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Polygiene Group

Polygiene Group

Technology for treatment of textiles and other materials

Polygiene was founded in 2006 as a spin-off from Perstorp Group and provides a treatment for textiles and other materials that ensures odour, bacteria and virus control. The company’s vision is to change the way we view products – from fast consumables to durables. Polygiene is the market-leading ingredient brand for stay-fresh solutions with significant brand awareness in the industries in which it operates. In partnership with premium brands, Polygiene delivers a product that is effective, safe to use, prolongs product life, contributes to a more sustainable lifestyle as well as a more profitable business for its partners.

Sustainability Information

The largest risk is related to the competitive landscape present in the market where current competitors could copy its business model to add value throughout the entire value chain. There are a number of actors that currently provide similar additives£pv£ two of them are European firms profiled as ingredient brands. There is also a risk that the solution Polygiene offers becomes a commodity, and that end-customers will expect the functionality without needing to pay a premium price tag for it.

SEKm 2023 2024e 2025e
Sales 113 145 161
Sales growth (%) -34,8 28,4 11
EBITDA -13 22 23
EBITDA margin (%) -11,1 14,8 14,5
EBIT adj. -14 15 18
EBIT adj. margin (%) -12,6 10,4 10,9
Pretax profit -313 14 17
EPS -8,3 0,55 0,45
EPS growth (%) -1318,5 -106,7 -17,7
EPS adj. -0,39 0,55 0,45
DPS 0 0 0
EV/EBITDA (x) -23,8 13,6 12,1
EV/EBIT adj. (x) -21 19,4 16
P/E (x) -1,1 16,8 20,4
P/E adj. (x) -23,9 16,8 20,4
EV/sales (x) 2,64 2,02 1,75
FCF yield (%) 2,7 2,8 4
Le. adj. FCF yld. (%) 2,7 2,4 3,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,2 -2,1 -2,5
Le. adj. ND/EBITDA (x) -0,2 -2,2 -2,5
SEKm 2023 2024e 2025e
Sales 113 145 161
COGS -36 -48 -55
Gross profit 77 97 106
Other operating items -89 -75 -83
EBITDA -13 22 23
Depreciation and amortisation -300 -6 -6
of which leasing depreciation -298 -4 -3
EBITA -313 15 18
EO Items -299 0 0
Impairment and PPA amortisation 0 0 0
EBIT -313 15 18
Net financial items 0 -1 0
Pretax profit -313 14 17
Tax 10 6 -1
Net profit -303 20 17
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -303 20 17
EPS -8,3 0,55 0,45
EPS adj. -0,39 0,55 0,45
Total extraordinary items after tax -289 0 0
Leasing payments 0 0 0
Tax rate (%) 3,2 -39,9 5
Gross margin (%) 67,9 66,6 66
EBITDA margin (%) -11,1 14,8 14,5
EBITA margin (%) -276,7 10,4 10,9
EBIT margin (%) -276,7 10,4 10,9
Pre-tax margin (%) -277,1 9,9 10,8
Net margin (%) -268,2 13,9 10,3
Sales growth (%) -34,8 28,4 11
EBITDA growth (%) -161,5 -271,6 8,4
EBITA growth (%) -2054,1 -104,8 16,3
EBIT growth (%) -2054,1 -104,8 16,3
Net profit growth (%) -1318,5 -106,7 -17,7
EPS growth (%) -1318,5 -106,7 -17,7
Profitability N/A N/A N/A
ROE (%) -68,6 6,6 5,1
ROE adj. (%) -3,2 6,6 5,1
ROCE (%) -70,5 4,7 5,4
ROCE adj. (%) -3,3 4,7 5,4
ROIC (%) -76 8,1 6,1
ROIC adj. (%) -3,5 8,1 6,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 286 22 23
EBITDA adj. margin (%) 253 14,8 14,5
EBITDA lease adj. 286 22 23
EBITDA lease adj. margin (%) 253 14,8 14,5
EBITA adj. -14 15 18
EBITA adj. margin (%) -12,6 10,4 10,9
EBIT adj. -14 15 18
EBIT adj. margin (%) -12,6 10,4 10,9
Pretax profit Adj. -15 14 17
Net profit Adj. -14 20 17
Net profit to shareholders adj. -14 20 17
Net adj. margin (%) -12,6 13,9 10,3
SEKm 2023 2024e 2025e
EBITDA -13 22 23
Goodwill 186 196 196
Net financial items 0 -1 0
Other intangible assets 12 14 16
Paid tax 10 6 -1
Tangible fixed assets 0 0 0
Non-cash items 0 0 0
Right-of-use asset 5 3 2
Cash flow before change in WC -3 27 22
Total other fixed assets 7 7 3
Change in working capital 15 -13 -4
Fixed assets 210 220 217
Operating cash flow 12 14 18
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 22 34 38
Capex intangible fixed assets -3 -5 -5
Other current assets 37 42 45
Acquisitions and Disposals 0 0 0
Cash and liquid assets 44 48 59
Free cash flow 9 9 13
Total assets 314 343 358
Dividend paid 0 0 0
Shareholders equity 291 319 332
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 -1 -2
Total equity 291 319 332
Other non-cash items -15 -3 0
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 4 2 1
Total other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 7 13 14
Other current liabilities 11 10 11
Total liabilities and equity 314 343 358
Net IB debt -40 -46 -57
Net IB debt excl. pension debt -40 -46 -57
Net IB debt excl. leasing -44 -48 -59
Capital employed 295 321 333
Capital invested 251 273 274
Working capital 41 53 57
Market cap. diluted (m) 339 339 339
Net IB debt adj. -40 -46 -57
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 299 293 281
Total assets turnover (%) 24,2 44,2 45,9
Working capital/sales (%) 42,7 32,3 34,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -13,8 -14,3 -17,3
Net debt / market cap (%) -11,9 -13,5 -17
Equity ratio (%) 92,8 92,8 92,6
Net IB debt adj. / equity (%) -13,8 -14,3 -17,3
Current ratio 5,55 5,46 5,58
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 3,2 -2,1 -2,5
Net IB debt/EBITDA lease adj. (x) -0,2 -2,2 -2,5
Interest coverage N/A N/A N/A
SEKm 2023 2024e 2025e
Shares outstanding adj. 37 37 37
Diluted shares adj. 37 37 37
EPS -8,3 0,55 0,45
Dividend per share 0 0 0
EPS adj. -0,39 0,55 0,45
BVPS 7,97 8,72 9,08
BVPS adj. 2,57 2,98 3,28
Net IB debt/share -1,1 -1,25 -1,57
Share price 9,28 9,28 9,28
Market cap. (m) 339 339 339
P/E (x) -1,1 16,8 20,4
EV/sales (x) 2,64 2,02 1,75
EV/EBITDA (x) -23,8 13,6 12,1
EV/EBITA (x) -1 19,4 16
EV/EBIT (x) -1 19,4 16
Dividend yield (%) 0 0 0
FCF yield (%) 2,7 2,8 4
Le. adj. FCF yld. (%) 2,7 2,4 3,5
P/BVPS (x) 1,16 1,06 1,02
P/BVPS adj. (x) 3,62 3,12 2,83
P/E adj. (x) -23,9 16,8 20,4
EV/EBITDA adj. (x) 1 13,6 12,1
EV/EBITA adj. (x) -21 19,4 16
EV/EBIT adj. (x) -21 19,4 16
EV/CE (x) 1 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 2,8 3,1 3
Capex/depreciation 1,6 2 1,8
Capex tangibles / tangible fixed assets N/A N/A N/A
Capex intangibles / definite intangibles 27,6 33,4 30,7
Depreciation on intang / def. intang 17 17 17
Depreciation on tangibles / tangibles N/A N/A N/A

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Media

Polygiene - Company presentation with CEO Ulrika Björk
Polygiene - Company presentation with CEO Ulrika Björk

Main shareholders - Polygiene

Main shareholders Share capital % Voting shares % Verified
Peter Gyllenhammar 26.2 % 26.2 % 31 Mar 2024
Familjen Eklund 10.3 % 10.3 % 26 Apr 2024
Mastan AB (Håkan Lagerberg) 6.7 % 6.7 % 26 Apr 2024
Paul Morris 6.2 % 6.2 % 26 Apr 2024
Lorraine Morris 6.1 % 6.1 % 26 Apr 2024
Didner & Gerge Fonder 3.9 % 3.9 % 30 Apr 2024
Familjen Girell 3.8 % 3.8 % 26 Apr 2024
Jonas Wollin 2.4 % 2.4 % 26 Apr 2024
Nordnet Pensionsförsäkring 1.8 % 1.8 % 26 Mar 2024
Avanza Pension 1.7 % 1.7 % 26 Apr 2024
Source: Holdings by Modular Finance AB