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OrganoClick

OrganoClick

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Creating organic substitutes

OrganoClick was founded in 2006 as a university spin-off. The company’s operations and product offerings are based on a technology that changes the properties of cellulosic fibres in e.g. wood, textiles or paper by "clicking" on different functional molecules to the fibres which mimic natural chemical processes in growing plants, e.g. the organic waterproofing abilities of leaves. The company’s product offering consists of four business segments: Functional Wood, Green Coatings & Maintenance, Biocomposites and Non-Woven & Technical Textiles.

OrganoClick appears well-positioned to benefit from ESG trends. The EU plastic initiative will mean heavy regulation on plastic binders in non-woven material. As OrganoClick is the only provider of organic binders today, the company is in a sweet-spot to capitalise on the SEK 4bn market. Furthermore, in the BC segment, emissions in the cremation and health care industry have created a strong demand for OrganoClick’s Saga coffin and its bio-based risk-waste containers. With these products ramping up, OrganoClick looks set for significant sales growth.

The company is ramping up in several industries simultaneously, with different end-markets. For a small organisation, this could lead to a split focus, affecting the scale-up of some products negatively. Furthermore, the construction exposure is of cyclical nature, meaning that the company would be affected negatively by an economic slowdown.

Financials

SEKm 2021 2022e 2023e
Sales 110 132 212
Sales growth (%) 14,1 19,5 60,9
EBITDA -13 -9 26
EBITDA margin (%) -11,4 -6,6 12,4
EBIT adj -29 -18 7
EBIT adj margin (%) -26 -13,9 3,4
Pretax profit -31 -21 5
EPS rep -0,34 -0,25 0,03
EPS growth (%) -32,8 28,1 111,4
EPS adj -0,3 -0,21 0,09
DPS 0 0 0
EV/EBITDA (x) -54,5 -44,6 15,1
EV/EBIT adj (x) -23,9 -21,2 55,6
P/E (x) -20,5 -15,3 133,7
P/E adj (x) -23,4 -17,5 42
EV/sales (x) 6,2 2,9 1,9
FCF yield (%) -7,8 -6,9 -1,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1 -2,3 1,2
Lease adj. FCF yield (%) -7,8 -6,9 -1,5
Lease adj. ND/EBITDA 1,4 0,8 0,1
SEKm 2021 2022e 2023e
EBIT Adj margin (%) -26 -13,9 3,4
Pretax profit Adj -27 -18 11
Net profit Adj -27 -18 11
Net profit to shareholders Adj -29 -21 9
Net Adj margin (%) -24,5 -13,7 5,1
Sales 110 132 212
COGS -92 -102 -141
Gross profit 19 30 70
Other operating items -31 -39 -44
EBITDA -13 -9 26
Depreciation on tangibles -3 -5 -6
Depreciation on intangibles -4 -5 -6
EBITA -25 -15 13
Goodwill impairment charges 0 0 0
Other impairment and amortisation -4 -5 -6
EBIT -29 -18 7
Other financial items 0 0 0
Net financial items -3 -3 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -31 -21 5
Tax 0 0 0
Net profit -31 -21 5
Minority interest -2 -3 -2
Net profit discontinued 0 0 0
Net profit to shareholders -33 -24 3
EPS -0,34 -0,25 0,03
EPS Adj -0,3 -0,21 0,09
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,4 0,5 0
Gross margin (%) 16,8 22,7 33,2
EBITDA margin (%) -11,4 -6,6 12,4
EBITA margin (%) -22,3 -11,6 6,2
EBIT margin (%) -26 -13,9 3,4
Pretax margin (%) -28,3 -15,9 2,2
Net margin (%) -28,2 -16 2,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 14,1 19,5 60,9
EBITDA growth (%) -179,5 30,8 403,2
EBIT growth (%) -67,2 36 139,1
Net profit growth (%) -59 32,3 122,6
EPS growth (%) -32,8 28,1 111,4
Profitability 2021 2022 2023
ROE (%) -42,3 -27,2 3,5
ROE Adj (%) -37,1 -23,8 11,3
ROCE (%) -20,6 -12,6 5,2
ROCE Adj(%) -17,7 -10,6 9,6
ROIC (%) -26,8 -16 6,2
ROIC Adj (%) -26,8 -16 6,2
Adj earnings numbers 2021 2022 2023
EBITDA Adj -13 -9 26
EBITDA Adj margin (%) -11,4 -6,6 12,4
EBITA Adj -25 -15 13
EBITA Adj margin (%) -22,3 -11,6 6,2
EBIT Adj -29 -18 7
Depreciation and amortisation -16 -10 -19
Of which leasing depreciation -6 -3 -6
EO items 0 0 0
Impairment and PPA amortisation -4 -3 -6
EBITDA lease Adj -13 -9 26
EBITDA lease Adj margin (%) -11,4 -6,6 12,4
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -13 -9 26
Net financial items -3 -3 -2
Paid tax 0 0 0
Non-cash items -1 -2 8
Cash flow before change in WC -16 -13 32
Change in WC -22 2 -9
Operating cash flow -38 -11 23
CAPEX tangible fixed assets -7 -8 -21
CAPEX intangible fixed assets -7 -6 -7
Acquisitions and disposals 0 0 0
Free cash flow -52 -25 -5
Dividend paid 0 0 0
Share issues and buybacks 56 0 0
Other non cash items -11 6 -13
Decrease in net IB debt -21 -26 2
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 17 17 17
Indefinite intangible assets 16 16 15
Definite intangible assets 8 8 8
Tangible fixed assets 26 25 39
Other fixed assets 4 4 4
Fixed assets 106 105 119
Inventories 32 30 38
Receivables 12 17 25
Other current assets 4 4 4
Cash and liquid assets 34 28 18
Total assets 188 184 204
Shareholders equity 100 76 79
Minority 7 10 12
Total equity 108 86 91
Long-term debt 3 5 5
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 14 16 16
Accounts payable 13 18 25
Other current liabilities 19 30 38
Total liabilities and equity 188 184 204
Net IB debt 13 20 31
Net IB debt excl. pension debt 13 20 31
Capital invested 122 108 123
Working capital 16 3 4
EV breakdown 2021 2022 2023
Market cap. diluted (m) 671 367 367
Net IB debt Adj 13 20 31
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 684 387 397
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 64,5 70,6 109
Capital invested turnover (%) 107,6 129,2 188
Capital employed turnover (%) 71 108,1 176,5
Inventories / sales (%) 15,3 14,8 15,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,3 9,6 6,5
Working capital / sales (%) 5,8 7,1 1,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 12 23,6 33,8
Net debt / market cap (%) 1,3 5,5 8,4
Equity ratio (%) 57,2 46,7 44,5
Net IB debt adj. / equity (%) 12 23,6 33,8
Current ratio (%) 151,7 107,6 96,1
EBITDA / net interest (%) -487 -332,1 1097,6
Net IB debt / EBITDA (%) -102,7 -233,7 116,3
Interest cover (%) -952,5 -584,4 547,6
Lease liability amortisation 0 0 0
Other intangible assets 26 27 27
Right-of-use asset 33 32 32
Total other fixed assets 4 4 4
Leasing liability 30 27 27
Total other long-term liabilities 1 1 1
Net IB debt excl. leasing -17 -7 3
Net IB debt / EBITDA lease Adj (%) 136,1 80,5 12,7
SEKm 2021 2022e 2023e
Shares outstanding adj. 96 98 98
Fully diluted shares Adj 96 98 98
EPS -0,34 -0,25 0,03
Dividend per share Adj 0 0 0
EPS Adj -0,3 -0,21 0,09
BVPS 1,05 0,78 0,81
BVPS Adj 0,78 0,52 0,55
Net IB debt / share 0,1 0,2 0,3
Share price 10,1 3,75 3,75
Market cap. (m) 968 367 367
Valuation 2021 2022 2023
P/E -20,5 -15,3 133,7
EV/sales 6,21 2,94 1,88
EV/EBITDA -54,5 -44,6 15,1
EV/EBITA -27,9 -25,3 30,2
EV/EBIT -23,9 -21,2 55,6
Dividend yield (%) 0 0 0
FCF yield (%) -7,8 -6,9 -1,5
P/BVPS 6,69 4,81 4,64
P/BVPS Adj 8,97 7,19 6,82
P/E Adj -23,4 -17,5 42
EV/EBITDA Adj -54,5 -44,6 15,1
EV/EBITA Adj -27,9 -25,3 30,2
EV/EBIT Adj -23,9 -21,2 55,6
EV/cap. employed 4,4 2,9 2,9
Investment ratios 2021 2022 2023
Capex / sales 13,3 11,2 13,2
Capex / depreciation 143,1 219,6 209,1
Capex tangibles / tangible fixed assets 28 32,8 54,3
Capex intangibles / definite intangibles 85,8 75,8 80,9
Depreciation on intangibles / definite intangibles 46,3 35,4 70,8
Depreciation on tangibles / tangibles 24,2 14,7 19
Lease adj. FCF yield (%) -7,8 -6,9 -1,5

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Media

OrganoClick - Company presentation with CEO Mårten Hellberg
OrganoClick - Company presentation with CEO Mårten Hellberg

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 10.5 % 10.5 % 28 Jun 2022
Mårten Hellberg 7.7 % 7.7 % 28 Jun 2022
Anders Wall 7.3 % 7.3 % 28 Jun 2022
Anders Wall Stiftelser 5.2 % 5.2 % 28 Jun 2022
eQ Asset Management Oy 4.0 % 4.0 % 31 Jul 2022
Aktia Asset Management 3.2 % 3.2 % 30 Jun 2022
Avanza Pension 3.0 % 3.0 % 28 Jun 2022
Nordnet Pensionsförsäkring 2.8 % 2.8 % 28 Jun 2022
Armando Cordova 2.4 % 2.4 % 28 Jun 2022
Jonas Hafrén 2.2 % 2.2 % 28 Jun 2022
Source: Holdings by Modular Finance AB