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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 2023 2024e 2025e
Sales 121 145 174
Sales growth (%) 44,5 19,9 20,1
EBITDA 31 40 57
EBITDA margin (%) 26 27,4 32,9
EBIT adj. 23 37 49
EBIT adj. margin (%) 19,4 25,5 28,2
Pretax profit 25 34 51
EPS 1,7 2,36 3,38
EPS growth (%) 90,3 39 43,5
EPS adj. 1,7 2,81 3,38
DPS 1,49 0,91 1,35
EV/EBITDA (x) 16,1 12,3 8
EV/EBIT adj. (x) 21,6 13,2 9,3
P/E (x) 29,1 21 14,6
P/E adj. (x) 29,1 17,6 14,6
EV/sales (x) 4,18 3,36 2,62
FCF yield (%) 5,6 6,2 7,2
Le. adj. FCF yld. (%) 5,6 6,2 7,2
Dividend yield (%) 3 1,8 2,7
Net IB debt/EBITDA (x) -2,7 -2,5 -2,3
Le. adj. ND/EBITDA (x) -2,7 -2,2 -2,3
SEKm 2023 2024e 2025e
Sales 121 145 174
COGS -57 -68 -77
Gross profit 64 77 97
Other operating items -32 -37 -40
EBITDA 31 40 57
Depreciation and amortisation -8 -8 -8
of which leasing depreciation 0 0 0
EBITA 23 32 49
EO Items 0 -5 0
Impairment and PPA amortisation 0 0 0
EBIT 23 32 49
Net financial items 2 2 2
Pretax profit 25 34 51
Tax -5 -7 -10
Net profit 20 27 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 20 27 40
EPS 1,7 2,36 3,38
EPS adj. 1,7 2,81 3,38
Total extraordinary items after tax 0 -4 0
Leasing payments 0 0 0
Tax rate (%) 20,8 20,6 20,6
Gross margin (%) 52,6 52,9 56
EBITDA margin (%) 26 27,4 32,9
EBITA margin (%) 19,4 21,9 28,2
EBIT margin (%) 19,4 21,9 28,2
Pre-tax margin (%) 21,1 23,5 29,2
Net margin (%) 16,7 18,7 23,2
Sales growth (%) 44,5 19,9 20,1
EBITDA growth (%) 56,5 26,5 44,2
EBITA growth (%) 94,5 35,8 54,7
EBIT growth (%) 94,5 35,8 54,7
Net profit growth (%) 90,3 34 48,8
EPS growth (%) 90,3 39 43,5
Profitability N/A N/A N/A
ROE (%) 16 19,2 25,1
ROE adj. (%) 16 22,1 25,1
ROCE (%) 20,9 24,9 32,3
ROCE adj. (%) 20,9 28,6 32,3
ROIC (%) 31,3 51,6 89,1
ROIC adj. (%) 31,3 60 89,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 31 45 57
EBITDA adj. margin (%) 26 31 32,9
EBITDA lease adj. 31 45 57
EBITDA lease adj. margin (%) 26 31 32,9
EBITA adj. 23 37 49
EBITA adj. margin (%) 19,4 25,5 28,2
EBIT adj. 23 37 49
EBIT adj. margin (%) 19,4 25,5 28,2
Pretax profit Adj. 25 39 51
Net profit Adj. 20 31 40
Net profit to shareholders adj. 20 31 40
Net adj. margin (%) 16,7 21,5 23,2
SEKm 2023 2024e 2025e
EBITDA 31 40 57
Goodwill 0 0 0
Net financial items 2 2 2
Other intangible assets 30 24 19
Paid tax 0 0 -10
Tangible fixed assets 3 3 3
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 33 42 48
Total other fixed assets 9 2 2
Change in working capital 2 -5 -4
Fixed assets 42 30 24
Operating cash flow 35 38 44
Inventories 4 7 9
Capex tangible fixed assets -2 -1 -1
Receivables 13 25 30
Capex intangible fixed assets 0 -1 -1
Other current assets 9 1 2
Acquisitions and Disposals 0 0 0
Cash and liquid assets 83 101 132
Free cash flow 33 35 42
Total assets 152 163 196
Dividend paid 0 -18 -11
Shareholders equity 136 146 175
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 136 146 175
Other non-cash items 0 0 0
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 9 7 9
Other current liabilities 7 10 12
Total liabilities and equity 152 163 196
Net IB debt -83 -101 -132
Net IB debt excl. pension debt -83 -101 -132
Net IB debt excl. leasing -83 -101 -132
Capital employed 136 146 175
Capital invested 53 45 43
Working capital 11 15 19
Market cap. diluted (m) 588 588 588
Net IB debt adj. -83 -101 -132
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 505 487 456
Total assets turnover (%) 87 91,9 96,9
Working capital/sales (%) 9,5 8,9 9,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -61,1 -69,2 -75,6
Net debt / market cap (%) -14,2 -17,1 -22,5
Equity ratio (%) 89,4 89,3 89,3
Net IB debt adj. / equity (%) -61,1 -69,2 -75,6
Current ratio 6,8 7,67 8,26
EBITDA/net interest 14,9 17 35,6
Net IB debt/EBITDA (x) -2,7 -2,5 -2,3
Net IB debt/EBITDA lease adj. (x) -2,7 -2,2 -2,3
Interest coverage 25,3 35,1 51,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 1,7 2,36 3,38
Dividend per share 1,49 0,91 1,35
EPS adj. 1,7 2,81 3,38
BVPS 11,44 12,23 14,7
BVPS adj. 8,91 10,19 13,15
Net IB debt/share -6,99 -8,47 -11,11
Share price 49,4 49,4 49,4
Market cap. (m) 588 588 588
P/E (x) 29,1 21 14,6
EV/sales (x) 4,18 3,36 2,62
EV/EBITDA (x) 16,1 12,3 8
EV/EBITA (x) 21,6 15,3 9,3
EV/EBIT (x) 21,6 15,3 9,3
Dividend yield (%) 3 1,8 2,7
FCF yield (%) 5,6 6,2 7,2
Le. adj. FCF yld. (%) 5,6 6,2 7,2
P/BVPS (x) 4,32 4,04 3,36
P/BVPS adj. (x) 5,54 4,85 3,76
P/E adj. (x) 29,1 17,6 14,6
EV/EBITDA adj. (x) 16,1 10,9 8
EV/EBITA adj. (x) 21,6 13,2 9,3
EV/EBIT adj. (x) 21,6 13,2 9,3
EV/CE (x) 3,7 3,3 2,6
Investment ratios N/A N/A N/A
Capex/sales (%) 2 1,6 1,2
Capex/depreciation 0,3 0,3 0,3
Capex tangibles / tangible fixed assets 83,5 33,4 25
Capex intangibles / definite intangibles 0,1 5,4 7,5
Depreciation on intang / def. intang 25 29 39
Depreciation on tangibles / tangibles 16,28 26,28 33,91

Equity research

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Media

I-tech - Company presentation with Acting CEO & CFO Magnus Henell
I-tech - Fireside chat with CFO Magnus Henell

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Pomona-gruppen 14.7 % 14.7 % 26 Mar 2024
Handelsbanken Fonder 8.3 % 8.3 % 30 Apr 2024
Futur Pension 8.3 % 8.3 % 26 Mar 2024
Swedbank Robur Fonder 7.8 % 7.8 % 31 Mar 2024
NEA Partners 5.2 % 5.2 % 31 Mar 2024
Sniptind Invest AS 4.2 % 4.2 % 27 Sep 2023
Andra AP-fonden 4.0 % 4.0 % 26 Mar 2024
Stefan Sedersten 3.8 % 3.8 % 26 Mar 2024
Unionen 3.8 % 3.8 % 26 Mar 2024
Staffan Persson 3.2 % 3.2 % 28 Dec 2022
Source: Holdings by Modular Finance AB