Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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.

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 113 128 144
Sales growth (%) -34,8 13,5 12
EBITDA -13 3 12
EBITDA margin (%) -11,1 2,2 8,3
EBIT adj. -14 -4 6
EBIT adj. margin (%) -12,6 -3 4,5
Pretax profit -313 -4 6
EPS -8,3 -0,11 0,18
EPS growth (%) -1318,5 -98,6 -259,8
EPS adj. -0,39 -0,11 0,18
DPS 0 0 0
EV/EBITDA (x) -19,2 86,7 20,3
EV/EBIT adj. (x) -16,9 -64,7 38
P/E (x) -0,9 -67,7 42,4
P/E adj. (x) -19,8 -67,7 42,4
EV/sales (x) 2,12 1,92 1,69
FCF yield (%) 3,2 -1,7 1,9
Le. adj. FCF yld. (%) 3,2 -2,3 1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,2 -11,9 -3,1
Le. adj. ND/EBITDA (x) -0,2 -12,6 -3,2
SEKm 2023 2024e 2025e
Sales 113 128 144
COGS -36 -42 -48
Gross profit 77 87 96
Other operating items -89 -84 -84
EBITDA -13 3 12
Depreciation and amortisation -300 -7 -6
of which leasing depreciation -298 -4 -3
EBITA -313 -4 6
EO Items -299 0 0
Impairment and PPA amortisation 0 0 0
EBIT -313 -4 6
Net financial items 0 0 0
Pretax profit -313 -4 6
Tax 10 0 0
Net profit -303 -4 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -303 -4 7
EPS -8,3 -0,11 0,18
EPS adj. -0,39 -0,11 0,18
Total extraordinary items after tax -289 0 0
Leasing payments 0 0 0
Tax rate (%) 3,2 -5 -5
Gross margin (%) 67,9 67,5 66,5
EBITDA margin (%) -11,1 2,2 8,3
EBITA margin (%) -276,7 -3 4,5
EBIT margin (%) -276,7 -3 4,5
Pre-tax margin (%) -277,1 -3,1 4,4
Net margin (%) -268,2 -3,2 4,6
Sales growth (%) -34,8 13,5 12
EBITDA growth (%) -161,5 -122,7 321,4
EBITA growth (%) -2054,1 -98,8 -267,9
EBIT growth (%) -2054,1 -98,8 -267,9
Net profit growth (%) -1318,5 -98,6 -259,8
EPS growth (%) -1318,5 -98,6 -259,8
Profitability N/A N/A N/A
ROE (%) -68,6 -1,4 2,3
ROE adj. (%) -3,2 -1,4 2,3
ROCE (%) -70,5 -1,4 2,2
ROCE adj. (%) -3,3 -1,4 2,2
ROIC (%) -76 -1,6 2,6
ROIC adj. (%) -3,5 -1,6 2,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 286 3 12
EBITDA adj. margin (%) 253 2,2 8,3
EBITDA lease adj. 286 3 12
EBITDA lease adj. margin (%) 253 2,2 8,3
EBITA adj. -14 -4 6
EBITA adj. margin (%) -12,6 -3 4,5
EBIT adj. -14 -4 6
EBIT adj. margin (%) -12,6 -3 4,5
Pretax profit Adj. -15 -4 6
Net profit Adj. -14 -4 7
Net profit to shareholders adj. -14 -4 7
Net adj. margin (%) -12,6 -3,2 4,6
SEKm 2023 2024e 2025e
EBITDA -13 3 12
Goodwill 186 186 186
Net financial items 0 0 0
Other intangible assets 12 14 16
Paid tax 10 0 0
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 3 12
Total other fixed assets 7 8 6
Change in working capital 15 -2 -3
Fixed assets 210 210 209
Operating cash flow 12 0 10
Inventories 0 0 0
Capex tangible fixed assets 0 0 0
Receivables 22 25 28
Capex intangible fixed assets -3 -5 -4
Other current assets 37 39 40
Acquisitions and Disposals 0 0 0
Cash and liquid assets 44 36 39
Free cash flow 9 -5 5
Total assets 314 309 316
Dividend paid 0 0 0
Shareholders equity 291 287 293
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 -2 -2
Total equity 291 287 293
Other non-cash items -15 0 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 9 10
Other current liabilities 11 11 12
Total liabilities and equity 314 309 316
Net IB debt -40 -34 -38
Net IB debt excl. pension debt -40 -34 -38
Net IB debt excl. leasing -44 -36 -39
Capital employed 295 289 294
Capital invested 251 253 255
Working capital 41 43 46
Market cap. diluted (m) 281 281 281
Net IB debt adj. -40 -34 -38
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 240 247 243
Total assets turnover (%) 24,2 41,2 46
Working capital/sales (%) 42,7 32,6 30,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -13,8 -11,8 -12,8
Net debt / market cap (%) -14,4 -12,1 -13,4
Equity ratio (%) 92,8 92,9 92,6
Net IB debt adj. / equity (%) -13,8 -11,8 -12,8
Current ratio 5,55 4,94 4,8
EBITDA/net interest N/A N/A N/A
Net IB debt/EBITDA (x) 3,2 -11,9 -3,1
Net IB debt/EBITDA lease adj. (x) -0,2 -12,6 -3,2
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 -0,11 0,18
Dividend per share 0 0 0
EPS adj. -0,39 -0,11 0,18
BVPS 7,97 7,87 8,01
BVPS adj. 2,57 2,39 2,5
Net IB debt/share -1,1 -0,93 -1,03
Share price 7,68 7,68 7,68
Market cap. (m) 281 281 281
P/E (x) -0,9 -67,7 42,4
EV/sales (x) 2,12 1,92 1,69
EV/EBITDA (x) -19,2 86,7 20,3
EV/EBITA (x) -0,8 -64,7 38
EV/EBIT (x) -0,8 -64,7 38
Dividend yield (%) 0 0 0
FCF yield (%) 3,2 -1,7 1,9
Le. adj. FCF yld. (%) 3,2 -2,3 1,3
P/BVPS (x) 0,96 0,98 0,96
P/BVPS adj. (x) 2,99 3,21 3,07
P/E adj. (x) -19,8 -67,7 42,4
EV/EBITDA adj. (x) 0,8 86,7 20,3
EV/EBITA adj. (x) -16,9 -64,7 38
EV/EBIT adj. (x) -16,9 -64,7 38
EV/CE (x) 0,8 0,9 0,8
Investment ratios N/A N/A N/A
Capex/sales (%) 2,8 3,8 3
Capex/depreciation 1,6 2 1,5
Capex tangibles / tangible fixed assets N/A N/A N/A
Capex intangibles / definite intangibles 27,6 35,1 27,8
Depreciation on intang / def. intang 17 18 18
Depreciation on tangibles / tangibles N/A N/A N/A

Equity research

Read earlier research

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 24.9 % 24.9 % 31 Dec 2023
Familjen Eklund 9.9 % 9.9 % 29 Jan 2024
Mastan AB (Håkan Lagerberg) 6.7 % 6.7 % 29 Jan 2024
Paul Morris 6.2 % 6.2 % 29 Jan 2024
Lorraine Morris 6.1 % 6.1 % 29 Jan 2024
Didner & Gerge Fonder 4.0 % 4.0 % 31 Jan 2024
Familjen Girell 3.7 % 3.7 % 29 Jan 2024
Protean Funds Scandinavia 2.6 % 2.6 % 29 Aug 2023
Jonas Wollin 2.4 % 2.4 % 29 Jan 2024
Avanza Pension 1.8 % 1.8 % 29 Jan 2024
Source: Holdings by Modular Finance AB