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Nanexa

Nanexa

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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.

Financials

SEKm 2022 2023e 2024e
Sales 15 12 0
Sales growth (%) -17,4 -19,2 -100
EBITDA -44 -53 -73
EBITDA margin (%) -295,9 -439,2 N/A
EBIT adj. -44 -53 -72
EBIT adj. margin (%) -295,9 -439,2 N/A
Pretax profit -44 -53 -72
EPS -0,88 -0,52 -0,47
EPS growth (%) -13,4 -40,1 -10
EPS adj. -0,88 -0,52 -0,47
DPS 0 0 0
EV/EBITDA (x) -3,8 -6,3 -7,2
EV/EBIT adj. (x) -3,8 -6,3 -7,3
P/E (x) -4,6 -7,7 -8,5
P/E adj. (x) -4,6 -7,7 -8,5
EV/sales (x) 11,37 27,73 N/A
FCF yield (%) -32,8 -15,2 -14,8
Le. adj. FCF yld. (%) -32,8 -15,2 -14,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,9 1,4 1,2
Le. adj. ND/EBITDA (x) 0,7 1,3 1,2
SEKm 2022 2023e 2024e
Sales 15 12 0
COGS 0 0 0
Gross profit 15 12 0
Other operating items -59 -65 -73
EBITDA -44 -53 -73
Depreciation and amortisation 0 0 1
of which leasing depreciation 0 0 1
EBITA -44 -53 -72
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -44 -53 -72
Net financial items 0 0 0
Pretax profit -44 -53 -72
Tax 0 0 0
Net profit -44 -53 -72
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders -44 -53 -72
EPS -0,88 -0,52 -0,47
EPS adj. -0,88 -0,52 -0,47
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 1
Tax rate (%) 0 0 0
Gross margin (%) 100 100 N/A
EBITDA margin (%) -295,9 -439,2 N/A
EBITA margin (%) -295,9 -439,2 N/A
EBIT margin (%) -295,9 -439,2 N/A
Pre-tax margin (%) -295,9 -439,2 N/A
Net margin (%) -295,9 -439,2 N/A
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -17,4 -19,2 -100
EBITDA growth (%) 56,5 19,9 36,9
EBITA growth (%) 23,9 19,9 35
EBIT growth (%) 23,9 19,9 35
Net profit growth (%) 23,3 19,9 35
EPS growth (%) -13,4 -40,1 -10
Profitability N/A N/A N/A
ROE (%) -34,4 -42,3 -48
ROE adj. (%) -34,4 -42,3 -48
ROCE (%) -34,4 -42,3 -48
ROCE adj. (%) -34,4 -42,3 -48
ROIC (%) -78,1 -78,2 -105,5
ROIC adj. (%) -78,1 -78,2 -105,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -44 -53 -73
EBITDA adj. margin (%) -295,9 -439,2 N/A
EBITDA lease adj. -44 -53 -72
EBITDA lease adj. margin (%) -295,9 -439,2 N/A
EBITA adj. -44 -53 -72
EBITA adj. margin (%) -295,9 -439,2 N/A
EBIT adj. -44 -53 -72
EBIT adj. margin (%) -295,9 -439,2 N/A
Pretax profit Adj. -44 -53 -72
Net profit Adj. -44 -53 -72
Net profit to shareholders adj. -44 -53 -72
Net adj. margin (%) -295,9 -439,2 N/A
SEKm 2022 2023e 2024e
EBITDA -44 -53 -73
Goodwill N/A N/A N/A
Net financial items 0 0 0
Other intangible assets 61 61 61
Paid tax 0 0 0
Tangible fixed assets 10 10 10
Non-cash items 0 -9 -18
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -44 -62 -90
Total other fixed assets 0 0 0
Change in working capital -7 0 0
Fixed assets 71 71 71
Operating cash flow -52 -62 -91
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 3 2 0
Capex intangible fixed assets -15 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 39 77 86
Free cash flow -67 -62 -91
Total assets 113 150 157
Dividend paid N/A N/A N/A
Shareholders equity 107 145 154
Share issues and buybacks 0 100 100
Minority N/A N/A N/A
Leasing liability amortisation 0 0 1
Total equity 107 145 154
Other non-cash items 0 0 -1
Long-term debt N/A N/A N/A
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 3 3 3
Short-term debt N/A N/A N/A
Accounts payable 3 2 0
Other current liabilities 0 0 0
Total liabilities and equity 113 150 157
Net IB debt -39 -77 -86
Net IB debt excl. pension debt -39 -77 -86
Net IB debt excl. leasing -39 -77 -86
Capital employed 107 145 154
Capital invested 68 68 68
Working capital 0 0 0
EV breakdown N/A N/A N/A
Market cap. diluted (m) 204 408 612
Net IB debt adj. -33 -72 -84
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 171 336 528
Total assets turnover (%) 10,8 9,2 0
Working capital/sales (%) -24 1,1 N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -36,4 -53 -55,9
Net debt / market cap (%) -19,1 -18,9 -14,1
Equity ratio (%) 95 96,6 98,4
Net IB debt adj. / equity (%) -31,1 -49,6 -54,2
Current ratio 13,65 31,92 N/A
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 0,9 1,4 1,2
Net IB debt/EBITDA lease adj. (x) 0,7 1,3 1,2
Interest coverage N/A N/A N/A
SEKm 2022 2023e 2024e
Shares outstanding adj. 51 101 152
Diluted shares adj. 51 101 152
EPS -0,88 -0,52 -0,47
Dividend per share 0 0 0
EPS adj. -0,88 -0,52 -0,47
BVPS 2,11 1,43 1,01
BVPS adj. 0,91 0,83 0,62
Net IB debt/share -0,66 -0,71 -0,55
Share price 4 4 4
Market cap. (m) 204 408 612
Valuation N/A N/A N/A
P/E (x) -4,6 -7,7 -8,5
EV/sales (x) 11,37 27,73 N/A
EV/EBITDA (x) -3,8 -6,3 -7,2
EV/EBITA (x) -3,8 -6,3 -7,3
EV/EBIT (x) -3,8 -6,3 -7,3
Dividend yield (%) 0 0 0
FCF yield (%) -32,8 -15,2 -14,8
Le. adj. FCF yld. (%) -32,8 -15,2 -14,7
P/BVPS (x) 1,91 2,81 3,96
P/BVPS adj. (x) 1,91 2,81 3,96
P/E adj. (x) -4,6 -7,7 -8,5
EV/EBITDA adj. (x) -3,8 -6,3 -7,2
EV/EBITA adj. (x) -3,8 -6,3 -7,3
EV/EBIT adj. (x) -3,8 -6,3 -7,3
EV/CE (x) 1,6 2,3 3,4
Investment ratios N/A N/A N/A
Capex/sales (%) 100 0 N/A
Capex/depreciation N/A N/A N/A
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 0 0 0

Equity research

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Rutger Arnhult 8.2 % 8.2 % 28 Dec 2022
Avanza Pension 7.5 % 7.5 % 28 Dec 2022
Jan Petersen 6.9 % 6.9 % 28 Dec 2022
Familjen Nordström 5.2 % 5.2 % 28 Dec 2022
Applied Ventures, LLC 4.6 % 4.6 % 28 Dec 2022
Nordnet Pensionsförsäkring 4.0 % 4.0 % 28 Dec 2022
Ivar Nordqvist 2.8 % 2.8 % 28 Dec 2022
Mikael Jacobsson 2.1 % 2.1 % 28 Dec 2022
David Olsson 2.0 % 2.0 % 28 Dec 2022
CJ Invest 1.7 % 1.7 % 28 Dec 2022
Source: Holdings by Modular Finance AB