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Nexam Chemical

Nexam Chemical

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Nexam Chemical is a cleantech company that manufactures additives that enhance the properties and performance of plastics. The company offers products that make plastics stronger, lighter and more heat-resistant, and that enhance the quality of recycled plastic.

Sustainability information

Risks include competing technologies for plastic additives taking large market shares and Nexam not managing to scale up its operations and become profitable. As a company striving to grow, develop and then commercialise, there is a risk that competitors may enter at a later stage.

Financials

SEKm 2025 2026e 2027e
Sales 192,25 210,08 238,66
Sales growth (%) -3,7 9,3 13,6
EBITDA 3 10 23
EBITDA margin (%) 1,8 4,9 9,4
EBIT adj. -13 -7 5
EBIT adj. margin (%) -6,7 -3,1 2,3
Pretax profit -17 -9 4
EPS -0,19 -0,1 0,04
EPS growth (%) 58,3 -45,5 N/A
EPS adj. -0,15 -0,05 0,08
Dividend per share 0 0 0
EV/EBITDA (x) 86,7 33,5 15,6
EV/EBIT adj. (x) -23,2 -52,6 65
P/E (x) N/A N/A 89,43
P/E adj. (x) N/A N/A 43,1
EV/sales (x) 1,55 1,65 1,47
FCF yield (%) 0,6 -5,5 -1
Le. adj. FCF yld. (%) 0,2 -15,5 -1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 5,4 -0,9 -0,2
Le. adj. ND/EBITDA (x) 3,9 0,8 -0,4
SEKm 2025 2026e 2027e
Sales 192,25 210,08 238,66
COGS -102 -109 -124
Gross profit 90 101 115
Other operating items -87 -91 -93
EBITDA 3 10 23
Depreciation and amortisation -13 -13 -13
Depreciation on leased assets -2 -2 -2
EBITA -9,44 -2,3 9,67
Operating EO items -1 0 0
Impairment and amortisation charges -4 -4 -4
EBIT -13,84 -6,57 5,4
Net financial items -3 -2 -1
Pretax profit -17 -9 4
Tax -1 0 0
Net profit -17 -9 4
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -17 -9 4
EPS -0,19 -0,1 0,04
EPS adj. -0,15 -0,05 0,08
Total extraordinary items after tax -1 0 0
Leasing payments -1 -29 -1
Tax rate (%) -4,8 -0,5 0
Gross margin (%) 47 48,1 48,2
EBITDA margin (%) 1,8 4,9 9,4
EBITA margin (%) -4,9 -1,1 4,1
EBIT margin (%) -7,2 -3,1 2,3
Pre-tax margin (%) -8,6 -4,1 1,7
Net margin (%) -9 -4,1 1,7
Sales growth (%) -3,7 9,3 13,6
EBITDA growth (%) -57,3 199,9 118,2
EBITA growth (%) 222,4 -75,6 -519,7
EBIT growth (%) 88,9 -52,5 -182,3
Net profit growth (%) 92,4 -50,2 -146
EPS growth (%) 58,3 -45,5 N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -9,9 -4,6 1,9
ROE adj. (%) -6,8 -2,3 3,9
ROCE (%) -8,2 -4 1,7
ROCE adj. (%) -5,5 -2 3,6
ROIC (%) -5,1 -1,2 4,8
ROIC adj. (%) -4,5 -1,2 4,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 4 10 23
EBITDA adj. margin (%) 2,3 4,9 9,4
EBITDA lease adj. 3 -19 22
EBITDA lease adj. margin (%) 1,7 -8,8 9
EBITA adj. -8 -2 10
EBITA adj. margin (%) -4,4 -1,1 4,1
EBIT adj. -13 -7 5
EBIT adj. margin (%) -6,7 -3,1 2,3
Pretax profit Adj. -11 -4 8
Net profit Adj. -12 -4 8
Net profit to shareholders adj. -12 -4 8
Net adj. margin (%) -6,2 -2,1 3,5
SEKm 2025 2026e 2027e
EBITDA 3 10 23
Goodwill 46 46 46
Net financial items -3 -2 -1
Other intangible assets 52 52 53
Paid tax -1 0 0
Tangible fixed assets 47 45 48
Non-cash items 0 3 0
Right-of-use asset 6 6 6
Cash flow before change in WC 0 11 21
Other Fixed Assets All 0 0 0
Change in working capital 11 -13 -6
Fixed assets 151 149 153
Operating cash flow 11 -2 15
Inventories 30 37 39
Capex tangible fixed assets -4 -7 -12
Receivables 24 32 41
Capex intangible fixed assets -5 -8 -7
Other current assets 9 14 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 29 24
Free cash flow 2 -16 -4
Total assets 226 260 267
Dividend paid 0 0 0
Shareholders equity 168 207 211
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -1 -29 -1
Total equity 168 207 211
Other changes in net debt 1 73 -1
Long-term debt 11 11 14
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 6 5 6
Total other long-term liabilities 1 1 1
Short-term debt 14 3 0
Accounts payable 13 17 20
Other current liabilities 13 15 14
Total liabilities and equity 226 260 267
Net IB debt 19 -9 -4
Net IB debt excl. pension debt 19 -9 -4
Net IB debt excl. leasing 13 -14 -10
Capital employed 199 227 231
Capital invested 187 198 207
Working capital 37 49 55
Market cap. diluted (m) 280 355 355
Net IB debt adj. 19 -9 -4
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 298 346 351
Total assets turnover (%) 84,1 86,4 90,6
Working capital/sales (%) 21,9 20,4 21,8
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 11 -4,5 -1,9
Net debt / market cap (%) 6,6 -2,6 -1,1
Equity ratio (%) 74,4 79,8 79,3
Net IB debt adj. / equity (%) 11 -4,5 -1,9
Current ratio 1,85 3,1 3,28
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 5,4 -0,9 -0,2
Net IB debt/EBITDA lease adj. (x) 3,9 0,8 -0,4
Interest coverage N/A N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 81 103 103
Diluted shares adj. 81 103 103
EPS -0,19 -0,1 0,04
Dividend per share 0 0 0
EPS adj. -0,15 -0,05 0,08
BVPS 2,08 2,02 2,06
BVPS adj. 0,87 1,06 1,1
Net IB debt/share 0,23 -0,09 -0,04
Share price 3,46 3,46 3,46
Market cap. (m) 280 355 355
P/E (x) N/A N/A 89,43
EV/sales (x) 1,55 1,65 1,47
EV/EBITDA (x) 86,7 33,5 15,6
EV/EBITA (x) -31,6 -150,1 36,3
EV/EBIT (x) -21,6 -52,6 65
Dividend yield (%) 0 0 0
FCF yield (%) 0,6 -5,5 -1
Le. adj. FCF yld. (%) 0,2 -15,5 -1,3
P/BVPS (x) 1,66 1,71 1,68
P/BVPS adj. (x) 4 3,26 3,16
P/E adj. (x) N/A N/A 43,1
EV/EBITDA adj. (x) 67,2 33,5 15,6
EV/EBITA adj. (x) -35,4 -150,1 36,3
EV/EBIT adj. (x) -23,2 -52,6 65
EV/CE (x) 1,5 1,5 1,5
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -5 -6,8 -8
Capex/depreciation 0,9 1,3 1,7
Capex tangibles / tangible fixed assets 8,7 14,8 24,7
Capex intangibles / definite intangibles 10,5 14,5 13,6
Depreciation on intang / def. intang 7 6 4
Depreciation on tangibles / tangibles 16,24 17,38 18,24

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Media

Nexam Chemical - Company presentation with CEO Ronnie Törnqvist and CFO Marcus Nyberg
Nexam Chemicals - Company presentation with CEO Ronnie Törnqvist & CFO Marcus Nyberg

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Main shareholders - Nexam Chemical

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 11.5 % 11.5 % 26 Jun 2026
Sven-Olov Hjälmstad 7.9 % 7.9 % 26 Jun 2026
Claes Mellgren 4.3 % 4.3 % 26 Jun 2026
Veronica Wallman 4.0 % 4.0 % 26 Jun 2026
Per-Olof Andersson 3.6 % 3.6 % 26 Jun 2026
Nordnet Pensionsförsäkring 3.5 % 3.5 % 26 Jun 2026
Ulf Östberg 3.3 % 3.3 % 26 Jun 2026
Lennart Holm med familj 2.0 % 2.0 % 26 Jun 2026
Försäkringsaktiebolaget Skandia 1.6 % 1.6 % 26 Jun 2026
Futur Pension 1.6 % 1.6 % 26 Jun 2026
Source: Holdings by Modular Finance AB