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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 18 15 12
Sales growth (%) -13,4 -17,4 -19,2
EBITDA -28 -44 -53
EBITDA margin (%) -156,1 -295,9 -439,2
EBIT adj -36 -44 -53
EBIT adj margin (%) -197,3 -295,9 -439,2
Pretax profit -36 -44 -53
EPS rep -0,71 -0,88 -0,52
EPS growth (%) 34,9 -23,3 40,1
EPS adj -0,71 -0,88 -0,52
DPS 0 0 0
EV/EBITDA (x) -3,4 -1,7 -2,8
EV/EBIT adj (x) -2,7 -1,7 -2,8
P/E (x) -5,6 -2,6 -4,3
P/E adj (x) -5,6 -2,6 -4,3
EV/sales (x) 5,3 5 12,4
FCF yield (%) 45,8 -59 16,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,7 0,9 1,4
Lease adj. FCF yield (%) -12,4 -59 -27,4
Lease adj. ND/EBITDA 3,6 0,8 1,4
SEKm 2021 2022e 2023e
Sales 18 15 12
COGS 0 0 0
Gross profit 18 15 12
Other operating items -47 -59 -65
EBITDA -28 -44 -53
Depreciation and amortisation -7 0 0
Of which leasing depreciation 0 0 0
EBITA -36 -44 -53
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -36 -44 -53
Net financial items 0 0 0
Pretax profit -36 -44 -53
Tax 0 0 0
Net profit -36 -44 -53
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -36 -44 -53
EPS -0,71 -0,88 -0,52
EPS Adj -0,71 -0,88 -0,52
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -156,1 -295,9 -439,2
EBITA margin (%) -197,3 -295,9 -439,2
EBIT margin (%) -197,3 -295,9 -439,2
Pretax margin (%) -198,3 -295,9 -439,2
Net margin (%) -198,2 -295,9 -439,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -13,4 -17,4 -19,2
EBITDA growth (%) -74,1 -56,5 -19,9
EBIT growth (%) -66,7 -23,9 -19,9
Net profit growth (%) -65,6 -23,3 -19,9
EPS growth (%) 34,9 -23,3 40,1
Profitability 2021 2022 2023
ROE (%) -37 -34,4 -42,3
ROE Adj (%) -37 -34,4 -42,3
ROCE (%) -36,8 -34,4 -42,3
ROCE Adj(%) -36,8 -34,4 -42,3
ROIC (%) -94,1 -78,1 -78,2
ROIC Adj (%) -94,1 -78,1 -78,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj -28 -44 -53
EBITDA Adj margin (%) -156,1 -295,9 -439,2
EBITDA lease Adj -28 -44 -53
EBITDA lease Adj margin (%) -156,1 -295,9 -439,2
EBITA Adj -36 -44 -53
EBITA Adj margin (%) -197,3 -295,9 -439,2
EBIT Adj -36 -44 -53
EBIT Adj margin (%) -197,3 -295,9 -439,2
Pretax profit Adj -36 -44 -53
Net profit Adj -36 -44 -53
Net profit to shareholders Adj -36 -44 -53
Net Adj margin (%) -198,2 -295,9 -439,2
SEKm 2021 2022e 2023e
EBITDA -28 -44 -53
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -29 -44 -53
Change in WC 3 -7 -9
Operating cash flow -25 -52 -62
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 -15 0
Acquisitions and disposals 0 0 0
Free cash flow -25 -67 -62
Dividend paid 0 0 0
Share issues and buybacks 0 0 100
Lease liability amortisation 0 0 0
Other non cash items -2 7 -100
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 46 61 61
Tangible fixed assets 10 10 10
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 56 71 71
Inventories 0 0 0
Receivables 4 3 2
Other current assets 0 0 0
Cash and liquid assets 106 39 77
Total assets 165 113 150
Shareholders equity 151 107 145
Minority 0 0 0
Total equity 151 107 145
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 4 3 2
Other current liabilities 7 0 0
Total liabilities and equity 165 113 150
Net IB debt -106 -39 -77
Net IB debt excl. pension debt -106 -39 -77
Net IB debt excl. leasing -103 -36 -74
Capital invested 46 68 68
Working capital -7 0 0
EV breakdown 2021 2022 2023
Market cap. diluted (m) 203 113 227
Net IB debt Adj -106 -39 -77
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 97 74 150
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 16,6 10,8 9,2
Working capital / sales (%) -30,5 -24 1,1
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -69,9 -36,4 -53
Net debt / market cap (%) -31 -34,3 -33,9
Equity ratio (%) 91,7 95 96,6
Net IB debt adj. / equity (%) -69,9 -36,4 -53
Current ratio (%) 983,6 1364,7 3192,1
EBITDA / net interest (%) -15243,5 0 0
Net IB debt / EBITDA (%) 372,9 87,7 144,5
Net IB debt / EBITDA lease Adj (%) 363,8 81,9 139,6
Interest cover (%) -19258,6 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 51 51 101
Fully diluted shares Adj 51 51 101
EPS -0,71 -0,88 -0,52
Dividend per share Adj 0 0 0
EPS Adj -0,71 -0,88 -0,52
BVPS 2,98 2,11 1,43
BVPS Adj 2,98 2,11 1,43
Net IB debt / share -2 -0,7 -0,7
Share price 6,72 2,24 2,24
Market cap. (m) 341 113 227
Valuation 2021 2022 2023
P/E -5,6 -2,6 -4,3
EV/sales 5,34 4,96 12,37
EV/EBITDA -3,4 -1,7 -2,8
EV/EBITA -2,7 -1,7 -2,8
EV/EBIT -2,7 -1,7 -2,8
Dividend yield (%) 0 0 0
FCF yield (%) 45,8 -59 16,7
Lease adj. FCF yield (%) -12,4 -59 -27,4
P/BVPS 1,34 1,06 1,56
P/BVPS Adj 1,34 1,06 1,56
P/E Adj -5,6 -2,6 -4,3
EV/EBITDA Adj -3,4 -1,7 -2,8
EV/EBITA Adj -2,7 -1,7 -2,8
EV/EBIT Adj -2,7 -1,7 -2,8
EV/cap. employed 0,6 0,7 1
Investment ratios 2021 2022 2023
Capex / sales 0 100 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 76,6 0 0

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Rutger Arnhult 8.2 % 8.2 % 28 Jun 2022
Avanza Pension 7.4 % 7.4 % 28 Jun 2022
Jan Petersen 6.9 % 6.9 % 28 Jun 2022
Familjen Nordström 5.5 % 5.5 % 28 Jun 2022
Applied Ventures, LLC 4.6 % 4.6 % 31 Mar 2022
Nordnet Pensionsförsäkring 3.8 % 3.8 % 28 Jun 2022
Ilija Batljan 3.6 % 3.6 % 28 Jun 2022
Ivar Nordqvist 2.8 % 2.8 % 28 Jun 2022
David Olsson 2.1 % 2.1 % 28 Jun 2022
Mikael Jacobsson 1.6 % 1.6 % 28 Jun 2022
Source: Holdings by Modular Finance AB