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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 46 103 152
Sales growth (%) -58 122,9 47,9
EBITDA -44 -24 -3
EBITDA margin (%) -96,1 -23,3 -1,7
EBIT adj. -52 -33 -12
EBIT adj. margin (%) -113,7 -32 -7,8
Pretax profit -52 -33 -12
EPS -0,57 -0,22 -0,07
EPS growth (%) 67,5 -60,7 -69,5
EPS adj. -0,57 -0,22 -0,07
DPS 0 0 0
EV/EBITDA (x) -4,2 -9,1 -104,4
EV/EBIT adj. (x) -3,5 -6,7 -22,7
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 3,99 2,13 1,77
FCF yield (%) -29,6 -15,8 -19,3
Le. adj. FCF yld. (%) -29,6 -15,8 -19,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,8 0 11,8
Le. adj. ND/EBITDA (x) 0,8 0 11,8
SEKm 2025 2026e 2027e
Sales 46 103 152
COGS -17 -58 -82
Gross profit 29 44 70
Other operating items -73 -68 -72
EBITDA -44 -24 -3
Depreciation and amortisation -8 -9 -9
of which leasing depreciation 0 0 0
EBITA -52 -33 -12
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -52 -33 -12
Net financial items 0 0 0
Pretax profit -52 -33 -12
Tax 0 0 0
Net profit -52 -33 -12
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -52 -33 -12
EPS -0,57 -0,22 -0,07
EPS adj. -0,57 -0,22 -0,07
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 62,6 42,9 46
EBITDA margin (%) -96,1 -23,3 -1,7
EBITA margin (%) -113,7 -32 -7,8
EBIT margin (%) -113,7 -32 -7,8
Pre-tax margin (%) -114,1 -31,8 -7,8
Net margin (%) -114,1 -31,8 -7,8
Sales growth (%) -58 122,9 47,9
EBITDA growth (%) 77,5 -46 -89,3
EBITA growth (%) 66,5 -37,3 -64
EBIT growth (%) 66,5 -37,3 -64
Net profit growth (%) 73,7 -37,8 -63,9
EPS growth (%) 67,5 -60,7 -69,5
Profitability N/A N/A N/A
ROE (%) -32 -25,2 -8
ROE adj. (%) -32 -25,2 -8
ROCE (%) -31,7 -24,9 -7,9
ROCE adj. (%) -31,7 -24,9 -7,9
ROIC (%) -40 -29,2 -8,9
ROIC adj. (%) -40 -29,2 -8,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -44 -24 -3
EBITDA adj. margin (%) -96,1 -23,3 -1,7
EBITDA lease adj. -44 -24 -3
EBITDA lease adj. margin (%) -96,1 -23,3 -1,7
EBITA adj. -52 -33 -12
EBITA adj. margin (%) -113,7 -32 -7,8
EBIT adj. -52 -33 -12
EBIT adj. margin (%) -113,7 -32 -7,8
Pretax profit Adj. -52 -33 -12
Net profit Adj. -52 -33 -12
Net profit to shareholders adj. -52 -33 -12
Net adj. margin (%) -114,1 -31,8 -7,8
SEKm 2025 2026e 2027e
EBITDA -44 -24 -3
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 7 7 9
Paid tax 0 0 0
Tangible fixed assets 53 57 67
Non-cash items 2 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -43 -24 -3
Total other fixed assets 10 10 10
Change in working capital 11 2 -25
Fixed assets 69 73 86
Operating cash flow -31 -22 -28
Inventories 69 70 83
Capex tangible fixed assets -8 -12 -20
Receivables 11 13 38
Capex intangible fixed assets -1 0 -2
Other current assets 17 18 30
Cash and liquid assets 36 2 32
Acquisitions and Disposals 0 0 0
Total assets 202 176 269
Free cash flow -41 -34 -50
Shareholders equity 146 113 181
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 21 0 80
Total equity 146 113 181
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 10 11
Other current liabilities 46 51 76
Total liabilities and equity 202 176 269
Net IB debt -34 0 -30
Net IB debt excl. pension debt -34 0 -30
Net IB debt excl. leasing -34 0 -30
Capital employed 147 115 183
Capital invested 111 113 151
Working capital 42 40 65
Market cap. diluted (m) 218 218 298
Net IB debt adj. -34 0 -30
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 184 218 268
Total assets turnover (%) 19,5 54,2 68,1
Working capital/sales (%) 119,1 39,9 34,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -23,6 0 -16,7
Net debt / market cap (%) -15,8 0 -10,2
Equity ratio (%) 72 64,2 67,3
Net IB debt adj. / equity (%) -23,6 0 -16,7
Current ratio 2,41 1,67 2,12
EBITDA/net interest 254,1 168,9 113,4
Net IB debt/EBITDA (x) 0,8 0 11,8
Net IB debt/EBITDA lease adj. (x) 0,8 0 11,8
Interest coverage 261,2 N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 146 146 199
Diluted shares adj. 146 146 199
EPS -0,57 -0,22 -0,07
Dividend per share 0 0 0
EPS adj. -0,57 -0,22 -0,07
BVPS 1 0,78 0,91
BVPS adj. 0,95 0,73 0,87
Net IB debt/share -0,24 0 -0,15
Share price 1,5 1,5 1,5
Market cap. (m) 218 218 298
P/E (x) N/A N/A N/A
EV/sales (x) 4 2,1 1,8
EV/EBITDA (x) -4,2 -9,1 -104,4
EV/EBITA (x) -3,5 -6,7 -22,7
EV/EBIT (x) -3,5 -6,7 -22,7
Dividend yield (%) 0 0 0
FCF yield (%) -29,6 -15,8 -19,3
Le. adj. FCF yld. (%) -29,6 -15,8 -19,3
P/BVPS (x) 1,5 1,93 1,64
P/BVPS adj. (x) 1,57 2,05 1,73
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -4,2 -9,1 -104,4
EV/EBITA adj. (x) -3,5 -6,7 -22,7
EV/EBIT adj. (x) -3,5 -6,7 -22,7
EV/CE (x) 1,2 1,9 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 20,2 12,2 14,5
Capex/depreciation 1,2 1,4 2,4
Capex tangibles / tangible fixed assets 15,6 21,4 29,2
Capex intangibles / definite intangibles 15,2 4,6 25,9
Depreciation on intang / def. intang 2,4 4 2,3
Depreciation on tangibles / tangibles 14,9 15,1 13,4

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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 28.6 % 28.6 % 12 Jan 2026
Avanza Pension 6.9 % 6.9 % 12 Jan 2026
Hyundai Motor Company 5.1 % 5.1 % 12 Jan 2026
Nordnet Pensionsförsäkring 3.0 % 3.0 % 12 Jan 2026
Hans Österberg 1.8 % 1.8 % 12 Jan 2026
Renta 4 1.1 % 1.1 % 12 Jan 2026
Mark H. Shay 1.1 % 1.1 % 12 Jan 2026
Nordus Healthcare Consulting AB 1.1 % 1.1 % 12 Jan 2026
Yngve Nordenstam 1.0 % 1.0 % 12 Jan 2026
Bengt Östman 0.9 % 0.9 % 12 Jan 2026
Source: Holdings by Modular Finance AB