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Polygiene Group

Polygiene Group

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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.

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; 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.

Financials

SEKm 2021 2022e 2023e
Sales 181 179 216
Sales growth (%) 115,3 -1,4 21
EBITDA 43 34 49
EBITDA margin (%) 23,7 19 22,6
EBIT adj 46 35 43
EBIT adj margin (%) 25,3 19,3 19,8
Pretax profit 40 29 43
EPS rep 1,94 0,99 0,98
EPS growth (%) 2664,4 -49,2 -1
EPS adj 2,11 1,13 0,98
DPS 0 0 0
EV/EBITDA (x) 40 6,9 4,1
EV/EBIT adj (x) 37,6 6,8 4,7
P/E (x) 25,7 8,5 8,5
P/E adj (x) 23,6 7,4 8,5
EV/sales (x) 9,5 1,3 0,9
FCF yield (%) 2 -7,6 10,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,1 -2,1 -2,1
Lease adj. FCF yield (%) 2 -7,7 10,2
Lease adj. ND/EBITDA -1,1 -1,8 -2,2
SEKm 2021 2022e 2023e
EO items -6 -5 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 49 39 49
EBITDA lease Adj margin (%) 27 22 22,6
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 69 36 36
EPS 1,94 0,99 0,98
EPS Adj 2,11 1,13 0,98
Total extraordinary items after tax -5,9 -5,3 0
Tax rate (%) 71,6 23,4 -16
Gross margin (%) 64,5 66 66
EBITDA margin (%) 23,7 19 22,6
EBITA margin (%) 22 16,4 19,8
EBIT margin (%) 22 16,4 19,8
Pretax margin (%) 22,2 16,3 19,8
Net margin (%) 38 20,2 16,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 115,3 -1,4 21
EBITDA growth (%) 4692,9 -21,1 44,1
EBIT growth (%) 4763 -26,7 46,7
Net profit growth (%) 4536,9 -47,7 -0,2
EPS growth (%) 2664,4 -49,2 -1
Profitability 2021 2022 2023
ROE (%) 25,2 6,4 5,8
ROE Adj (%) 27,4 7,4 5,8
ROCE (%) 14,6 5,2 6,9
ROCE Adj(%) 16,7 6,1 6,9
ROIC (%) 27,7 7,2 6,8
ROIC Adj (%) 31,8 8,5 6,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 49 39 49
EBITDA Adj margin (%) 27 22 22,6
EBITA Adj 46 35 43
EBITA Adj margin (%) 25,3 19,3 19,8
EBIT Adj 46 35 43
EBIT Adj margin (%) 25,3 19,3 19,8
Pretax profit Adj 46 34 43
Net profit Adj 75 41 36
Net profit to shareholders Adj 75 41 36
Net Adj margin (%) 41,3 23,1 16,6
Sales 181 179 216
COGS -64 -61 -74
Gross profit 117 118 143
Other operating items -74 -84 -94
EBITDA 43 34 49
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1 -3 -4
EBITA 40 29 43
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 40 29 43
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 40 29 43
Tax 29 7 -7
Net profit 69 36 36
Depreciation and amortisation -3 -5 -6
Of which leasing depreciation -1 -2 -1
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 43 34 49
Net financial items 0 0 0
Paid tax 29 7 -7
Non-cash items 0 0 0
Cash flow before change in WC 72 41 42
Change in WC -32 -18 -5
Operating cash flow 40 23 37
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -5 -46 -4
Acquisitions and disposals 0 0 0
Free cash flow 35 -23 33
Dividend paid 0 0 0
Share issues and buybacks 0 0 4
Other non cash items 0 53 -1
Decrease in net IB debt -1 65 69
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 407 407 407
Indefinite intangible assets 0 0 0
Definite intangible assets 5 8 10
Tangible fixed assets 0 0 0
Other fixed assets 13 8 1
Fixed assets 431 476 473
Inventories 0 0 0
Receivables 35 44 53
Other current assets 34 41 48
Cash and liquid assets 51 72 107
Total assets 551 632 681
Shareholders equity 519 602 640
Minority 0 0 0
Total equity 519 602 640
Long-term debt 0 0 0
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 0 0 0
Accounts payable 11 20 30
Other current liabilities 18 9 9
Total liabilities and equity 551 632 681
Net IB debt -49 -70 -105
Net IB debt excl. pension debt -49 -70 -105
Capital invested 470 532 535
Working capital 39 57 61
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1770 305 308
Net IB debt Adj -49 -70 -105
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 1721 235 203
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 59,6 30,2 32,9
Capital invested turnover (%) 336 120 72,5
Capital employed turnover (%) 283 102,2 57,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 12,3 15,3
Working capital / sales (%) 12,6 26,7 27,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -9,4 -11,6 -16,4
Net debt / market cap (%) -4 -22,9 -34,1
Equity ratio (%) 94,3 95,2 93,9
Net IB debt adj. / equity (%) -9,4 -11,6 -16,4
Current ratio (%) 379,2 514,5 499,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -113,9 -205,4 -214,5
Interest cover (%) 0 0 0
Lease liability amortisation 0 0 -2
Other intangible assets 7 51 51
Right-of-use asset 3 2 3
Total other fixed assets 14 15 13
Leasing liability 2 2 2
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -51 -72 -107
Net IB debt / EBITDA lease Adj (%) -105 -182,4 -218,5
SEKm 2021 2022e 2023e
P/BVPS Adj 16,9 2,12 1,69
P/E Adj 23,6 7,4 8,5
EV/EBITDA Adj 35,2 6 4,1
EV/EBITA Adj 37,6 6,8 4,7
EV/EBIT Adj 37,6 6,8 4,7
EV/cap. employed 3,3 0,4 0,3
Investment ratios 2021 2022 2023
Capex / sales 2,6 25,9 2
Capex / depreciation 236,5 1750,8 94,4
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 65,4 91 8,5
Depreciation on intangibles / definite intangibles 27,7 5,2 9
Shares outstanding adj. 35 37 37
Fully diluted shares Adj 35 37 37
EPS 1,94 0,99 0,98
Dividend per share Adj 0 0 0
EPS Adj 2,11 1,13 0,98
BVPS 14,63 16,48 17,37
BVPS Adj 2,95 3,93 4,93
Net IB debt / share -1,4 -1,9 -2,8
Share price 34,57 8,35 8,35
Market cap. (m) 1227 305 308
Valuation 2021 2022 2023
P/E 25,7 8,5 8,5
EV/sales 9,49 1,32 0,94
EV/EBITDA 40 6,9 4,1
EV/EBITA 43,1 8 4,7
EV/EBIT 43,1 8 4,7
Dividend yield (%) 0 0 0
FCF yield (%) 2 -7,6 10,7
P/BVPS 3,41 0,51 0,48
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 2 -7,7 10,2

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

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Main shareholders - Polygiene

Main shareholders Share capital % Voting shares % Verified
DNCA Finance S.A 8.3 % 8.3 % 30 Sep 2022
Mastan AB (Håkan Lagerberg) 6.7 % 6.7 % 27 Oct 2022
Paul Morris 6.2 % 6.2 % 27 Oct 2022
Lorraine Morris 6.1 % 6.1 % 27 Oct 2022
Nordnet Pensionsförsäkring 6.0 % 6.0 % 27 Oct 2022
Familjen Eklund 5.9 % 5.9 % 27 Oct 2022
Peter Gyllenhammar 5.7 % 5.7 % 27 Oct 2022
Didner & Gerge Fonder 4.4 % 4.4 % 31 Oct 2022
Jonas Wollin 2.4 % 2.4 % 1 Nov 2022
Avanza Pension 2.1 % 2.1 % 27 Oct 2022
Source: Holdings by Modular Finance AB

Insider list - Polygiene

Name Quantity Code Date
Ulrika Björk + 3 877 BUY 30 Aug 2021
Ulrika Björk - 10 000 SELL 27 Aug 2021
Ulrika Björk + 10 000 BUY 27 Aug 2021
Ulrika Björk + 100 000 BUY 26 Aug 2021
Ulrika Björk - 100 000 SELL 26 Aug 2021
Ulrika Björk + 12 123 BUY 26 Aug 2021
Ulrika Björk + 100 000 Redemp 22 Jun 2021
Ulrika Björk - 100 000 Redemp 22 Jun 2021
Daniel Röme + 20 000 BUY 14 Jun 2021
Nina Forsvall + 40 000 BUY 14 Jun 2021

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