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Nanexa

Nanexa

International engineering group

Nanexa is a Swedish drug-delivery company listed on Nasdaq First North Growth Market, leveraging its proprietary drug formulation PharmaShell to convert short-acting injectables into long-acting, sustained release versions with enhanced properties. The company is pursuing both technology licensing and internal generic drug development for subsequent product licensing or independent commercialisation.

The key risks for Nanexa are related to clinical development of its candidate drugs in terms of failed or delayed studies, and failure to find licensees for its technology. Liquidity and financing risks are also present as Nanexa is currently a development-stage company with negative cash flow. The competitive landscape could also change by the time that Nanexa's products reach the market.

SEKm 2021 2022e 2023e
Sales 23 25 104
Sales growth (%) 9,5 9,5 312,6
EBITDA -29 -32 41
EBITDA margin (%) -126,7 -127,7 39,3
EBIT adj -29 -32 41
EBIT adj margin (%) -126,7 -127,7 39,3
Pretax profit -29 -32 41
EPS rep -0,57 -0,63 0,29
EPS growth (%) 47,4 -10,4 146,2
EPS adj -0,57 -0,63 0,29
DPS 0 0 0
EV/EBITDA (x) -1 -2 0,2
EV/EBIT adj (x) -1 -2 0,2
P/E (x) -4,9 -4,4 9,6
P/E adj (x) -4,9 -4,4 9,6
EV/sales (x) 1,3 2,6 0,1
FCF yield (%) 69,7 -24,9 39,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,8 2,4 -3,2
Lease adj. FCF yield (%) -32 -24,9 39,6
Lease adj. ND/EBITDA 3,7 2,3 -3,2
SEKm 2021 2022e 2023e
Sales 23 25 104
COGS 0 0 0
Gross profit 23 25 104
Other operating items -52 -57 -63
EBITDA -29 -32 41
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EBITA -29 -32 41
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -29 -32 41
Net financial items 0 0 0
Pretax profit -29 -32 41
Tax 0 0 -26
Net profit -29 -32 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -29 -32 15
EPS -0,57 -0,63 0,29
EPS Adj -0,57 -0,63 0,29
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 -63,6
Gross margin (%) 100 100 100
EBITDA margin (%) -126,7 -127,7 39,3
EBITA margin (%) -126,7 -127,7 39,3
EBIT margin (%) -126,7 -127,7 39,3
Pretax margin (%) -126,7 -127,7 39,3
Net margin (%) -126,7 -127,7 14,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 9,5 9,5 312,6
EBITDA growth (%) -78,9 -10,4 227
EBIT growth (%) -35,5 -10,4 227
Net profit growth (%) -34 -10,4 146,2
EPS growth (%) 47,4 -10,4 146,2
Profitability 2021 2022 2023
ROE (%) -29,9 -24,1 10,1
ROE Adj (%) -29,9 -24,1 10,1
ROCE (%) -29,9 -24,1 27,8
ROCE Adj(%) -29,9 -24,1 27,8
ROIC (%) -83,3 -81,4 35
ROIC Adj (%) -83,3 -81,4 35
Adj earnings numbers 2021 2022 2023
EBITDA Adj -29 -32 41
EBITDA Adj margin (%) -126,7 -127,7 39,3
EBITDA lease Adj -29 -32 41
EBITDA lease Adj margin (%) -126,7 -127,7 39,3
EBITA Adj -29 -32 41
EBITA Adj margin (%) -126,7 -127,7 39,3
EBIT Adj -29 -32 41
EBIT Adj margin (%) -126,7 -127,7 39,3
Pretax profit Adj -29 -32 41
Net profit Adj -29 -32 15
Net profit to shareholders Adj -29 -32 15
Net Adj margin (%) -126,7 -127,7 14,3
SEKm 2021 2022e 2023e
EBITDA -29 -32 41
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -29 -32 41
Change in WC -13 -3 15
Operating cash flow -42 -35 56
CAPEX tangible fixed assets -3 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -45 -35 56
Dividend paid 0 0 0
Share issues and buybacks 127 0 0
Lease liability amortisation 0 0 0
Other non cash items -121 0 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 34 34 34
Tangible fixed assets 7 7 7
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 41 41 41
Inventories 0 0 0
Receivables 4 4 18
Other current assets 0 0 0
Cash and liquid assets 112 76 133
Total assets 156 121 191
Shareholders equity 151 116 178
Minority 0 0 0
Total equity 151 116 178
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 3 3 3
Short-term debt 0 0 0
Accounts payable 2 3 11
Other current liabilities 0 0 0
Total liabilities and equity 156 121 191
Net IB debt -112 -76 -133
Net IB debt excl. pension debt -112 -76 -133
Net IB debt excl. leasing -109 -74 -130
Capital invested 39 40 45
Working capital 2 2 7
EV breakdown 2021 2022 2023
Market cap. diluted (m) 142 142 142
Net IB debt Adj -112 -76 -133
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 30 65 9
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 21,9 18,1 66,4
Working capital / sales (%) -4,4 7,1 4,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -73,9 -65,9 -74,6
Net debt / market cap (%) -32,8 -53,9 -93,5
Equity ratio (%) 96,7 95,5 92,9
Net IB debt adj. / equity (%) -73,9 -65,9 -74,6
Current ratio (%) 4853,1 3092,9 1398,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 383,7 237,8 -324,9
Net IB debt / EBITDA lease Adj (%) 373,9 229 -317,9
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 51 51 51
Fully diluted shares Adj 51 51 51
EPS -0,57 -0,63 0,29
Dividend per share Adj 0 0 0
EPS Adj -0,57 -0,63 0,29
BVPS 2,98 2,29 3,51
BVPS Adj 2,98 2,29 3,51
Net IB debt / share -2,1 -1,5 -2,6
Share price 6,72 2,8 2,8
Market cap. (m) 341 142 142
Valuation 2021 2022 2023
P/E -4,9 -4,4 9,6
EV/sales 1,31 2,6 0,09
EV/EBITDA -1 -2 0,2
EV/EBITA -1 -2 0,2
EV/EBIT -1 -2 0,2
Dividend yield (%) 0 0 0
FCF yield (%) 69,7 -24,9 39,6
Lease adj. FCF yield (%) -32 -24,9 39,6
P/BVPS 0,94 1,22 0,8
P/BVPS Adj 0,94 1,22 0,8
P/E Adj -4,9 -4,4 9,6
EV/EBITDA Adj -1 -2 0,2
EV/EBITA Adj -1 -2 0,2
EV/EBIT Adj -1 -2 0,2
EV/cap. employed 0,2 0,6 0,1
Investment ratios 2021 2022 2023
Capex / sales 14,8 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 48,6 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Rutger Arnhult 8.2 % 8.2 % 31 Mar 2022
Avanza Pension 7.2 % 7.2 % 31 Mar 2022
Jan Petersen 6.9 % 6.9 % 31 Mar 2022
Familjen Nordström 5.5 % 5.5 % 31 Mar 2022
Applied Ventures, LLC 4.6 % 4.6 % 31 Mar 2022
Ilija Batljan 3.9 % 3.9 % 31 Mar 2022
Nordnet Pensionsförsäkring 3.8 % 3.8 % 31 Mar 2022
Ivar Nordqvist 2.8 % 2.8 % 31 Mar 2022
David Olsson 2.1 % 2.1 % 31 Mar 2022
Mikael Jacobsson 1.6 % 1.6 % 31 Mar 2022
Source: Holdings by Modular Finance AB