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Impact Coatings

Impact Coatings

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Impact Coatings is a Swedish coating technology and solutions company founded in 1997. The company was listed on Nasdaq First North in 2004 and has since then expanded in Europe, Asia and North America. Impact Coatings' core competence is based on the Physical Vapour Deposition (PVD) technology, which can be used to produce thin films and coatings on substrates (an object or product). PVD involves converting a solid material, typically a metal, into a vapour that condenses onto the surface, creating a durable coating. The company primarily focuses on applications within the hydrogen and automotive industry, but also offers tailored solutions for functional and decorative coatings.

Impact Coatings has defined hydrogen applications as one of its core areas of expertise. The hydrogen market is at an early stage of development and there are risks associated with the development of the market such as production costs, regulatory uncertainty, and competition from other clean energy technologies.

Financials

SEKm 2024 2025e 2026e
Sales 110 91 124
Sales growth (%) 11,4 -16,8 35,8
EBITDA -25 -28 -17
EBITDA margin (%) -22,7 -30,5 -13,7
EBIT adj. -31 -35 -25
EBIT adj. margin (%) -28,6 -38 -19,8
Pretax profit -30 -35 -22
EPS -0,34 -0,39 -0,19
EPS growth (%) -17,1 15 -50,7
EPS adj. -0,35 -0,39 -0,19
DPS 0 0 0
EV/EBITDA (x) -13,8 -13,1 -24,1
EV/EBIT adj. (x) -11 -10,5 -16,7
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 3,14 4 3,31
FCF yield (%) -23,9 -5,3 -9
Le. adj. FCF yld. (%) -23,9 -5,3 -9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,3 4,9 5,4
Le. adj. ND/EBITDA (x) 1,3 4,9 5,4
SEKm 2024 2025e 2026e
Sales 110 91 124
COGS -58 -42 -63
Gross profit 52 49 61
Other operating items -77 -77 -78
EBITDA -25 -28 -17
Depreciation and amortisation -7 -7 -8
of which leasing depreciation 0 0 0
EBITA -31 -35 -25
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -31 -35 -25
Net financial items 1 0 2
Pretax profit -30 -35 -22
Tax 0 0 0
Net profit -30 -35 -22
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -35 -22
EPS -0,34 -0,39 -0,19
EPS adj. -0,35 -0,39 -0,19
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 47,3 54,1 49
EBITDA margin (%) -22,7 -30,5 -13,7
EBITA margin (%) -28,6 -38 -19,8
EBIT margin (%) -28,6 -38 -19,8
Pre-tax margin (%) -27,6 -37,9 -18,1
Net margin (%) -27,6 -37,9 -18,1
Sales growth (%) 11,4 -16,8 35,8
EBITDA growth (%) -14,4 11,8 -39,1
EBITA growth (%) -7,4 10,5 -29,3
EBIT growth (%) -7,4 10,5 -29,3
Net profit growth (%) -5,9 14,5 -35
EPS growth (%) -17,1 15 -50,7
Profitability N/A N/A N/A
ROE (%) -15,4 -15,3 -8,7
ROE adj. (%) -15,4 -15,3 -8,7
ROCE (%) -15,4 -15,3 -8,7
ROCE adj. (%) -15,4 -15,3 -8,7
ROIC (%) -26,2 -24,5 -17,1
ROIC adj. (%) -26,2 -24,5 -17,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -25 -28 -17
EBITDA adj. margin (%) -22,7 -30,5 -13,7
EBITDA lease adj. -25 -28 -17
EBITDA lease adj. margin (%) -22,7 -30,5 -13,7
EBITA adj. -31 -35 -25
EBITA adj. margin (%) -28,6 -38 -19,8
EBIT adj. -31 -35 -25
EBIT adj. margin (%) -28,6 -38 -19,8
Pretax profit Adj. -30 -35 -22
Net profit Adj. -30 -35 -22
Net profit to shareholders adj. -30 -35 -22
Net adj. margin (%) -27,6 -37,9 -18,1
SEKm 2024 2025e 2026e
EBITDA -25 -28 -17
Goodwill 0 0 0
Net financial items 1 0 2
Other intangible assets 4 6 8
Paid tax 0 0 0
Tangible fixed assets 62 66 77
Non-cash items 2 1 0
Right-of-use asset 0 0 0
Cash flow before change in WC -22 -27 -15
Total other fixed assets 17 17 17
Change in working capital -51 24 -10
Fixed assets 83 89 102
Operating cash flow -73 -3 -25
Inventories 102 82 99
Capex tangible fixed assets -15 -15 -19
Receivables 37 28 31
Capex intangible fixed assets -2 -2 -2
Other current assets 15 4 7
Cash and liquid assets 32 137 92
Acquisitions and Disposals 0 0 0
Total assets 269 340 330
Free cash flow -90 -20 -45
Shareholders equity 183 269 247
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 125 0
Total equity 183 269 247
Leasing liability amortisation 0 0 0
Long-term debt 0 0 0
Other non-cash items 3 -1 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 14 7 9
Other current liabilities 73 64 74
Total liabilities and equity 269 340 330
Net IB debt -32 -137 -92
Net IB debt excl. pension debt -32 -137 -92
Net IB debt excl. leasing -32 -137 -92
Capital employed 183 269 247
Capital invested 150 133 155
Working capital 68 44 53
Market cap. diluted (m) 376 501 501
Net IB debt adj. -32 -137 -92
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 344 365 410
Total assets turnover (%) 39,7 29,9 37
Working capital/sales (%) 46,1 61 39,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -50,7 -37,1
Net debt / market cap (%) -8,6 -27,2 -18,3
Equity ratio (%) 67,8 79,1 74,7
Net IB debt adj. / equity (%) -17,7 -50,7 -37,1
Current ratio 2,16 3,53 2,73
EBITDA/net interest 20,8 246,5 8,3
Net IB debt/EBITDA (x) 1,3 4,9 5,4
Net IB debt/EBITDA lease adj. (x) 1,3 4,9 5,4
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 87 117 117
Diluted shares adj. 87 117 117
EPS -0,34 -0,39 -0,19
Dividend per share 0 0 0
EPS adj. -0,35 -0,39 -0,19
BVPS 2,09 2,31 2,12
BVPS adj. 2,04 2,25 2,05
Net IB debt/share -0,37 -1,17 -0,79
Share price 4,3 4,3 4,3
Market cap. (m) 376 501 501
P/E (x) N/A N/A N/A
EV/sales (x) 3,1 4 3,3
EV/EBITDA (x) -13,8 -13,1 -24,1
EV/EBITA (x) -11 -10,5 -16,7
EV/EBIT (x) -11 -10,5 -16,7
Dividend yield (%) 0 0 0
FCF yield (%) -23,9 -5,3 -9
Le. adj. FCF yld. (%) -23,9 -5,3 -9
P/BVPS (x) 2,06 1,86 2,03
P/BVPS adj. (x) 2,11 1,91 2,1
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -13,8 -13,1 -24,1
EV/EBITA adj. (x) -11 -10,5 -16,7
EV/EBIT adj. (x) -11 -10,5 -16,7
EV/CE (x) 1,9 1,4 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 15,4 18,9 16,5
Capex/depreciation 2,6 2,5 2,7
Capex tangibles / tangible fixed assets 23,6 23,3 24
Capex intangibles / definite intangibles 57,1 30,5 24,2
Depreciation on intang / def. intang 2,4 13,8 8,4
Depreciation on tangibles / tangibles 10,4 9,1 9

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Impact Coatings - Fireside chat with CEO Jonas Nilsson

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 34.4 % 34.4 % 26 Jun 2025
Avanza Pension 6.9 % 6.9 % 26 Jun 2025
Hyundai Motor Company 6.2 % 6.2 % 26 Jun 2025
Nordnet Pensionsförsäkring 2.7 % 2.7 % 26 Jun 2025
Renta 4 1.4 % 1.4 % 30 Jun 2025
Svenska Handelsbanken AB for PB 1.0 % 1.0 % 26 Jun 2025
Torsten Rosell 0.9 % 0.9 % 26 Jun 2025
Henrik Ljungcrantz 0.9 % 0.9 % 26 Jun 2025
Hans Österberg 0.9 % 0.9 % 26 Jun 2025
Nordus Healthcare Consulting AB 0.8 % 0.8 % 26 Jun 2025
Source: Holdings by Modular Finance AB