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Impact Coatings

Impact Coatings

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.

SEKm 2024 2025e 2026e
Sales 103 111 139
Sales growth (%) 5 7,6 24,7
EBITDA -24 -22 -6
EBITDA margin (%) -23,4 -20,1 -4,5
EBIT adj. -31 -30 -16
EBIT adj. margin (%) -29,6 -26,8 -11,6
Pretax profit -29 -30 -16
EPS -0,32 -0,29 -0,14
EPS growth (%) -20,9 -9,9 -52,7
EPS adj. -0,32 -0,29 -0,14
DPS 0 0 0
EV/EBITDA (x) -14 -16,1 -61,4
EV/EBIT adj. (x) -11,1 -12,1 -23,9
P/E (x) N/A N/A N/A
P/E adj. (x) N/A N/A N/A
EV/sales (x) 3,27 3,24 2,78
FCF yield (%) -19,7 -5,1 -4,9
Le. adj. FCF yld. (%) -19,7 -5,1 -4,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,7 6,5 19,1
Le. adj. ND/EBITDA (x) 1,7 6,5 19,1
SEKm 2024 2025e 2026e
Sales 103 111 139
COGS -61 -67 -76
Gross profit 43 44 62
Other operating items -67 -67 -69
EBITDA -24 -22 -6
Depreciation and amortisation -6 -7 -10
of which leasing depreciation 0 0 0
EBITA -31 -30 -16
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -31 -30 -16
Net financial items 1 0 0
Pretax profit -29 -30 -16
Tax 0 0 0
Net profit -29 -30 -16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -29 -30 -16
EPS -0,32 -0,29 -0,14
EPS adj. -0,32 -0,29 -0,14
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 41,3 40 45
EBITDA margin (%) -23,4 -20,1 -4,5
EBITA margin (%) -29,6 -26,8 -11,6
EBIT margin (%) -29,6 -26,8 -11,6
Pre-tax margin (%) -28,5 -26,8 -11,6
Net margin (%) -28,5 -26,8 -11,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 5 7,6 24,7
EBITDA growth (%) -17 -7,7 -71,9
EBITA growth (%) -9,9 -2,5 -46
EBIT growth (%) -9,9 -2,5 -46
Net profit growth (%) -8,4 1,2 -46
EPS growth (%) -20,9 -9,9 -52,7
Profitability N/A N/A N/A
ROE (%) -15,1 -13,1 -6
ROE adj. (%) -15,1 -13,1 -6
ROCE (%) -15,1 -13,1 -6
ROCE adj. (%) -15,1 -13,1 -6
ROIC (%) -26,8 -22,1 -11,9
ROIC adj. (%) -26,8 -22,1 -11,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -24 -22 -6
EBITDA adj. margin (%) -23,4 -20,1 -4,5
EBITDA lease adj. -24 -22 -6
EBITDA lease adj. margin (%) -23,4 -20,1 -4,5
EBITA adj. -31 -30 -16
EBITA adj. margin (%) -29,6 -26,8 -11,6
EBIT adj. -31 -30 -16
EBIT adj. margin (%) -29,6 -26,8 -11,6
Pretax profit Adj. -29 -30 -16
Net profit Adj. -29 -30 -16
Net profit to shareholders adj. -29 -30 -16
Net adj. margin (%) -28,5 -26,8 -11,6
SEKm 2024 2025e 2026e
EBITDA -24 -22 -6
Goodwill 0 0 0
Net financial items 1 0 0
Other intangible assets 3 4 6
Paid tax 0 0 0
Tangible fixed assets 74 88 99
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC -23 -22 -6
Total other fixed assets 0 0 0
Change in working capital -28 23 4
Fixed assets 77 92 105
Operating cash flow -51 0 -2
Inventories 103 83 83
Capex tangible fixed assets -25 -21 -21
Receivables 41 33 35
Capex intangible fixed assets -2 -2 -2
Other current assets 8 8 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 42 145 120
Free cash flow -77 -23 -25
Total assets 271 361 352
Dividend paid 0 0 0
Shareholders equity 180 276 259
Share issues and buybacks 0 125 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 180 276 259
Other non-cash items 0 0 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 8 8 10
Other current liabilities 83 78 83
Total liabilities and equity 271 361 352
Net IB debt -42 -145 -120
Net IB debt excl. pension debt -42 -145 -120
Net IB debt excl. leasing -42 -145 -120
Capital employed 180 276 259
Capital invested 138 131 140
Working capital 61 39 35
EV breakdown N/A N/A N/A
Market cap. diluted (m) 380 505 505
Net IB debt adj. -42 -145 -120
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 338 360 385
Total assets turnover (%) 37,3 35,1 38,8
Working capital/sales (%) 45,9 45,2 26,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -23,4 -52,5 -46,2
Net debt / market cap (%) -11,1 -28,7 -23,7
Equity ratio (%) 66,5 76,3 73,7
Net IB debt adj. / equity (%) -23,4 -52,5 -46,2
Current ratio 2,14 3,14 2,66
EBITDA/net interest 21,4 N/A N/A
Net IB debt/EBITDA (x) 1,7 6,5 19,1
Net IB debt/EBITDA lease adj. (x) 1,7 6,5 19,1
Interest coverage N/A N/A N/A
SEKm 2024 2025e 2026e
Shares outstanding adj. 87 116 116
Diluted shares adj. 87 116 116
EPS -0,32 -0,29 -0,14
Dividend per share 0 0 0
EPS adj. -0,32 -0,29 -0,14
BVPS 2,06 2,37 2,23
BVPS adj. 2,03 2,33 2,18
Net IB debt/share -0,48 -1,24 -1,03
Share price 4,34 4,34 4,34
Market cap. (m) 380 505 505
Valuation N/A N/A N/A
P/E (x) N/A N/A N/A
EV/sales (x) 3,27 3,24 2,78
EV/EBITDA (x) -14 -16,1 -61,4
EV/EBITA (x) -11,1 -12,1 -23,9
EV/EBIT (x) -11,1 -12,1 -23,9
Dividend yield (%) 0 0 0
FCF yield (%) -19,7 -5,1 -4,9
Le. adj. FCF yld. (%) -19,7 -5,1 -4,9
P/BVPS (x) 2,11 1,83 1,95
P/BVPS adj. (x) 2,14 1,86 1,99
P/E adj. (x) N/A N/A N/A
EV/EBITDA adj. (x) -14 -16,1 -61,4
EV/EBITA adj. (x) -11,1 -12,1 -23,9
EV/EBIT adj. (x) -11,1 -12,1 -23,9
EV/CE (x) 1,9 1,3 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 25,9 20,5 16,5
Capex/depreciation 4,2 3 2,3
Capex tangibles / tangible fixed assets 33,8 24 20,9
Capex intangibles / definite intangibles 68,6 41 36,2
Depreciation on intang / def. intang 8 3 7
Depreciation on tangibles / tangibles 8,35 8,35 9,48

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Accendo Capital 34.4 % 34.4 % 23 Dec 2024
Avanza Pension 6.8 % 6.8 % 23 Dec 2024
Hyundai Motor Company 6.2 % 6.2 % 23 Dec 2024
Nordnet Pensionsförsäkring 2.9 % 2.9 % 23 Dec 2024
Renta 4 1.4 % 1.4 % 31 Dec 2024
Henrik Ljungcrantz 1.2 % 1.2 % 23 Dec 2024
Svenska Handelsbanken AB for PB 1.0 % 1.0 % 23 Dec 2024
Torsten Rosell 0.9 % 0.9 % 23 Dec 2024
Hans Österberg 0.9 % 0.9 % 23 Dec 2024
Bengt Östman 0.7 % 0.7 % 23 Dec 2024
Source: Holdings by Modular Finance AB