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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 47,2 102,35 158,04
Sales growth (%) -56,9 116,8 54,4
EBITDA -37 -23 1
EBITDA margin (%) -78 -22,7 0,8
EBIT adj. -45 -32 -8
EBIT adj. margin (%) -95,1 -31,1 -4,9
Pretax profit -45 -32 -8
EPS -0,52 -0,3 -0,06
EPS growth (%) 52,9 -42,3 -80,9
EPS adj. -0,52 -0,3 -0,06
Dividend per share 0 0 0
EV/EBITDA (x) -2,5 -5,2 127,4
EV/EBIT adj. (x) -2,1 -3,8 -20,3
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 1,95 1,18 1
FCF yield (%) -43,7 -21,9 -28,9
Le. adj. FCF yld. (%) -43,7 -21,9 -28,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1 0,4 -33,2
Le. adj. ND/EBITDA (x) 1 0,4 -33,2
SEKm 2025 2026e 2027e
Sales 47,2 102,35 158,04
COGS -13 -60 -85
Gross profit 34 43 73
Other operating items -71 -66 -71
EBITDA -37 -23 1
Depreciation and amortisation -8 -9 -9
Depreciation on leased assets 0 0 0
EBITA -44,9 -31,78 -7,81
Operating EO items 0 0 0
Impairment and amortisation charges 0 0 0
EBIT -44,9 -31,78 -7,81
Net financial items 0 0 0
Pretax profit -45 -32 -8
Tax 0 0 0
Net profit -46 -32 -8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -46 -32 -8
EPS -0,52 -0,3 -0,06
EPS adj. -0,52 -0,3 -0,06
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -0,7 0 0
Gross margin (%) 72,9 41,8 46
EBITDA margin (%) -78 -22,7 0,8
EBITA margin (%) -95,1 -31,1 -4,9
EBIT margin (%) -95,1 -31,1 -4,9
Pre-tax margin (%) -96 -30,9 -4,8
Net margin (%) -96,6 -30,9 -4,8
Sales growth (%) -56,9 116,8 54,4
EBITDA growth (%) 47,8 -36,8 -105,4
EBITA growth (%) 43 -29,2 -75,4
EBIT growth (%) 43 -29,2 -75,4
Net profit growth (%) 51 -30,7 -75,7
EPS growth (%) 52,9 -42,3 -80,9
Profitability N/A N/A N/A
ROE (%) -27 -22,7 -4,8
ROE adj. (%) -27 -22,7 -4,8
ROCE (%) -26,6 -22,6 -4,8
ROCE adj. (%) -26,6 -22,6 -4,8
ROIC (%) -33,7 -27,4 -5,8
ROIC adj. (%) -33,7 -27,4 -5,8
Year N/A N/A N/A
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -37 -23 1
EBITDA adj. margin (%) -78 -22,7 0,8
EBITDA lease adj. -37 -23 1
EBITDA lease adj. margin (%) -78 -22,7 0,8
EBITA adj. -45 -32 -8
EBITA adj. margin (%) -95,1 -31,1 -4,9
EBIT adj. -45 -32 -8
EBIT adj. margin (%) -95,1 -31,1 -4,9
Pretax profit Adj. -45 -32 -8
Net profit Adj. -46 -32 -8
Net profit to shareholders adj. -46 -32 -8
Net adj. margin (%) -96,6 -30,9 -4,8
SEKm 2025 2026e 2027e
EBITDA -37 -23 1
Goodwill 0 0 0
Net financial items 0 0 0
Other intangible assets 7 7 9
Paid tax 0 0 0
Tangible fixed assets 52 56 67
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -37 -23 1
Other Fixed Assets All 10 10 10
Change in working capital -2 7 -26
Fixed assets 69 73 86
Operating cash flow -39 -16 -25
Inventories 76 70 87
Capex tangible fixed assets -7 -12 -21
Receivables 8 13 40
Capex intangible fixed assets -1 0 -2
Other current assets 15 18 32
Cash and liquid assets 38 10 42
Acquisitions and Disposals 0 0 0
Total assets 206 183 286
Free cash flow -47 -28 -48
Shareholders equity 155 123 196
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 80
Total equity 155 123 196
Leasing liability amortisation 0 0 0
Long-term debt 1 1 1
Other changes in net debt 52 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 8 10 11
Other current liabilities 43 49 79
Total liabilities and equity 206 183 286
Net IB debt -37 -9 -41
Net IB debt excl. pension debt -37 -9 -41
Net IB debt excl. leasing -37 -9 -41
Capital employed 156 124 196
Capital invested 118 115 154
Working capital 49 42 68
Market cap. diluted (m) 129 129 200
Net IB debt adj. -37 -9 -41
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 92 121 159
Total assets turnover (%) 19,9 52,5 67,3
Working capital/sales (%) 123,7 44,5 34,8
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -24 -7,1 -21,1
Net debt / market cap (%) -28,7 -6,8 -20,6
Equity ratio (%) 75 67,2 68,3
Net IB debt adj. / equity (%) -24 -7,1 -21,1
Current ratio 2,71 1,87 2,22
EBITDA/net interest 92 117,7 8,7
Net IB debt/EBITDA (x) 1 0,4 -33,2
Net IB debt/EBITDA lease adj. (x) 1 0,4 -33,2
Interest coverage 112,3 N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 105 105 163
Diluted shares adj. 105 105 163
EPS -0,52 -0,3 -0,06
Dividend per share 0 0 0
EPS adj. -0,52 -0,3 -0,06
BVPS 1,47 1,17 1,2
BVPS adj. 1,41 1,11 1,15
Net IB debt/share -0,35 -0,08 -0,25
Share price 1,23 1,23 1,23
Market cap. (m) 129 129 200
P/E (x) N/A N/A N/A
EV/sales (x) 1,95 1,18 1
EV/EBITDA (x) -2,5 -5,2 127,4
EV/EBITA (x) -2,1 -3,8 -20,3
EV/EBIT (x) -2,1 -3,8 -20,3
Dividend yield (%) 0 0 0
FCF yield (%) -43,7 -21,9 -28,9
Le. adj. FCF yld. (%) -43,7 -21,9 -28,9
P/BVPS (x) 0,84 1,05 1,02
P/BVPS adj. (x) 0,87 1,11 1,07
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -2,5 -5,2 127,4
EV/EBITA adj. (x) -2,1 -3,8 -20,3
EV/EBIT adj. (x) -2,1 -3,8 -20,3
EV/CE (x) 0,6 1 0,8
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -16,5 -12,2 -14,5
Capex/depreciation 1 1,5 2,5
Capex tangibles / tangible fixed assets 12,9 21,8 30,5
Capex intangibles / definite intangibles 16,3 4,5 26,3
Depreciation on intang / def. intang 2 4 2
Depreciation on tangibles / tangibles 15,43 14,82 13,15

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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