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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 2023 2024e 2025e
Sales 190 219 251
Sales growth (%) -14,3 15,3 14,4
EBITDA -6 16 26
EBITDA margin (%) -3,3 7,1 10,3
EBIT adj. -17 1 10
EBIT adj. margin (%) -9,1 0,4 4
Pretax profit -22 -1 8
EPS -0,28 -0,01 0,1
EPS growth (%) 76,3 -96,1 -1021,4
EPS adj. -0,24 -0,01 0,1
DPS 0 0 0
Dividend per share N/A N/A N/A
EV/EBITDA (x) -59 23,5 13,8
EV/EBIT adj. (x) -21,7 420 34,9
P/E (x) -15,9 -402,6 43,7
P/E adj. (x) -18,2 -402,6 43,7
EV/sales (x) 1,96 1,67 1,41
FCF yield (%) -2,7 2,6 3,7
Le. adj. FCF yld. (%) -3,2 2,2 3,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -2,7 0,6 -0,1
Le. adj. ND/EBITDA (x) -2,1 0,1 -0,4
SEKm 2023 2024e 2025e
Sales 190 219 251
COGS -108 -119 -135
Gross profit 82 100 115
Other operating items -88 -84 -90
EBITDA -6 16 26
Depreciation and amortisation -9 -10 -11
of which leasing depreciation -2 -2 -2
Depreciation on leased assets N/A N/A N/A
EBITA -16 5 15
EO Items -3 0 0
Operating EO items N/A N/A N/A
Impairment and PPA amortisation -4 -4 -4
Impairment and amortisation charges N/A N/A N/A
EBIT -20 1 10
Net financial items -2 -2 -2
Pretax profit -22 -1 8
Tax -1 0 0
Net profit -22 -1 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -22 -1 8
EPS -0,28 -0,01 0,1
EPS adj. -0,24 -0,01 0,1
Total extraordinary items after tax -3 0 0
Leasing payments -2 -2 -2
Tax rate (%) -3,8 0 0
Gross margin (%) 42,9 45,5 46
EBITDA margin (%) -3,3 7,1 10,3
EBITA margin (%) -8,2 2,4 5,8
EBIT margin (%) -10,5 0,4 4
Pre-tax margin (%) -11,3 -0,4 3,2
Net margin (%) -11,8 -0,4 3,2
Sales growth (%) -14,3 15,3 14,4
EBITA growth (%) 108,3 -133,7 176,2
EBITDA growth (%) 1648,2 -318 74
EBIT growth (%) 68,2 -104,3 N/A
Net profit growth (%) 76,3 -96,1 -1021,4
EPS growth (%) 76,3 -96,1 -1021,4
Profitability N/A N/A N/A
ROE (%) -11 -0,5 4,2
ROE adj. (%) -7,4 1,8 6,4
ROCE (%) -9,2 -0,4 3,7
ROCE adj. (%) -6,2 1,6 5,6
ROIC (%) -7,5 2,6 7,3
ROIC adj. (%) -6,1 2,6 7,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -4 16 26
Year N/A N/A N/A
EBITDA adj. margin (%) -1,9 7,1 10,3
EBITDA lease adj. -5 14 24
EBITDA lease adj. margin (%) -2,7 6,4 9,4
EBITA adj. -13 5 15
EBITA adj. margin (%) -6,7 2,4 5,8
EBIT adj. -17 1 10
EBIT adj. margin (%) -9,1 0,4 4
Pretax profit Adj. -14 4 13
Net profit Adj. -15 4 13
Net profit to shareholders adj. -15 4 13
Net adj. margin (%) -7,9 1,6 5
SEKm 2023 2024e 2025e
EBITDA -6 16 26
Goodwill 46 46 46
Net financial items -2 -2 -2
Other intangible assets 55 54 53
Paid tax -1 0 0
Tangible fixed assets 54 50 45
Non-cash items 0 0 0
Right-of-use asset 7 7 8
Cash flow before change in WC -8 14 24
Total other fixed assets 0 0 0
Other Fixed Assets All N/A N/A N/A
Change in working capital 8 3 -3
Fixed assets 162 157 152
Operating cash flow 0 17 21
Inventories 41 33 34
Capex tangible fixed assets -5 -2 -3
Receivables 29 37 43
Capex intangible fixed assets -5 -5 -5
Other current assets 4 7 8
Acquisitions and Disposals 0 0 0
Cash and liquid assets 9 16 28
Free cash flow -10 9 13
Total assets 246 250 263
Dividend paid 0 0 0
Shareholders equity 193 192 200
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -2 -1 -1
Total equity 193 192 200
Other non-cash items 3 -1 -1
Long-term debt 17 15 15
Other changes in net debt N/A N/A N/A
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 6 7 8
Total other long-term liabilities 1 2 2
Short-term debt 3 4 4
Accounts payable 14 20 23
Other current liabilities 12 11 13
Total liabilities and equity 246 250 263
Net IB debt 17 9 -2
Net IB debt excl. pension debt 17 9 -2
Net IB debt excl. leasing 11 2 -10
Capital employed 219 218 227
Capital invested 210 201 199
Working capital 49 46 49
Market cap. diluted (m) 356 356 356
Net IB debt adj. 17 9 -2
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 373 365 355
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 72,6 88,5 97,7
Working capital/sales (%) 27,8 21,6 18,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 8,9 4,7 -0,7
Year N/A N/A N/A
Net debt / market cap (%) 4,8 2,5 -0,4
Equity ratio (%) 78,5 76,9 76
Net IB debt adj. / equity (%) 8,9 4,7 -0,7
Current ratio 2,86 2,71 2,89
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) -2,7 0,6 -0,1
Net IB debt/EBITDA lease adj. (x) -2,1 0,1 -0,4
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 81 81 81
Diluted shares adj. 81 81 81
EPS -0,28 -0,01 0,1
Dividend per share 0 0 0
EPS adj. -0,24 -0,01 0,1
BVPS 2,39 2,37 2,48
BVPS adj. 1,14 1,14 1,26
Net IB debt/share 0,21 0,11 -0,02
Share price 4,4 4,4 4,4
Market cap. (m) 356 356 356
P/E (x) -15,9 -402,6 43,7
EV/sales (x) 1,96 1,67 1,41
EV/EBITDA (x) -59 23,5 13,8
EV/EBITA (x) -23,9 69,3 24,4
EV/EBIT (x) -18,6 420 34,9
Dividend yield (%) 0 0 0
FCF yield (%) -2,7 2,6 3,7
Le. adj. FCF yld. (%) -3,2 2,2 3,3
P/BVPS (x) 1,84 1,85 1,78
P/BVPS adj. (x) 3,87 3,86 3,5
P/E adj. (x) -18,2 -402,6 43,7
EV/EBITDA adj. (x) -105,9 23,5 13,8
EV/EBITA adj. (x) -29,1 69,3 24,4
EV/EBIT adj. (x) -21,7 420 34,9
EV/CE (x) 1,7 1,7 1,6
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) 4,8 3,4 3,1
Capex/depreciation 1,2 0,9 0,9
Capex tangibles / tangible fixed assets 2,9 8,6 10,5
Capex intangibles / definite intangibles 0,1 9,5 11,4
Depreciation on intang / def. intang 3 4 5
Depreciation on tangibles / tangibles 12,27 13,19 14,11

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Media

Nexam Chemicals - Fireside chat with CEO Ronnie Törnqvist
Nexam Chemical - Company presentation with CEO Ronnie Törnqvist & Former CEO Johan Arvidsson

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Main shareholders - Nexam Chemical

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 9.9 % 9.9 % 26 Jun 2024
Nerthus Investments LTD 7.4 % 7.4 % 9 May 2023
Sven-Olov Hjälmstad 7.2 % 7.2 % 26 Jun 2024
Leorex Capital Limited 4.8 % 4.8 % 11 May 2022
Veronica Wallman 4.5 % 4.5 % 26 Jun 2024
SEB Fonder 3.2 % 3.2 % 31 Aug 2024
Lennart Holm med familj 2.5 % 2.5 % 26 Jun 2024
Nordnet Pensionsförsäkring 2.1 % 2.1 % 26 Jun 2024
Claes Mellgren 2.1 % 2.1 % 26 Jun 2024
Per-Olof Andersson 2.0 % 2.0 % 26 Jun 2024
Source: Holdings by Modular Finance AB