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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 110 112 146
Sales growth (%) 11,4 2,4 30,5
EBITDA -25 -23 -9
EBITDA margin (%) -22,7 -20,5 -6,2
EBIT adj. -31 -30 -17
EBIT adj. margin (%) -28,6 -26,8 -11,7
Pretax profit -30 -30 -15
EPS -0,34 -0,33 -0,12
EPS growth (%) -17,1 -2 -64,2
EPS adj. -0,35 -0,33 -0,12
DPS 0 0 0
EV/EBITDA (x) -9,8 -11,9 -34,5
EV/EBIT adj. (x) -7,7 -9,1 -18,4
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 2,22 2,44 2,15
FCF yield (%) -32,6 -10,2 -10,1
Le. adj. FCF yld. (%) -32,6 -10,2 -10,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,3 5,6 9,6
Le. adj. ND/EBITDA (x) 1,3 5,6 9,6
SEKm 2024 2025e 2026e
Sales 110 112 146
COGS -58 -58 -75
Gross profit 52 55 72
Other operating items -77 -78 -81
EBITDA -25 -23 -9
Depreciation and amortisation -7 -7 -8
of which leasing depreciation 0 0 0
EBITA -31 -30 -17
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -31 -30 -17
Net financial items 1 0 2
Pretax profit -30 -30 -15
Tax 0 0 0
Net profit -30 -30 -15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -30 -30 -15
EPS -0,34 -0,33 -0,12
EPS adj. -0,35 -0,33 -0,12
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 47,3 48,6 49
EBITDA margin (%) -22,7 -20,5 -6,2
EBITA margin (%) -28,6 -26,8 -11,7
EBIT margin (%) -28,6 -26,8 -11,7
Pre-tax margin (%) -27,6 -26,7 -10,4
Net margin (%) -27,6 -26,7 -10,4
Sales growth (%) 11,4 2,4 30,5
EBITDA growth (%) -14,4 -7,6 -60,5
EBITA growth (%) -7,4 -4,1 -43,1
EBIT growth (%) -7,4 -4,1 -43,1
Net profit growth (%) -5,9 -0,7 -49,3
EPS growth (%) -17,1 -2 -64,2
Profitability N/A N/A N/A
ROE (%) -15,4 -13,1 -5,7
ROE adj. (%) -15,4 -13,1 -5,7
ROCE (%) -15,4 -13,1 -5,7
ROCE adj. (%) -15,4 -13,1 -5,7
ROIC (%) -26,2 -20,3 -10,8
ROIC adj. (%) -26,2 -20,3 -10,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -25 -23 -9
EBITDA adj. margin (%) -22,7 -20,5 -6,2
EBITDA lease adj. -25 -23 -9
EBITDA lease adj. margin (%) -22,7 -20,5 -6,2
EBITA adj. -31 -30 -17
EBITA adj. margin (%) -28,6 -26,8 -11,7
EBIT adj. -31 -30 -17
EBIT adj. margin (%) -28,6 -26,8 -11,7
Pretax profit Adj. -30 -30 -15
Net profit Adj. -30 -30 -15
Net profit to shareholders adj. -30 -30 -15
Net adj. margin (%) -27,6 -26,7 -10,4
SEKm 2024 2025e 2026e
EBITDA -25 -23 -9
Goodwill 0 0 0
Net financial items 1 0 2
Other intangible assets 4 7 8
Paid tax 0 0 0
Tangible fixed assets 62 69 83
Non-cash items 2 1 0
Right-of-use asset 0 0 0
Cash flow before change in WC -22 -22 -7
Total other fixed assets 17 17 17
Change in working capital -51 14 -9
Fixed assets 83 92 108
Operating cash flow -73 -8 -16
Inventories 102 101 117
Capex tangible fixed assets -15 -18 -22
Receivables 37 35 37
Capex intangible fixed assets -2 -2 -2
Other current assets 15 5 8
Acquisitions and Disposals 0 0 0
Cash and liquid assets 32 128 87
Free cash flow -90 -29 -41
Total assets 269 361 357
Dividend paid 0 0 0
Shareholders equity 183 274 259
Share issues and buybacks 0 125 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 183 274 259
Other non-cash items 3 -1 0
Long-term debt 0 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 14 9 11
Other current liabilities 73 79 88
Total liabilities and equity 269 361 357
Net IB debt -32 -128 -87
Net IB debt excl. pension debt -32 -128 -87
Net IB debt excl. leasing -32 -128 -87
Capital employed 183 274 259
Capital invested 150 146 171
Working capital 68 54 63
Market cap. diluted (m) 276 401 401
Net IB debt adj. -32 -128 -87
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 243 274 314
Total assets turnover (%) 39,7 35,6 40,8
Working capital/sales (%) 46,1 54,1 39,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -17,7 -46,7 -33,7
Net debt / market cap (%) -11,7 -31,8 -21,7
Equity ratio (%) 67,8 75,8 72,3
Net IB debt adj. / equity (%) -17,7 -46,7 -33,7
Current ratio 2,16 3,07 2,52
EBITDA/net interest 20,8 188,8 4,7
Net IB debt/EBITDA (x) 1,3 5,6 9,6
Net IB debt/EBITDA lease adj. (x) 1,3 5,6 9,6
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 87 127 127
Diluted shares adj. 87 127 127
EPS -0,34 -0,33 -0,12
Dividend per share 0 0 0
EPS adj. -0,35 -0,33 -0,12
BVPS 2,09 2,15 2,03
BVPS adj. 2,04 2,09 1,96
Net IB debt/share -0,37 -1 -0,68
Share price 3,15 3,15 3,15
Market cap. (m) 276 401 401
P/E (x) N/A N/A N/A
EV/sales (x) 2,22 2,44 2,15
EV/EBITDA (x) -9,8 -11,9 -34,5
EV/EBITA (x) -7,7 -9,1 -18,4
EV/EBIT (x) -7,7 -9,1 -18,4
Dividend yield (%) 0 0 0
FCF yield (%) -32,6 -10,2 -10,1
Le. adj. FCF yld. (%) -32,6 -10,2 -10,1
P/BVPS (x) 1,51 1,47 1,55
P/BVPS adj. (x) 1,55 1,5 1,6
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -9,8 -11,9 -34,5
EV/EBITA adj. (x) -7,7 -9,1 -18,4
EV/EBIT adj. (x) -7,7 -9,1 -18,4
EV/CE (x) 1,3 1 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 15,4 18,6 16,5
Capex/depreciation 2,6 2,9 3
Capex tangibles / tangible fixed assets 23,6 26,9 26,4
Capex intangibles / definite intangibles 57,1 35 26,3
Depreciation on intang / def. intang 2 14 8
Depreciation on tangibles / tangibles 10,41 8,98 8,82

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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 % 27 Mar 2025
Avanza Pension 6.9 % 6.9 % 27 Mar 2025
Hyundai Motor Company 6.2 % 6.2 % 27 Mar 2025
Nordnet Pensionsförsäkring 3.0 % 3.0 % 27 Mar 2025
Renta 4 1.4 % 1.4 % 31 Mar 2025
Henrik Ljungcrantz 1.1 % 1.1 % 27 Mar 2025
Svenska Handelsbanken AB for PB 1.0 % 1.0 % 27 Mar 2025
Torsten Rosell 0.9 % 0.9 % 27 Mar 2025
Hans Österberg 0.9 % 0.9 % 27 Mar 2025
Nordus Healthcare Consulting AB 0.8 % 0.8 % 27 Mar 2025
Source: Holdings by Modular Finance AB