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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 2021 2022e 2023e
Sales 219 228 260
Sales growth (%) 32,3 3,8 14,2
EBITDA 6 2 11
EBITDA margin (%) 2,9 0,8 4,2
EBIT adj -4 -10 -4
EBIT adj margin (%) -1,9 -4,5 -1,6
Pretax profit -5 -11 -6
EPS rep -0,07 -0,14 -0,08
EPS growth (%) 27,9 -81,2 44,6
EPS adj -0,07 -0,14 -0,08
DPS 0 0 0
EV/EBITDA (x) 131 N/A N/A
EV/EBIT adj (x) -192,9 N/A N/A
P/E (x) -142,4 N/A N/A
P/E adj (x) -142,4 N/A N/A
EV/sales (x) 3,8 N/A N/A
FCF yield (%) 0,1 N/A N/A
Dividend yield (%) 0 N/A N/A
Net IB debt/EBITDA -5,7 -9,1 -0,5
Lease adj. FCF yield (%) 0,1 N/A N/A
Lease adj. ND/EBITDA -7,4 -11,8 -0,9
SEKm 2021 2022e 2023e
Sales 219 228 260
COGS -135 -137 -153
Gross profit 84 91 107
Other operating items -78 -89 -96
EBITDA 6 2 11
Depreciation and amortisation -11 -12 -15
Of which leasing depreciation -1 0 0
EBITA -4 -10 -4
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -4 -10 -4
Net financial items -1 -1 -2
Pretax profit -5 -11 -6
Tax 0 0 0
Net profit -5 -11 -6
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -5 -11 -6
EPS -0,07 -0,14 -0,08
EPS Adj -0,07 -0,14 -0,08
Total extraordinary items after tax 0 0 0
Leasing payments -1 0 0
Tax rate (%) 3 0 0
Gross margin (%) 38,5 40 41,2
EBITDA margin (%) 2,9 0,8 4,2
EBITA margin (%) -1,9 -4,5 -1,6
EBIT margin (%) -1,9 -4,5 -1,6
Pretax margin (%) -2,4 -4,8 -2,3
Net margin (%) -2,5 -4,8 -2,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 32,3 3,8 14,2
EBITDA growth (%) 28,2 -71,3 503,1
EBIT growth (%) 19 -138,3 60
Net profit growth (%) 27,9 -100,4 44,5
EPS growth (%) 27,9 -81,2 44,6
Profitability 2021 2022 2023
ROE (%) -2,6 -4,9 -2,8
ROE Adj (%) -2,6 -4,9 -2,8
ROCE (%) -1,8 -3,9 -1,7
ROCE Adj(%) -1,8 -3,9 -1,7
ROIC (%) -2,3 -5,2 -2
ROIC Adj (%) -2,3 -5,2 -2
Adj earnings numbers 2021 2022 2023
EBITDA Adj 6 2 11
EBITDA Adj margin (%) 2,9 0,8 4,2
EBITDA lease Adj 6 2 11
EBITDA lease Adj margin (%) 2,5 0,8 4,2
EBITA Adj -4 -10 -4
EBITA Adj margin (%) -1,9 -4,5 -1,6
EBIT Adj -4 -10 -4
EBIT Adj margin (%) -1,9 -4,5 -1,6
Pretax profit Adj -5 -11 -6
Net profit Adj -5 -11 -6
Net profit to shareholders Adj -5 -11 -6
Net Adj margin (%) -2,5 -4,8 -2,3
SEKm 2021 2022e 2023e
Leasing liability 5 5 5
Total other long-term liabilities 0 0 0
Short-term debt 12 12 12
Accounts payable 17 27 30
EBITDA 6 2 11
Net financial items -1 -1 -2
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC 5 1 9
Change in WC 2 5 -10
Operating cash flow 7 6 -1
CAPEX tangible fixed assets -3 -18 -8
CAPEX intangible fixed assets -3 -7 -3
Acquisitions and disposals 0 0 0
Free cash flow 1 -19 -11
Dividend paid 0 0 0
Share issues and buybacks 46 0 0
Lease liability amortisation 0 0 0
Other non cash items -3 0 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 46 46 46
Other intangible assets 57 63 64
Tangible fixed assets 38 46 39
Right-of-use asset 5 5 5
Total other fixed assets 0 0 0
Fixed assets 147 160 155
Inventories 32 36 44
Receivables 38 39 44
Other current assets 4 5 4
Cash and liquid assets 64 45 33
Total assets 284 284 281
Shareholders equity 228 217 211
Minority 0 0 0
Total equity 228 217 211
Long-term debt 10 11 11
Pension debt 0 0 0
Convertible debt 0 0 0
Other current liabilities 11 11 12
Total liabilities and equity 284 284 281
Net IB debt -36 -16 -5
Net IB debt excl. pension debt -36 -16 -5
Net IB debt excl. leasing -41 -21 -10
Capital invested 192 201 206
Working capital 46 41 51
EV breakdown 2021 2022 2023
Market cap. diluted (m) 860 N/A N/A
Net IB debt Adj -36 -16 -5
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 825 N/A N/A
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 82,1 80,1 92
Working capital / sales (%) 21,5 19,1 17,6
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -15,7 -7,6 -2,5
Net debt / market cap (%) -3,4 N/A N/A
Equity ratio (%) 80,2 76,4 75,1
Net IB debt adj. / equity (%) -15,7 -7,6 -2,5
Current ratio (%) 332,7 240,5 230,4
EBITDA / net interest (%) 610,3 238,5 546
Net IB debt / EBITDA (%) -567,3 -908 -48,1
Net IB debt / EBITDA lease Adj (%) -742,2 -1184,2 -93,9
Interest cover (%) -414,2 -831 -204
SEKm 2021 2022e 2023e
Shares outstanding adj. 81 81 81
Fully diluted shares Adj 81 81 81
EPS -0,07 -0,14 -0,08
Dividend per share Adj 0 0 0
EPS Adj -0,07 -0,14 -0,08
BVPS 2,82 2,68 2,61
BVPS Adj 1,55 1,34 1,24
Net IB debt / share -0,4 -0,2 -0,1
Share price 12,96 N/A N/A
Market cap. (m) 1047 N/A N/A
Valuation 2021 2022 2023
P/E -142,4 N/A N/A
EV/sales 3,76 N/A N/A
EV/EBITDA 131 N/A N/A
EV/EBITA -192,9 N/A N/A
EV/EBIT -192,9 N/A N/A
Dividend yield (%) 0 N/A N/A
FCF yield (%) 0,1 N/A N/A
Lease adj. FCF yield (%) 0,1 N/A N/A
P/BVPS 3,77 N/A N/A
P/BVPS Adj 6,88 N/A N/A
P/E Adj -142,4 N/A N/A
EV/EBITDA Adj 131 N/A N/A
EV/EBITA Adj -192,9 N/A N/A
EV/EBIT Adj -192,9 N/A N/A
EV/cap. employed 3,2 N/A N/A
Investment ratios 2021 2022 2023
Capex / sales 3 11 4
Capex / depreciation 68,2 208,8 69,3
Capex tangibles / tangible fixed assets 9 39,9 19,8
Capex intangibles / definite intangibles 5,6 10,9 4
Depreciation on intangibles / definite intangibles 0 1,6 1,6
Depreciation on tangibles / tangibles 25,5 24,1 35,5

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Avanza Pension 10.0 % 10.0 % 28 Sep 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 Sep 2022
Länsförsäkringar Fonder 4.3 % 4.3 % 31 Oct 2022
SEB Fonder 3.4 % 3.4 % 31 Oct 2022
Lennart Holm med familj 2.5 % 2.5 % 28 Sep 2022
Nordnet Pensionsförsäkring 2.3 % 2.3 % 28 Sep 2022
Jan-Erik Rosenberg 1.7 % 1.7 % 28 Sep 2022
Futur Pension 1.5 % 1.5 % 28 Sep 2022
Source: Holdings by Modular Finance AB