4
EBITA growth (%) -5,3 15,1 38,5
EBIT growth (%) -5,6 16,7 50,3
Net profit growth (%) -9,6 24,9 43,8
EPS growth (%) -8,4 22,2 43,8
Profitability N/A N/A N/A
ROE (%) 21,1 22,2 26
ROE adj. (%) 23,7 24,4 26
ROCE (%) 26,6 27,9 32,8
ROCE adj. (%) 29,2 30,1 32,8
ROIC (%) 79,2 120,2 177,2
ROIC adj. (%) 79,2 120,2 177,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 57 73 0
EBITA adj. 47 54 75
EBITDA adj. margin (%) 32,9 34,5 N/A
EBITA adj. margin (%) 27,2 28,8 33,4
EBITDA lease adj. 57 73 N/A
EBIT adj. 43 50 75
EBITDA lease adj. margin (%) 32,9 34,5 N/A
EBIT adj. margin (%) 24,7 26,6 33,4
Pretax profit Adj. 51 66 0
Net profit Adj. 40 53 0
Net profit to shareholders adj. 40 53 0
Net adj. margin (%) 23,2 25,1 N/A
SEKm 2025 2026e 2027e
EBITDA 51 58 79
Goodwill 0 0 0
Net financial items 2 5 5
Other intangible assets 16 8 5
Paid tax -2 -11 -16
Tangible fixed assets 2 2 2
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 50 52 67
Total other fixed assets 0 0 0
Change in working capital 5 -5 -1
Fixed assets 17 10 7
Operating cash flow 55 48 65
Inventories 7 8 8
Capex tangible fixed assets 0 0 0
Receivables 21 25 32
Capex intangible fixed assets 0 0 0
Other current assets 12 13 14
Acquisitions and Disposals 0 0 0
Cash and liquid assets 139 186 233
Free cash flow 55 47 65
Total assets 196 241 293
Dividend paid -21 0 -18
Shareholders equity 176 221 266
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 176 221 266
Other non-cash items 0 0 -171
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 10 10 14
Other current liabilities 10 10 14
Total liabilities and equity 196 241 293
Net IB debt -139 -186 -233
Net IB debt excl. pension debt -139 -186 -233
Net IB debt excl. leasing -139 -186 -233
Capital employed 176 221 266
Capital invested 37 34 33
Working capital 20 25 26
Market cap. diluted (m) 653 653 653
Net IB debt adj. -139 -186 -233
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 514 467 420
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 94,1 86,1 84,4
Working capital/sales (%) 15 11,8 11,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -78,8 -84,4 -87,6
Net debt / market cap (%) -21,3 -28,5 -35,7
Equity ratio (%) 89,8 91,4 90,8
Net IB debt adj. / equity (%) -78,8 -84,4 -87,6
Current ratio 8,95 11,16 10,57
EBITDA/net interest 59,2 18,6 42,3
Net IB debt/EBITDA (x) -2,7 -3,2 -3
Net IB debt/EBITDA lease adj. (x) -2,7 -3,2 -3
Interest coverage 15603,3 N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 3,01 3,67 5,28
Dividend per share 1,18 1,47 2,11
EPS adj. 3,37 4,03 5,28
BVPS 14,71 18,38 22,19
BVPS adj. 13,41 17,69 21,74
Net IB debt/share -11,59 -15,51 -19,43
Share price 54,4 54,4 54,4
Market cap. (m) 653 653 653
P/E (x) 18,1 14,8 10,3
EV/sales (x) 3 2,5 1,9
EV/EBITDA (x) 10,1 8 5,3
EV/EBITA (x) 10,9 8,6 5,6
EV/EBIT (x) 12 9,3 5,6
Dividend yield (%) 2,2 2,7 3,9
FCF yield (%) 8,6 7,2 9,9
Le. adj. FCF yld. (%) 8,6 7,2 9,9
P/BVPS (x) 3,7 2,96 2,45
P/BVPS adj. (x) 4,06 3,08 2,5
P/E adj. (x) 16,1 13,5 10,3
EV/EBITDA adj. (x) 6,6 4,7 N/A
EV/EBITA adj. (x) 10,9 8,6 5,6
EV/EBIT adj. (x) 12 9,3 5,6
EV/CE (x) 2,9 2,1 1,6
Investment ratios 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 25 32,9 N/A
Capex intangibles / definite intangibles 7,5 11,5 N/A
Depreciation on intang / def. intang 39 57 N/A
Depreciation on tangibles / tangibles 33,91 41,75 N/A

Equity research

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Media

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

Main shareholders - I-tech

Main shareholders Share capital % Voting shares % Verified
Pomona-gruppen 14.6 % 14.6 % 23 Dec 2025
Handelsbanken Fonder 6.6 % 6.6 % 31 Dec 2025
Swedbank Robur Fonder 6.5 % 6.5 % 31 Dec 2025
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