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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.

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 2022 2023e 2024e
Sales 115 160 189
Sales growth (%) 4,5 39,1 18,2
EBITDA -12 6 25
EBITDA margin (%) -10,2 4 13,2
EBIT adj. -49 -10 3
EBIT adj. margin (%) -42,2 -6,5 1,7
Pretax profit -42 -14 -1
EPS -0,45 -0,17 -0,03
EPS growth (%) 32,9 -63 -80,5
EPS adj. -0,56 -0,17 -0,03
DPS 0 0 0
EV/EBITDA (x) -37,1 68,5 17,5
EV/EBIT adj. (x) -8,9 -42,1 132,4
P/E (x) -8,8 -23,9 -122,3
P/E adj. (x) -7,2 -23,9 -122,3
EV/sales (x) 3,77 2,74 2,31
FCF yield (%) -6,9 -0,8 2,2
Le. adj. FCF yld. (%) -6,9 -0,8 2,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -2,8 5,5 1,3
Le. adj. ND/EBITDA (x) 0,4 1,8 0,3
SEKm 2022 2023e 2024e
Sales 115 160 189
COGS -102 -114 -131
Gross profit 13 46 59
Other operating items -25 -40 -34
EBITDA -12 6 25
Depreciation and amortisation -27 -17 -22
of which leasing depreciation 0 0 0
EBITA -39 -10 3
EO Items 10 0 0
Impairment and PPA amortisation 0 0 0
EBIT -39 -10 3
Net financial items -3 -4 -4
Pretax profit -42 -14 -1
Tax 0 0 0
Net profit -42 -14 -1
Minority interest -3 -2 -3
Net profit discontinued 0 0 0
Net profit to shareholders -44 -16 -3
EPS -0,45 -0,17 -0,03
EPS adj. -0,56 -0,17 -0,03
Total extraordinary items after tax 10 0 0
Leasing payments 0 0 0
Tax rate (%) 0,2 0 0
Gross margin (%) 11,2 28,7 31
EBITDA margin (%) -10,2 4 13,2
EBITA margin (%) -33,5 -6,5 1,7
EBIT margin (%) -33,5 -6,5 1,7
Pre-tax margin (%) -36,3 -9 -0,4
Net margin (%) -36,2 -9 -0,4
Sales growth (%) 4,5 39,1 18,2
EBITDA growth (%) -6,9 -154,7 289,6
EBITA growth (%) 34,7 -73 -131,7
EBIT growth (%) 34,7 -73 -131,7
Net profit growth (%) 34,1 -65,4 -95,1
EPS growth (%) 32,9 -63 -80,5
Profitability N/A N/A N/A
ROE (%) -55,8 -32,4 -7,9
ROE adj. (%) -68,4 -32,4 -7,9
ROCE (%) -28,4 -9,8 3,5
ROCE adj. (%) -35,8 -9,8 3,5
ROIC (%) -34,7 -11 3,8
ROIC adj. (%) -43,7 -11 3,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -22 6 25
EBITDA adj. margin (%) -18,8 4 13,2
EBITDA lease adj. -22 6 25
EBITDA lease adj. margin (%) -18,8 4 13,2
EBITA adj. -49 -10 3
EBITA adj. margin (%) -42,2 -6,5 1,7
EBIT adj. -49 -10 3
EBIT adj. margin (%) -42,2 -6,5 1,7
Pretax profit Adj. -52 -14 -1
Net profit Adj. -52 -14 -1
Net profit to shareholders adj. -54 -16 -3
Net adj. margin (%) -44,8 -9 -0,4
SEKm 2022 2023e 2024e
EBITDA -12 6 25
Goodwill 17 17 17
Net financial items -3 -4 -4
Other intangible assets 22 22 24
Paid tax 0 0 0
Tangible fixed assets 19 15 12
Non-cash items 8 0 0
Right-of-use asset 25 24 23
Cash flow before change in WC -7 2 21
Total other fixed assets 4 4 4
Change in working capital -8 7 3
Fixed assets 87 82 80
Operating cash flow -15 10 24
Inventories 42 30 34
Capex tangible fixed assets -8 -8 -9
Receivables 16 19 25
Capex intangible fixed assets -6 -5 -6
Other current assets 3 3 3
Acquisitions and Disposals 1 0 0
Cash and liquid assets 15 7 11
Free cash flow -27 -3 9
Total assets 163 142 153
Dividend paid 0 0 0
Shareholders equity 59 42 39
Share issues and buybacks 0 0 0
Minority 9 11 13
Leasing liability amortisation 0 0 0
Total equity 68 53 52
Other non-cash items 7 1 -5
Long-term debt 4 5 5
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 24 24 24
Total other long-term liabilities 1 1 1
Short-term debt 21 14 14
Accounts payable 15 16 23
Other current liabilities 30 29 34
Total liabilities and equity 163 142 153
Net IB debt 33 35 31
Net IB debt excl. pension debt 33 35 31
Net IB debt excl. leasing 9 11 8
Capital employed 116 96 95
Capital invested 101 88 84
Working capital 15 8 5
Market cap. diluted (m) 392 392 392
Net IB debt adj. 33 35 31
Market value of minority 9 11 13
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 434 438 437
Total assets turnover (%) 65,5 105,1 128,3
Working capital/sales (%) 13,7 7,2 3,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 49,3 66,2 60
Net debt / market cap (%) 8,5 9 8
Equity ratio (%) 41,5 37,5 34,3
Net IB debt adj. / equity (%) 49,3 66,2 60
Current ratio 1,15 1,02 1,03
EBITDA/net interest 3,6 1,6 6,2
Net IB debt/EBITDA (x) -2,8 5,5 1,3
Net IB debt/EBITDA lease adj. (x) -0,4 1,8 0,3
Interest coverage 12 2,6 0,8
SEKm 2022 2023e 2024e
Shares outstanding adj. 98 98 98
Diluted shares adj. 98 98 98
EPS -0,45 -0,17 -0,03
Dividend per share 0 0 0
EPS adj. -0,56 -0,17 -0,03
BVPS 0,6 0,43 0,4
BVPS adj. 0,2 0,03 -0,02
Net IB debt/share 0,34 0,36 0,32
Share price 4 4 4
Market cap. (m) 392 392 392
P/E (x) -8,8 -23,9 -122,3
EV/sales (x) 3,77 2,74 2,31
EV/EBITDA (x) -37,1 68,5 17,5
EV/EBITA (x) -11,3 -42,1 132,4
EV/EBIT (x) -11,3 -42,1 132,4
Dividend yield (%) 0 0 0
FCF yield (%) -6,9 -0,8 2,2
Le. adj. FCF yld. (%) -6,9 -0,8 2,2
P/BVPS (x) 6,67 9,25 10
P/BVPS adj. (x) 10,79 19,67 23,44
P/E adj. (x) -7,2 -23,9 -122,3
EV/EBITDA adj. (x) -20 68,5 17,5
EV/EBITA adj. (x) -8,9 -42,1 132,4
EV/EBIT adj. (x) -8,9 -42,1 132,4
EV/CE (x) 3,7 4,6 4,6
Investment ratios N/A N/A N/A
Capex/sales (%) 12,3 8 8
Capex/depreciation 0,5 0,8 0,7
Capex tangibles / tangible fixed assets 42,5 54,7 78,2
Capex intangibles / definite intangibles 109,6 84,9 100,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 143,95 114,79 178,56

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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 12.2 % 12.2 % 24 Feb 2023
Mårten Hellberg 7.8 % 7.8 % 17 Mar 2023
Anders Wall 7.3 % 7.3 % 24 Feb 2023
Anders Wall Stiftelser 5.2 % 5.2 % 24 Feb 2023
eQ Asset Management Oy 3.8 % 3.8 % 28 Feb 2023
Avanza Pension 3.2 % 3.2 % 24 Feb 2023
Aktia Asset Management 3.2 % 3.2 % 24 Feb 2023
Nordnet Pensionsförsäkring 3.0 % 3.0 % 24 Feb 2023
Handelsbanken Fonder 2.4 % 2.4 % 28 Feb 2023
Armando Cordova 2.4 % 2.4 % 28 Dec 2022
Source: Holdings by Modular Finance AB