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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 serves to significantly reduce fuel consumption, saving on costs as well as emissions. The company operates a highly scalable B2B business model, and completely outsources 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 successfully established relations with major customers, with Selektope currently being integrated into the product portfolios of six out of the nine largest paint companies within the commercial and industrial shipping market.

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

2022 2023e 2024e
Sales 84 130 159
Sales growth (%) 58,1 55,5 22,6
EBITDA 20 40 53
EBITDA margin (%) 24 30,5 32,9
EBIT adj. 12 32 45
EBIT adj. margin (%) 14,4 24,3 28,1
Pretax profit 13 34 47
EPS 0,89 2,28 3,14
EPS growth (%) -500,9 156,3 37,5
EPS adj. 0,89 2,28 3,14
DPS 0 0 0
EV/EBITDA (x) 26,8 12,6 8,6
EV/EBIT adj. (x) 44,7 15,7 10,1
P/E (x) 55,4 21,6 15,7
P/E adj. (x) 55,4 21,6 15,7
EV/sales (x) 6,43 3,83 2,82
FCF yield (%) 3,3 6,8 8,1
Le. adj. FCF yld. (%) 3,3 6,8 8,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -2,5 -2,3 -2,6
Le. adj. ND/EBITDA (x) -2,5 -2,3 -2,6
2022 2023e 2024e
Sales 84 130 159
COGS -39 -61 -73
Gross profit 45 69 86
Other operating items -25 -29 -34
EBITDA 20 40 53
Depreciation and amortisation -8 -8 -8
of which leasing depreciation 0 0 0
EBITA 12 32 45
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 12 32 45
Net financial items 1 3 2
Pretax profit 13 34 47
Tax -3 -7 -10
Net profit 11 27 37
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 27 37
EPS 0,89 2,28 3,14
EPS adj. 0,89 2,28 3,14
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 20,9 20,6 20,6
Gross margin (%) 54 52,9 54
EBITDA margin (%) 24 30,5 32,9
EBITA margin (%) 14,4 24,3 28,1
EBIT margin (%) 14,4 24,3 28,1
Pre-tax margin (%) 16,1 26,3 29,6
Net margin (%) 12,7 20,9 23,5
Sales growth (%) 58,1 55,5 22,6
EBITDA growth (%) 519,8 97,9 32,4
EBITA growth (%) -356,8 163,4 41,3
EBIT growth (%) -356,8 N/A 41,3
Net profit growth (%) -500,9 156,3 37,5
EPS growth (%) -500,9 156,3 37,5
Profitability N/A N/A N/A
ROE (%) 9,6 21 23,1
ROE adj. (%) 9,6 21 23,1
ROCE (%) 11,8 26,2 29
ROCE adj. (%) 11,8 26,2 29
ROIC (%) 13,6 42,4 74,2
ROIC adj. (%) 13,6 42,4 74,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 20 40 53
EBITDA adj. margin (%) 24 30,5 32,9
EBITDA lease adj. 20 40 53
EBITDA lease adj. margin (%) 24 30,5 32,9
EBITA adj. 12 32 45
EBITA adj. margin (%) 14,4 24,3 28,1
EBIT adj. 12 32 45
EBIT adj. margin (%) 14,4 24,3 28,1
Pretax profit Adj. 13 34 47
Net profit Adj. 11 27 37
Net profit to shareholders adj. 11 27 37
Net adj. margin (%) 12,7 20,9 23,5
2022 2023e 2024e
EBITDA 20 40 53
Goodwill 0 0 0
Net financial items 1 3 2
Other intangible assets 38 31 25
Paid tax 0 0 -2
Tangible fixed assets 1 1 1
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 22 43 53
Total other fixed assets 15 8 0
Change in working capital -1 -1 -3
Fixed assets 53 40 27
Operating cash flow 20 42 50
Inventories 2 4 5
Capex tangible fixed assets -1 -1 -1
Receivables 16 20 24
Capex intangible fixed assets 0 -1 -1
Other current assets 1 4 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 53 90 138
Free cash flow 19 40 48
Total assets 125 158 198
Dividend paid 0 0 0
Shareholders equity 116 144 181
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 116 144 181
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 2 0 0
Accounts payable 3 5 6
Other current liabilities 4 9 11
Total liabilities and equity 125 158 198
Net IB debt -51 -90 -138
Net IB debt excl. pension debt -51 -90 -138
Net IB debt excl. leasing -51 -90 -138
Capital employed 118 144 181
Capital invested 66 53 43
Working capital 12 13 16
Market cap. diluted (m) 588 588 588
Net IB debt adj. -51 -90 -138
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 538 498 450
Total assets turnover (%) 69,5 91,8 89,5
Working capital/sales (%) 14 9,8 9,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -43,5 -63 -76,4
Net debt / market cap (%) -8,6 -15,4 -23,5
Equity ratio (%) 92,5 90,9 91,2
Net IB debt adj. / equity (%) -43,5 -63 -76,4
Current ratio 7,71 8,23 9,79
EBITDA/net interest 14,3 15,3 22
Net IB debt/EBITDA (x) -2,5 -2,3 -2,6
Net IB debt/EBITDA lease adj. (x) -2,5 -2,3 -2,6
Interest coverage 1119,8 N/A N/A
2022 2023e 2024e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 0,89 2,28 3,14
Dividend per share 0 0 0
EPS adj. 0,89 2,28 3,14
BVPS 9,74 12,05 15,19
BVPS adj. 6,59 9,43 13,07
Net IB debt/share -4,24 -7,6 -11,61
Share price 49,4 49,4 49,4
Market cap. (m) 588 588 588
P/E (x) 55,4 21,6 15,7
EV/sales (x) 6,43 3,83 2,82
EV/EBITDA (x) 26,8 12,6 8,6
EV/EBITA (x) 44,7 15,7 10,1
EV/EBIT (x) 44,7 15,7 10,1
Dividend yield (%) 0 0 0
FCF yield (%) 3,3 6,8 8,1
Le. adj. FCF yld. (%) 3,3 6,8 8,1
P/BVPS (x) 5,07 4,1 3,25
P/BVPS adj. (x) 7,5 5,24 3,78
P/E adj. (x) 55,4 21,6 15,7
EV/EBITDA adj. (x) 26,8 12,6 8,6
EV/EBITA adj. (x) 44,7 15,7 10,1
EV/EBIT adj. (x) 44,7 15,7 10,1
EV/CE (x) 4,5 3,5 2,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1,5 1,3
Capex/depreciation 0,1 0,2 0,3
Capex tangibles / tangible fixed assets 82 51,2 42,8
Capex intangibles / definite intangibles 0,2 4,2 5,7
Depreciation on intang / def. intang 21 25 29
Depreciation on tangibles / tangibles 17,53 23,93 28,18

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I-tech - Company presentation with CEO Philip Chaabane

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Pomona-gruppen 14.7 % 14.7 % 27 Sep 2023
Handelsbanken Fonder 9.2 % 9.2 % 31 Oct 2023
Swedbank Robur Fonder 7.8 % 7.8 % 31 Oct 2023
Futur Pension 7.4 % 7.4 % 27 Sep 2023
NEA Partners 5.2 % 5.2 % 27 Nov 2023
Sniptind Invest AS 4.2 % 4.2 % 27 Sep 2023
Stefan Sedersten 3.8 % 3.8 % 27 Sep 2023
Unionen 3.8 % 3.8 % 27 Sep 2023
Andra AP-fonden 3.3 % 3.3 % 27 Sep 2023
Staffan Persson 3.2 % 3.2 % 28 Dec 2022
Source: Holdings by Modular Finance AB