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Nexam Chemical

Nexam Chemical

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.

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.

SEKm 2022 2023e 2024e
Sales 222 246 284
Sales growth (%) 1 11 15,2
EBITDA -12 14 21
EBITDA margin (%) -5,4 5,6 7,5
EBIT adj. -12 2 6
EBIT adj. margin (%) -5,4 0,7 2,2
Pretax profit -13 0 4
EPS -0,15 0 0,04
EPS growth (%) 126,1 -97,4 -1126,7
EPS adj. -0,15 0 0,04
DPS 0 0 0
EV/EBITDA (x) -35,4 31,8 20,3
EV/EBIT adj. (x) -35,4 260,5 68,9
P/E (x) -32,6 -1266,3 123,3
P/E adj. (x) -32,6 -1266,3 123,3
EV/sales (x) 1,91 1,77 1,52
FCF yield (%) -10,6 -1,9 0,8
Le. adj. FCF yld. (%) -10,6 -1,9 0,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,6 1,3 0,7
Le. adj. ND/EBITDA (x) 0,6 0,9 0,4
SEKm 2022 2023e 2024e
Sales 222 246 284
COGS -135 -143 -166
Gross profit 87 103 118
Other operating items -99 -90 -96
EBITDA -12 14 21
Depreciation and amortisation 0 -12 -15
of which leasing depreciation 0 0 0
EBITA -12 2 6
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -12 2 6
Net financial items -1 -2 -2
Pretax profit -13 0 4
Tax 0 0 -1
Net profit -13 0 3
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -13 0 3
EPS -0,15 0 0,04
EPS adj. -0,15 0 0,04
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) -0,2 0 20,6
Gross margin (%) 39,1 42 41,5
EBITDA margin (%) -5,4 5,6 7,5
EBITA margin (%) -5,4 0,7 2,2
EBIT margin (%) -5,4 0,7 2,2
Pre-tax margin (%) -5,8 -0,1 1,5
Net margin (%) -5,8 -0,1 1,2
Sales growth (%) 1 11 15,2
EBITDA growth (%) -290,4 -214 55,6
EBITA growth (%) 180,5 -113,9 275,2
EBIT growth (%) N/A -113,9 N/A
Net profit growth (%) 134,3 -97,4 -1126,7
EPS growth (%) 126,1 -97,4 -1126,7
Profitability N/A N/A N/A
ROE (%) -5,8 -0,2 1,6
ROE adj. (%) -5,8 -0,2 1,6
ROCE (%) -4,5 0,7 2,4
ROCE adj. (%) -4,5 0,7 2,4
ROIC (%) -5,8 0,7 3,2
ROIC adj. (%) -5,8 0,7 3,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -12 14 21
EBITDA adj. margin (%) -5,4 5,6 7,5
EBITDA lease adj. -12 14 21
EBITDA lease adj. margin (%) -5,4 5,6 7,5
EBITA adj. -12 2 6
EBITA adj. margin (%) -5,4 0,7 2,2
EBIT adj. -12 2 6
EBIT adj. margin (%) -5,4 0,7 2,2
Pretax profit Adj. -13 0 4
Net profit Adj. -13 0 3
Net profit to shareholders adj. -13 0 3
Net adj. margin (%) -5,8 -0,1 1,2
SEKm 2022 2023e 2024e
EBITDA -12 14 21
Goodwill 46 46 46
Net financial items -1 -2 -2
Other intangible assets 56 58 59
Paid tax 0 0 -1
Tangible fixed assets 61 57 48
Non-cash items 12 0 0
Right-of-use asset 5 5 5
Cash flow before change in WC -1 12 18
Total other fixed assets 0 0 0
Change in working capital -11 -10 -7
Fixed assets 168 166 159
Operating cash flow -12 2 11
Inventories 35 57 62
Capex tangible fixed assets -30 -7 -5
Receivables 46 47 51
Capex intangible fixed assets -3 -2 -3
Other current assets 6 5 3
Acquisitions and Disposals 0 0 0
Cash and liquid assets 23 27 28
Free cash flow -44 -8 3
Total assets 278 302 304
Dividend paid 0 0 0
Shareholders equity 216 215 219
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 216 215 219
Leasing liability amortisation 0 0 0
Long-term debt 23 28 26
Other non-cash items -1 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 5 5
Total other long-term liabilities 3 0 0
Short-term debt 6 12 12
Accounts payable 20 30 31
Other current liabilities 10 12 11
Total liabilities and equity 278 302 304
Net IB debt 7 17 14
Net IB debt excl. pension debt 6 17 14
Net IB debt excl. leasing 7 12 9
Capital employed 245 260 261
Capital invested 222 233 233
Working capital 57 66 74
Market cap. diluted (m) 418 418 418
Net IB debt adj. 7 17 14
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 425 435 432
Total assets turnover (%) 78,9 85 93,7
Working capital/sales (%) 23,2 25 24,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 3,1 8 6,4
Net debt / market cap (%) 1,6 4,1 3,4
Equity ratio (%) 77,5 71,4 72
Net IB debt adj. / equity (%) 3,1 8 6,4
Current ratio 3,03 2,54 2,68
EBITDA/net interest 15,2 6,8 10,6
Net IB debt/EBITDA (x) -0,6 1,3 0,7
Net IB debt/EBITDA lease adj. (x) -0,6 0,9 0,4
Interest coverage 7,8 0,8 3,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 84 84 84
Diluted shares adj. 84 84 84
EPS -0,15 0 0,04
Dividend per share 0 0 0
EPS adj. -0,15 0 0,04
BVPS 2,58 2,57 2,61
BVPS adj. 1,36 1,34 1,35
Net IB debt/share 0,08 0,21 0,17
Share price 5 5 5
Market cap. (m) 418 418 418
P/E (x) -32,6 -1266,3 123,3
EV/sales (x) 1,91 1,77 1,52
EV/EBITDA (x) -35,4 31,8 20,3
EV/EBITA (x) -35,4 260,5 68,9
EV/EBIT (x) -35,4 260,5 68,9
Dividend yield (%) 0 0 0
FCF yield (%) -10,6 -1,9 0,8
Le. adj. FCF yld. (%) -10,6 -1,9 0,8
P/BVPS (x) 1,94 1,94 1,91
P/BVPS adj. (x) 3,68 3,74 3,69
P/E adj. (x) -32,6 -1266,3 123,3
EV/EBITDA adj. (x) -35,4 31,8 20,3
EV/EBITA adj. (x) -35,4 260,5 68,9
EV/EBIT adj. (x) -35,4 260,5 68,9
EV/CE (x) 1,7 1,7 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 14,9 4 2,8
Capex/depreciation N/A 0,8 0,5
Capex tangibles / tangible fixed assets 39,9 19,8 17,5
Capex intangibles / definite intangibles 10,9 4 4,5
Depreciation on intang / def. intang 2 2 2
Depreciation on tangibles / tangibles 24,09 35,47 45,37

Equity research

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Media

Nexam Chemical - Company presentation with CEO Johan Arvidsson

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 9.9 % 9.9 % 28 Dec 2022
Nerthus Investments LTD 9.1 % 9.1 % 11 May 2021
Leorex Capital Limited 5.0 % 5.0 % 11 May 2021
Veronica Wallman 4.5 % 4.5 % 28 Dec 2022
Länsförsäkringar Fonder 4.3 % 4.3 % 31 Dec 2022
SEB Fonder 3.4 % 3.4 % 31 Dec 2022
Lennart Holm med familj 2.5 % 2.5 % 28 Dec 2022
Nordnet Pensionsförsäkring 2.3 % 2.3 % 28 Dec 2022
Jan-Erik Rosenberg 1.7 % 1.7 % 28 Dec 2022
Futur Pension 1.5 % 1.5 % 28 Dec 2022
Source: Holdings by Modular Finance AB