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OrganoClick

OrganoClick

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 three business segments: Functional Wood, Green Coatings & Maintenance and Non-Woven & Fiber Technologies.

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.

SEKm 2023 2024e 2025e
Sales 146 158 143
Sales growth (%) 26,8 8,3 -9,2
EBITDA 6 18 33
EBITDA margin (%) 4 11,4 22,7
EBIT adj. -9 2 15
EBIT adj. margin (%) -6,3 1 10,5
Pretax profit -14 -5 9
EPS -0,16 -0,06 0,1
EPS growth (%) -65,1 -59 -248,4
EPS adj. -0,16 -0,06 0,1
DPS 0 0 0
EV/EBITDA (x) 62,7 20,5 10,7
EV/EBIT adj. (x) -39,7 234,4 23,2
P/E (x) -20,7 -50,5 34
P/E adj. (x) -20,7 -50,5 34
EV/sales (x) 2,51 2,34 2,44
FCF yield (%) -2,5 -2,4 7,4
Le. adj. FCF yld. (%) -5,4 -5,1 5,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 6,4 2,2 0,6
Le. adj. ND/EBITDA (x) 63,6 2,6 0,4
SEKm 2023 2024e 2025e
Sales 146 158 143
COGS -110 -114 -90
Gross profit 35 44 53
Other operating items -30 -26 -20
EBITDA 6 18 33
Depreciation and amortisation -15 -16 -17
of which leasing depreciation -6 -7 -8
EBITA -9 2 15
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -9 2 15
Net financial items -5 -6 -6
Pretax profit -14 -5 9
Tax 0 0 0
Net profit -14 -5 9
Minority interest -1 -2 0
Net profit discontinued 0 0 0
Net profit to shareholders -15 -6 9
EPS -0,16 -0,06 0,1
EPS adj. -0,16 -0,06 0,1
Total extraordinary items after tax 0 0 0
Leasing payments -6 -7 -8
Tax rate (%) -0,5 0 0
Gross margin (%) 24,3 28 37
EBITDA margin (%) 4 11,4 22,7
EBITA margin (%) -6,3 1 10,5
EBIT margin (%) -6,3 1 10,5
Pre-tax margin (%) -9,7 -3 6,6
Net margin (%) -9,7 -3 6,6
Sales growth (%) 26,8 8,3 -9,2
EBITDA growth (%) -149,2 208,8 80,2
EBITA growth (%) -76 -117,1 853,2
EBIT growth (%) -76 -117,1 N/A
Net profit growth (%) -66 -66,3 -297,6
EPS growth (%) -65,1 -59 -248,4
Profitability N/A N/A N/A
ROE (%) -30 -15,4 22
ROE adj. (%) -30 -15,4 22
ROCE (%) -8,4 1,6 14,6
ROCE adj. (%) -8,4 1,6 14,6
ROIC (%) -9,7 1,8 18,3
ROIC adj. (%) -9,7 1,8 18,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 6 18 33
EBITDA adj. margin (%) 4 11,4 22,7
EBITDA lease adj. 0 11 25
EBITDA lease adj. margin (%) 0,2 6,8 17,3
EBITA adj. -9 2 15
EBITA adj. margin (%) -6,3 1 10,5
EBIT adj. -9 2 15
EBIT adj. margin (%) -6,3 1 10,5
Pretax profit Adj. -14 -5 9
Net profit Adj. -14 -5 9
Net profit to shareholders adj. -15 -6 9
Net adj. margin (%) -9,7 -3 6,6
SEKm 2023 2024e 2025e
EBITDA 6 18 33
Goodwill 17 17 17
Net financial items -5 -6 -6
Other intangible assets 25 28 30
Paid tax 0 0 0
Tangible fixed assets 13 11 8
Non-cash items -5 -9 0
Right-of-use asset 23 19 14
Cash flow before change in WC -4 2 27
Total other fixed assets 4 4 4
Change in working capital 5 -1 5
Fixed assets 82 78 72
Operating cash flow 1 2 32
Inventories 37 39 29
Capex tangible fixed assets -2 -2 -1
Receivables 18 21 19
Capex intangible fixed assets -7 -8 -7
Other current assets 3 5 4
Acquisitions and Disposals 0 0 0
Cash and liquid assets 11 12 31
Free cash flow -8 -8 24
Total assets 151 154 154
Dividend paid 0 0 0
Shareholders equity 45 38 47
Share issues and buybacks 0 0 0
Minority 9 10 10
Leasing liability amortisation -9 -9 -5
Total equity 53 48 58
Other non-cash items 13 15 2
Long-term debt 3 4 4
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 17 12 10
Total other long-term liabilities 1 1 1
Short-term debt 28 36 36
Accounts payable 15 19 17
Other current liabilities 33 35 29
Total liabilities and equity 151 154 154
Net IB debt 38 39 19
Net IB debt excl. pension debt 38 39 19
Net IB debt excl. leasing 21 28 9
Capital employed 102 100 107
Capital invested 91 88 77
Working capital 10 11 6
Market cap. diluted (m) 320 320 320
Net IB debt adj. 38 39 19
Market value of minority 9 10 10
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 367 370 349
Total assets turnover (%) 93 103,5 92,9
Working capital/sales (%) 8,8 6,8 5,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 70,6 81,6 32,4
Net debt / market cap (%) 11,8 12,3 5,8
Equity ratio (%) 35,4 31,4 37,5
Net IB debt adj. / equity (%) 70,6 81,6 32,4
Current ratio 0,91 0,86 1,01
EBITDA/net interest 1,2 2,8 5,8
Net IB debt/EBITDA (x) 6,4 2,2 0,6
Net IB debt/EBITDA lease adj. (x) 63,6 2,6 0,4
Interest coverage 1,8 0,3 2,7
SEKm 2023 2024e 2025e
Shares outstanding adj. 98 98 98
Diluted shares adj. 98 98 98
EPS -0,16 -0,06 0,1
Dividend per share 0 0 0
EPS adj. -0,16 -0,06 0,1
BVPS 0,46 0,39 0,48
BVPS adj. 0,03 -0,07 0,01
Net IB debt/share 0,38 0,4 0,19
Share price 3,27 3,27 3,27
Market cap. (m) 320 320 320
P/E (x) -20,7 -50,5 34
EV/sales (x) 2,51 2,34 2,44
EV/EBITDA (x) 62,7 20,5 10,7
EV/EBITA (x) -39,7 234,4 23,2
EV/EBIT (x) -39,7 234,4 23,2
Dividend yield (%) 0 0 0
FCF yield (%) -2,5 -2,4 7,4
Le. adj. FCF yld. (%) -5,4 -5,1 5,9
P/BVPS (x) 7,18 8,42 6,75
P/BVPS adj. (x) 111,71 -47,89 300,2
P/E adj. (x) -20,7 -50,5 34
EV/EBITDA adj. (x) 62,7 20,5 10,7
EV/EBITA adj. (x) -39,7 234,4 23,2
EV/EBIT adj. (x) -39,7 234,4 23,2
EV/CE (x) 3,6 3,7 3,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,9 6 6
Capex/depreciation 0,9 1 0,9
Capex tangibles / tangible fixed assets 13,4 14,9 18,5
Capex intangibles / definite intangibles 27,5 28,3 24,2
Depreciation on intang / def. intang 17 18 19
Depreciation on tangibles / tangibles 40,69 39,44 55,39

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Peter Lindell 15.9 % 15.9 % 26 Mar 2024
Mårten Hellberg 7.9 % 7.9 % 26 Mar 2024
Anders Wall 7.3 % 7.3 % 26 Mar 2024
Anders Wall stiftelser 5.5 % 5.5 % 26 Mar 2024
eQ Asset Management Oy 3.8 % 3.8 % 30 Apr 2024
Avanza Pension 3.2 % 3.2 % 26 Mar 2024
Aktia Asset Management 3.2 % 3.2 % 31 Mar 2024
Nordnet Pensionsförsäkring 2.5 % 2.5 % 26 Mar 2024
Jonas Hafrén 2.2 % 2.2 % 26 Mar 2024
Per Anders Bendt 1.9 % 1.9 % 26 Mar 2024
Source: Holdings by Modular Finance AB