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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 2023 2024e 2025e
Sales 60 110 124
Sales growth (%) 114,5 81,8 13,2
EBITDA -31 4 29
EBITDA margin (%) -50,6 3,8 23,5
EBIT adj. -44 5 30
EBIT adj. margin (%) -73,2 4,7 24,3
Pretax profit -44 6 31
EPS -0,32 0,04 0,22
EPS growth (%) -72,1 -112,6 453
EPS adj. -0,32 0,04 0,22
DPS 0 0 0
EV/EBITDA (x) -2,4 19,3 1,8
EV/EBIT adj. (x) -1,7 15,6 1,8
P/E (x) -3,1 24,6 4,4
P/E adj. (x) -3,1 24,6 4,4
EV/sales (x) 1,22 0,74 0,43
FCF yield (%) -58,2 4,9 19,9
Le. adj. FCF yld. (%) -58,2 5,6 20,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 2,6 -19,9 -2,8
Le. adj. ND/EBITDA (x) 2 -10,6 -2,7
SEKm 2023 2024e 2025e
Sales 60 110 124
COGS 0 0 0
Gross profit 60 110 124
Other operating items -91 -106 -95
EBITDA -31 4 29
Depreciation and amortisation -14 1 1
of which leasing depreciation 0 1 1
EBITA -44 5 30
EO Items N/A N/A N/A
Impairment and PPA amortisation 0 0 0
EBIT -44 5 30
Net financial items 0 0 0
Pretax profit -44 6 31
Tax 0 0 0
Net profit -44 6 31
Minority interest N/A N/A N/A
Net profit discontinued N/A N/A N/A
Net profit to shareholders -44 6 31
EPS -0,32 0,04 0,22
EPS adj. -0,32 0,04 0,22
Total extraordinary items after tax 0 0 0
Leasing payments 0 1 1
Tax rate (%) 0,3 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -50,6 3,8 23,5
EBITA margin (%) -73,2 4,7 24,3
EBIT margin (%) -73,2 4,7 24,3
Pre-tax margin (%) -72,6 5 24,5
Net margin (%) -72,4 5 24,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 114,5 81,8 13,2
EBITDA growth (%) -35,5 -113,7 597,2
EBITA growth (%) -23,7 -111,7 482
EBIT growth (%) -23,7 -111,7 N/A
Net profit growth (%) -25,3 -112,6 453
EPS growth (%) -72,1 -112,6 453
Profitability N/A N/A N/A
ROE (%) -34,6 3,8 18,5
ROE adj. (%) -34,6 3,8 18,5
ROCE (%) -34,3 4 17,4
ROCE adj. (%) -34,3 4 17,4
ROIC (%) -94,8 7,9 36,8
ROIC adj. (%) -94,8 7,9 36,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -31 4 29
EBITDA adj. margin (%) -50,6 3,8 23,5
EBITDA lease adj. -31 5 30
EBITDA lease adj. margin (%) -50,6 4,7 24,3
EBITA adj. -44 5 30
EBITA adj. margin (%) -73,2 4,7 24,3
EBIT adj. -44 5 30
EBIT adj. margin (%) -73,2 4,7 24,3
Pretax profit Adj. -44 6 31
Net profit Adj. -44 6 31
Net profit to shareholders adj. -44 6 31
Net adj. margin (%) -72,4 5 24,5
SEKm 2023 2024e 2025e
EBITDA -31 4 29
Goodwill N/A N/A N/A
Net financial items 0 0 0
Other intangible assets 88 88 88
Paid tax 0 0 0
Tangible fixed assets 14 14 15
Non-cash items -11 1 1
Right-of-use asset N/A N/A N/A
Cash flow before change in WC -41 6 31
Total other fixed assets 0 0 0
Change in working capital -2 2 -3
Fixed assets 102 103 103
Operating cash flow -43 7 27
Inventories 3 3 3
Capex tangible fixed assets 0 0 0
Receivables 10 22 25
Capex intangible fixed assets -35 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 79 83 108
Free cash flow -79 7 27
Total assets 193 210 238
Dividend paid N/A N/A N/A
Shareholders equity 144 150 180
Share issues and buybacks 75 0 0
Minority N/A N/A N/A
Leasing liability amortisation 0 1 1
Total equity 144 150 180
Other non-cash items 15 -1 -23
Long-term debt N/A N/A 4
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 9 7 0
Short-term debt N/A N/A 22
Accounts payable 8 22 N/A
Other current liabilities 32 32 32
Total liabilities and equity 193 210 238
Net IB debt -79 -83 -82
Net IB debt excl. pension debt -79 -83 -82
Net IB debt excl. leasing -79 -83 -82
Capital employed 144 150 206
Capital invested 65 66 98
Working capital -28 -30 -5
EV breakdown N/A N/A N/A
Market cap. diluted (m) 136 136 136
Net IB debt adj. -62 -55 -82
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 74 81 54
Total assets turnover (%) 33,2 54,4 55,4
Working capital/sales (%) -48,5 -26,5 -14,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -54,7 -55,7 -45,6
Net debt / market cap (%) -58,1 -61,4 -60,5
Equity ratio (%) 74,5 71,1 75,5
Net IB debt adj. / equity (%) -43 -36,7 -45,6
Current ratio 2,25 1,98 2,51
EBITDA/net interest 92,2 12,6 87,9
Net IB debt/EBITDA (x) 2,6 -19,9 -2,8
Net IB debt/EBITDA lease adj. (x) 2 -10,6 -2,7
Interest coverage 102,7 14 73,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 136 136 136
Diluted shares adj. 136 136 136
EPS -0,32 0,04 0,22
Dividend per share 0 0 0
EPS adj. -0,32 0,04 0,22
BVPS 1,06 1,1 1,33
BVPS adj. 0,41 0,45 0,68
Net IB debt/share -0,46 -0,4 -0,61
Share price 1 1 1
Market cap. (m) 136 136 136
Valuation N/A N/A N/A
P/E (x) -3,1 24,6 4,4
EV/sales (x) 1,22 0,74 0,43
EV/EBITDA (x) -2,4 19,3 1,8
EV/EBITA (x) -1,7 15,6 1,8
EV/EBIT (x) -1,7 15,6 1,8
Dividend yield (%) 0 0 0
FCF yield (%) -58,2 4,9 19,9
Le. adj. FCF yld. (%) -58,2 5,6 20,7
P/BVPS (x) 0,94 0,91 0,75
P/BVPS adj. (x) 0,94 0,91 0,75
P/E adj. (x) -3,1 24,6 4,4
EV/EBITDA adj. (x) -2,4 19,3 1,8
EV/EBITA adj. (x) -1,7 15,6 1,8
EV/EBIT adj. (x) -1,7 15,6 1,8
EV/CE (x) 0,5 0,5 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 58,8 0,4 0,3
Capex/depreciation 2,6 N/A N/A
Capex tangibles / tangible fixed assets 2,7 2,7 2,6
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 96,52 0 0

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Novo Nordisk A/S 19.9 % 19.9 % 29 Jan 2024
Avanza Pension 5.6 % 5.6 % 29 Jan 2024
Applied Ventures, LLC 5.2 % 5.2 % 29 Jan 2024
Erik Hedlund 3.1 % 3.1 % 29 Jan 2024
Rutger Arnhult 3.1 % 3.1 % 29 Jan 2024
Nordnet Pensionsförsäkring 3.1 % 3.1 % 29 Jan 2024
Jan Petersen 2.6 % 2.6 % 29 Jan 2024
Mikael Jacobsson 2.4 % 2.4 % 29 Jan 2024
Formue Nord A/S 1.7 % 1.7 % 29 Jan 2024
Ivar Nordqvist 1.7 % 1.7 % 29 Jan 2024
Source: Holdings by Modular Finance AB