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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 192 216 246
Sales growth (%) -3,7 12,6 13,7
EBITDA 3 15 28
EBITDA margin (%) 1,8 7 11,2
EBIT adj. -12 -2 10
EBIT adj. margin (%) -6,3 -0,7 4,2
Pretax profit -16 -3 9
EPS -0,19 -0,03 0,09
EPS growth (%) 58,3 -84,5 N/A
EPS adj. -0,12 0,02 0,13
Dividend per share N/A N/A N/A
DPS 0 0 0
EV/EBITDA (x) 60,4 14,9 8,3
EV/EBIT adj. (x) -17,3 -147,7 22,2
P/E (x) N/A N/A 26,2
P/E adj. (x) N/A N/A 17,3
EV/sales (x) 1,08 1,05 0,94
FCF yield (%) 0,8 -5,1 -0,8
Le. adj. FCF yld. (%) 2,7 -6,3 -1,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 5,4 -0,8 -0,3
Le. adj. ND/EBITDA (x) 1,1 -1,7 -0,7
SEKm 2025 2026e 2027e
Sales 192 216 246
COGS -102 -113 -128
Gross profit 90 104 119
Other operating items -87 -88 -91
EBITDA 3 15 28
Depreciation and amortisation -12 -12 -13
Depreciation on leased assets N/A N/A N/A
of which leasing depreciation -2 -2 -2
EBITA -8 3 15
Operating EO items N/A N/A N/A
EO Items -1 0 0
Impairment and amortisation charges N/A N/A N/A
Impairment and PPA amortisation -5 -5 -5
EBIT -13 -2 10
Net financial items -3 -2 -1
Pretax profit -16 -3 9
Tax -1 0 0
Net profit -17 -3 9
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -17 -3 9
EPS -0,19 -0,03 0,09
EPS adj. -0,12 0,02 0,13
Total extraordinary items after tax -1 0 0
Leasing payments 4 -3 -2
Tax rate (%) -5 0 0
Gross margin (%) 47 47,9 48,2
EBITDA margin (%) 1,8 7 11,2
EBITA margin (%) -4,3 1,5 6,1
EBIT margin (%) -6,8 -0,7 4,2
Pre-tax margin (%) -8,2 -1,4 3,7
Net margin (%) -8,6 -1,4 3,7
Sales growth (%) -3,7 12,6 13,7
EBITDA growth (%) 74 42,8 N/A
EBITA growth (%) 184,4 -137,7 379,6
EBIT growth (%) 77,9 -88,2 -774,5
Net profit growth (%) 83,5 -81,5 -399,7
EPS growth (%) 58,3 -84,5 N/A
Profitability N/A N/A N/A
ROE (%) -9,4 -1,6 4,3
ROE adj. (%) -6,2 0,9 6,4
ROCE (%) -7,8 -1,4 3,7
ROCE adj. (%) -4,9 0,7 5,7
ROIC (%) -4,5 1,6 7,4
ROIC adj. (%) -3,9 1,6 7,4
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 4 15 28
EBITDA adj. margin (%) 2,3 7 11,2
EBITDA lease adj. 8 12 26
EBITDA lease adj. margin (%) 4,2 5,8 10,5
EBITA adj. -7 3 15
EBITA adj. margin (%) -3,8 1,5 6,1
EBIT adj. -12 -2 10
EBIT adj. margin (%) -6,3 -0,7 4,2
Pretax profit Adj. -10 2 14
Net profit Adj. -11 2 14
Net profit to shareholders adj. -11 2 14
Net adj. margin (%) -5,6 0,8 5,6
SEKm 2025 2026e 2027e
EBITDA 3 15 28
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 47 50
Non-cash items 0 0 0
Right-of-use asset 6 6 6
Cash flow before change in WC 0 14 26
Other Fixed Assets All N/A N/A N/A
Total other fixed assets 0 0 0
Change in working capital 11 -11 -9
Fixed assets 151 150 154
Operating cash flow 11 2 18
Inventories 30 38 41
Capex tangible fixed assets -6 -9 -12
Receivables 24 32 42
Capex intangible fixed assets -4 -6 -7
Other current assets 9 11 10
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 42 39
Free cash flow 2 -12 -2
Total assets 226 274 285
Dividend paid 0 0 0
Shareholders equity 168 210 219
Share issues and buybacks 0 45 0
Minority 0 0 0
Leasing liability amortisation 4 -3 -2
Total equity 168 210 219
Other changes in net debt N/A N/A N/A
Other non-cash items -4 1 0
Long-term debt 11 17 21
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 10 9 9
Total other long-term liabilities 0 0 0
Short-term debt 10 4 0
Accounts payable 13 18 21
Other current liabilities 13 15 15
Total liabilities and equity 226 274 285
Net IB debt 19 -13 -9
Net IB debt excl. pension debt 19 -13 -9
Net IB debt excl. leasing 9 -21 -18
Capital employed 199 240 249
Capital invested 187 198 210
Working capital 37 48 57
Market cap. diluted (m) 189 240 240
Net IB debt adj. 19 -13 -9
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 208 227 231
Total assets turnover (%) 84,1 86,7 88,1
Working capital/sales (%) 21,9 19,6 21,3
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) 11,1 -6 -4,1
Net debt / market cap (%) 9,8 -5,2 -3,7
Equity ratio (%) 74,4 76,9 76,9
Net IB debt adj. / equity (%) 11,1 -6 -4,1
Current ratio 2,05 3,3 3,67
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 5,4 -0,8 -0,3
Net IB debt/EBITDA lease adj. (x) 1,1 -1,7 -0,7
Interest coverage N/A N/A N/A
SEKm 2025 2026e 2027e
Shares outstanding adj. 81 102 102
Diluted shares adj. 81 102 102
EPS -0,19 -0,03 0,09
Dividend per share 0 0 0
EPS adj. -0,12 0,02 0,13
BVPS 2,08 2,05 2,14
BVPS adj. 0,87 1,1 1,18
Net IB debt/share 0,23 -0,12 -0,09
Share price 2,34 2,34 2,34
Market cap. (m) 189 240 240
P/E (x) N/A N/A 26,2
EV/sales (x) 1,1 1,1 0,9
EV/EBITDA (x) 60,4 14,9 8,3
EV/EBITA (x) -25 72,4 15,3
EV/EBIT (x) -16 -147,7 22,2
Dividend yield (%) 0 0 0
FCF yield (%) 0,8 -5,1 -0,8
Le. adj. FCF yld. (%) 2,7 -6,3 -1,5
P/BVPS (x) 1,13 1,14 1,09
P/BVPS adj. (x) 2,7 2,13 1,98
P/E adj. (x) N/A N/A 17,3
EV/EBITDA adj. (x) 46,8 14,9 8,3
EV/EBITA adj. (x) -28,4 72,4 15,3
EV/EBIT adj. (x) -17,3 -147,7 22,2
EV/CE (x) 1 0,9 0,9
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 1,4 1,8
Capex tangibles / tangible fixed assets 10,5 12,6 N/A
Capex intangibles / definite intangibles 11,4 13,5 N/A
Depreciation on intang / def. intang 5 5 N/A
Depreciation on tangibles / tangibles 14,11 14,99 N/A

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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 10.0 % 10.0 % 23 Dec 2025
Sven-Olov Hjälmstad 8.7 % 8.7 % 23 Dec 2025
Nerthus Investments Ltd 7.4 % 7.4 % 9 May 2023
Veronica Wallman 4.5 % 4.5 % 23 Dec 2025
SEB Funds 3.3 % 3.3 % 31 Dec 2025
Nordnet Pensionsförsäkring 3.1 % 3.1 % 23 Dec 2025
Lennart Holm med familj 2.5 % 2.5 % 23 Dec 2025
Claes Mellgren 2.1 % 2.1 % 23 Dec 2025
Per-Olof Andersson 2.0 % 2.0 % 23 Dec 2025
Daniel Rome 1.8 % 1.8 % 23 Dec 2025
Source: Holdings by Modular Finance AB