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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 2025 2026e 2027e
Sales 67 97 145
Sales growth (%) -39 45,5 49,2
EBITDA -34 -25 -4
EBITDA margin (%) -50,5 -25,4 -2,5
EBIT adj. -42 -33 -12
EBIT adj. margin (%) -62,5 -33,8 -8,4
Pretax profit -42 -31 -11
EPS -0,48 -0,22 -0,08
EPS growth (%) 41,2 -55,1 -63,8
EPS adj. -0,48 -0,22 -0,08
DPS 0 0 0
EV/EBITDA (x) -3,8 -6,9 -56
EV/EBIT adj. (x) -3,1 -5,2 -16,8
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 1,93 1,75 1,41
FCF yield (%) -31,8 -18,7 -15,7
Le. adj. FCF yld. (%) -31,8 -18,7 -15,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,7 2 4,3
Le. adj. ND/EBITDA (x) 2,7 2 4,3
SEKm 2025 2026e 2027e
Sales 67 97 145
COGS -28 -50 -73
Gross profit 39 48 73
Other operating items -73 -72 -76
EBITDA -34 -25 -4
Depreciation and amortisation -8 -8 -9
of which leasing depreciation 0 0 0
EBITA -42 -33 -12
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -42 -33 -12
Net financial items 0 1 1
Pretax profit -42 -31 -11
Tax 0 0 0
Net profit -42 -31 -11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -42 -31 -11
EPS -0,48 -0,22 -0,08
EPS adj. -0,48 -0,22 -0,08
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 58,7 49 50
EBITDA margin (%) -50,5 -25,4 -2,5
EBITA margin (%) -62,5 -33,8 -8,4
EBIT margin (%) -62,5 -33,8 -8,4
Pre-tax margin (%) -62,8 -32,3 -7,9
Net margin (%) -62,8 -32,3 -7,9
Sales growth (%) -39 45,5 49,2
EBITDA growth (%) 35,6 -26,8 -85,2
EBITA growth (%) 33,2 -21,4 -62,9
EBIT growth (%) 33,2 -21,4 -62,9
Net profit growth (%) 39,1 -25,1 -63,8
EPS growth (%) 41,2 -55,1 -63,8
Profitability N/A N/A N/A
ROE (%) -21,1 -15,8 -6,4
ROE adj. (%) -21,1 -15,8 -6,4
ROCE (%) -20,9 -15,7 -6,3
ROCE adj. (%) -20,9 -15,7 -6,3
ROIC (%) -30,6 -25,6 -8,4
ROIC adj. (%) -30,6 -25,6 -8,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -34 -25 -4
EBITDA adj. margin (%) -50,5 -25,4 -2,5
EBITDA lease adj. -34 -25 -4
EBITDA lease adj. margin (%) -50,5 -25,4 -2,5
EBITA adj. -42 -33 -12
EBITA adj. margin (%) -62,5 -33,8 -8,4
EBIT adj. -42 -33 -12
EBIT adj. margin (%) -62,5 -33,8 -8,4
Pretax profit Adj. -42 -31 -11
Net profit Adj. -42 -31 -11
Net profit to shareholders adj. -42 -31 -11
Net adj. margin (%) -62,8 -32,3 -7,9
SEKm 2025 2026e 2027e
EBITDA -34 -25 -4
Goodwill 0 0 0
Net financial items 0 1 1
Other intangible assets 7 8 10
Paid tax 0 0 0
Tangible fixed assets 53 58 69
Non-cash items 2 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -32 -23 -3
Total other fixed assets 10 10 10
Change in working capital 0 -4 -11
Fixed assets 70 76 88
Operating cash flow -33 -27 -14
Inventories 77 88 102
Capex tangible fixed assets -8 -13 -19
Receivables 13 24 36
Capex intangible fixed assets -1 -1 -2
Other current assets 15 13 13
Cash and liquid assets 93 52 17
Acquisitions and Disposals 0 0 0
Total assets 269 252 256
Free cash flow -42 -41 -35
Shareholders equity 215 184 172
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 80 0 0
Total equity 215 184 172
Leasing liability amortisation 0 0 0
Long-term debt 2 2 2
Other non-cash items 22 0 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 9 9 10
Other current liabilities 43 58 73
Total liabilities and equity 269 252 256
Net IB debt -92 -51 -16
Net IB debt excl. pension debt -92 -51 -16
Net IB debt excl. leasing -92 -51 -16
Capital employed 217 185 174
Capital invested 123 133 156
Working capital 54 57 68
Market cap. diluted (m) 221 221 221
Net IB debt adj. -92 -51 -16
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 129 170 205
Total assets turnover (%) 24,9 37,4 57,1
Working capital/sales (%) 90,6 57 43,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -42,7 -27,6 -9,2
Net debt / market cap (%) -41,6 -22,9 -7,2
Equity ratio (%) 80 72,8 67,2
Net IB debt adj. / equity (%) -42,7 -27,6 -9,2
Current ratio 3,82 2,63 2,03
EBITDA/net interest 194 17,6 4,7
Net IB debt/EBITDA (x) 2,7 2 4,3
Net IB debt/EBITDA lease adj. (x) 2,7 2 4,3
Interest coverage 209 N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 146 146 146
Diluted shares adj. 146 146 146
EPS -0,48 -0,22 -0,08
Dividend per share 0 0 0
EPS adj. -0,48 -0,22 -0,08
BVPS 1,48 1,26 1,18
BVPS adj. 1,43 1,2 1,11
Net IB debt/share -0,63 -0,35 -0,11
Share price 1,52 1,52 1,52
Market cap. (m) 221 221 221
P/E (x) N/A N/A N/A
EV/sales (x) 1,9 1,8 1,4
EV/EBITDA (x) -3,8 -6,9 -56
EV/EBITA (x) -3,1 -5,2 -16,8
EV/EBIT (x) -3,1 -5,2 -16,8
Dividend yield (%) 0 0 0
FCF yield (%) -31,8 -18,7 -15,7
Le. adj. FCF yld. (%) -31,8 -18,7 -15,7
P/BVPS (x) 1,03 1,2 1,28
P/BVPS adj. (x) 1,06 1,26 1,36
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -3,8 -6,9 -56
EV/EBITA adj. (x) -3,1 -5,2 -16,8
EV/EBIT adj. (x) -3,1 -5,2 -16,8
EV/CE (x) 0,6 0,9 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 14,2 14,5 14,5
Capex/depreciation 1,2 1,7 2,5
Capex tangibles / tangible fixed assets 15,8 21,8 27,5
Capex intangibles / definite intangibles 16 18,2 21,7
Depreciation on intang / def. intang 2,3 2,5 1,6
Depreciation on tangibles / tangibles 14,8 13,7 12,2

Equity research

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Media

Impact Coatings - Company presentation with CEO Jonas Nilsson
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 % 4 Nov 2025
Avanza Pension 6.7 % 6.7 % 26 Sep 2025
Hyundai Motor Company 6.2 % 6.2 % 26 Sep 2025
Nordnet Pensionsförsäkring 2.9 % 2.9 % 26 Sep 2025
Renta 4 1.4 % 1.4 % 31 Oct 2025
Svenska Handelsbanken AB for PB 1.0 % 1.0 % 26 Sep 2025
Torsten Rosell 0.9 % 0.9 % 4 Nov 2025
Henrik Ljungcrantz 0.9 % 0.9 % 26 Sep 2025
Hans Österberg 0.9 % 0.9 % 26 Sep 2025
Nordus Healthcare Consulting AB 0.8 % 0.8 % 26 Sep 2025
Source: Holdings by Modular Finance AB