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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 2024 2025e 2026e
Sales 179 218 261
Sales growth (%) 48,5 21,4 19,9
EBITDA 54 73 98
EBITDA margin (%) 29,9 33,7 37,6
EBIT adj. 52 71 90
EBIT adj. margin (%) 29 32,5 34,5
Pretax profit 49 69 95
EPS 3,28 4,64 6,31
EPS growth (%) 92,9 41,4 36,1
EPS adj. 4,08 5,47 6,7
DPS 1,75 1,84 2,52
EV/EBITDA (x) 19,8 13,9 9,8
EV/EBIT adj. (x) 20,4 14,4 10,7
P/E (x) 29,8 21,1 15,5
P/E adj. (x) 23,9 17,9 14,6
EV/sales (x) 5,92 4,68 3,69
FCF yield (%) 3 5,4 6,7
Le. adj. FCF yld. (%) 3 5,4 6,7
Dividend yield (%) 1,8 1,9 2,6
Net IB debt/EBITDA (x) -1,9 -1,9 -2
Le. adj. ND/EBITDA (x) -1,7 -1,8 -2
SEKm 2024 2025e 2026e
Sales 179 218 261
COGS -84 -96 -115
Gross profit 95 122 146
Other operating items -42 -49 -48
EBITDA 54 73 98
Depreciation and amortisation -4 -4 -4
of which leasing depreciation 0 0 0
EBITA 50 70 95
EO Items -7 -5 0
Impairment and PPA amortisation -4 -4 -5
EBIT 45 65 90
Net financial items 4 4 5
Pretax profit 49 69 95
Tax -10 -14 -19
Net profit 39 55 75
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 39 55 75
EPS 3,28 4,64 6,31
EPS adj. 4,08 5,47 6,7
Total extraordinary items after tax -5 -5 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,6 20,6
Gross margin (%) 53,1 56 56
EBITDA margin (%) 29,9 33,7 37,6
EBITA margin (%) 27,8 32,1 36,3
EBIT margin (%) 25,3 30 34,5
Pre-tax margin (%) 27,4 31,7 36,2
Net margin (%) 21,7 25,2 28,8
Sales growth (%) 48,5 21,4 19,9
EBITDA growth (%) 71,2 36,8 33,7
EBITA growth (%) 79,6 40 35,7
EBIT growth (%) 94,5 43,9 37,6
Net profit growth (%) 93,1 40,4 37,1
EPS growth (%) 92,9 41,4 36,1
Profitability N/A N/A N/A
ROE (%) 26,6 31,4 34,5
ROE adj. (%) 33,1 37 36,6
ROCE (%) 33,5 39,6 43,4
ROCE adj. (%) 40,9 45,2 45,6
ROIC (%) 71,8 104,1 156,9
ROIC adj. (%) 81,2 112,1 156,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 45 57 73
EBITA adj. 56 75 95
EBITDA adj. margin (%) 31 32,9 34,5
EBITA adj. margin (%) 31,4 34,5 36,3
EBITDA lease adj. 45 57 73
EBIT adj. 52 71 90
EBITDA lease adj. margin (%) 31 32,9 34,5
EBIT adj. margin (%) 29 32,5 34,5
Pretax profit Adj. 39 51 66
Net profit Adj. 31 40 53
Net profit to shareholders adj. 31 40 53
Net adj. margin (%) 21,5 23,2 25,1
SEKm 2024 2025e 2026e
EBITDA 54 73 98
Goodwill 0 0 0
Net financial items 4 4 5
Other intangible assets 23 15 9
Paid tax 0 -11 -19
Tangible fixed assets 2 2 3
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 58 66 83
Total other fixed assets 0 0 0
Change in working capital -22 -3 -3
Fixed assets 25 17 11
Operating cash flow 35 63 80
Inventories 4 6 8
Capex tangible fixed assets 0 0 -1
Receivables 27 33 39
Capex intangible fixed assets 0 0 -1
Other current assets 17 15 18
Acquisitions and Disposals 0 0 0
Cash and liquid assets 100 142 198
Free cash flow 35 63 78
Total assets 173 213 275
Dividend paid -18 -21 -22
Shareholders equity 157 191 245
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 157 191 245
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 8 11 16
Other current liabilities 8 11 14
Total liabilities and equity 173 213 275
Net IB debt -100 -142 -198
Net IB debt excl. pension debt -100 -142 -198
Net IB debt excl. leasing -100 -142 -198
Capital employed 157 191 245
Capital invested 57 49 47
Working capital 32 32 35
Market cap. diluted (m) 1162 1162 1162
Net IB debt adj. -100 -142 -198
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 1062 1020 964
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 110,2 112,8 107,1
Working capital/sales (%) 11,9 14,7 12,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -63,6 -74,2 -80,9
Net debt / market cap (%) -8,6 -12,2 -17
Equity ratio (%) 90,9 89,8 89,1
Net IB debt adj. / equity (%) -63,6 -74,2 -80,9
Current ratio 9,41 8,98 8,77
EBITDA/net interest 24 42,7 64,4
Net IB debt/EBITDA (x) -1,9 -1,9 -2
Net IB debt/EBITDA lease adj. (x) -1,7 -1,8 -2
Interest coverage 1372,7 40351,1 N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 12 12 12
Diluted shares adj. 12 12 12
EPS 3,28 4,64 6,31
Dividend per share 1,75 1,84 2,52
EPS adj. 4,08 5,47 6,7
BVPS 13,22 16,07 20,54
BVPS adj. 11,31 14,77 19,8
Net IB debt/share -8,41 -11,93 -16,62
Share price 97,6 97,6 97,6
Market cap. (m) 1162 1162 1162
P/E (x) 29,8 21,1 15,5
EV/sales (x) 5,92 4,68 3,69
EV/EBITDA (x) 19,8 13,9 9,8
EV/EBITA (x) 21,3 14,6 10,2
EV/EBIT (x) 23,3 15,6 10,7
Dividend yield (%) 1,8 1,9 2,6
FCF yield (%) 3 5,4 6,7
Le. adj. FCF yld. (%) 3 5,4 6,7
P/BVPS (x) 7,38 6,07 4,75
P/BVPS adj. (x) 8,63 6,61 4,93
P/E adj. (x) 23,9 17,9 14,6
EV/EBITDA adj. (x) 9,1 6,6 4,7
EV/EBITA adj. (x) 18,8 13,6 10,2
EV/EBIT adj. (x) 20,4 14,4 10,7
EV/CE (x) 6,7 5,3 3,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,2 0,2 0,8
Capex/depreciation 0,1 0,1 0,6
Capex tangibles / tangible fixed assets 33,4 25 32,9
Capex intangibles / definite intangibles 5,4 7,5 11,5
Depreciation on intang / def. intang 29 39 57
Depreciation on tangibles / tangibles 26,28 33,91 41,75

Equity research

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Media

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

Main shareholders - I-tech

Main shareholders Share capital % Voting shares % Verified
Pomona-gruppen 14.7 % 14.7 % 27 Mar 2025
Swedbank Robur Fonder 7.4 % 7.4 % 31 Mar 2025
Futur Pension 7.2 % 7.2 % 27 Mar 2025
Handelsbanken Fonder 6.1 % 6.1 % 30 Apr 2025
Andra AP-fonden 5.4 % 5.4 % 27 Mar 2025
NEA Partners 5.2 % 5.2 % 31 Dec 2024
Unionen 3.8 % 3.8 % 27 Mar 2025
Stefan Sedersten 3.7 % 3.7 % 27 Mar 2025
TIND Asset Management 3.6 % 3.6 % 27 Mar 2025
Avanza Pension 3.5 % 3.5 % 27 Mar 2025
Source: Holdings by Modular Finance AB