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Polygiene

Polygiene

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.

SEKm 2021 2022e 2023e
Sales 181 221 269
Sales growth (%) 115,3 21,6 22,1
EBITDA 43 52 74
EBITDA margin (%) 23,7 23,4 27,5
EBIT adj 46 47 68
EBIT adj margin (%) 25,3 21,1 25,3
Pretax profit 40 46 68
EPS rep 1,94 1,21 1,55
EPS growth (%) 2664,4 -37,9 28,4
EPS adj 2,11 1,23 1,55
DPS 0 0 0
EV/EBITDA (x) 40 7,9 4,7
EV/EBIT adj (x) 37,6 8,8 5,1
P/E (x) 25,7 11 8,6
P/E adj (x) 23,6 10,9 8,6
EV/sales (x) 9,5 1,8 1,3
FCF yield (%) 2 -2,4 12,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,1 -1,5 -1,9
Lease adj. FCF yield (%) 2 -2,7 12
Lease adj. ND/EBITDA -1,1 -1,5 -1,9
SEKm 2021 2022e 2023e
EO items -6 -1 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 49 52 74
EBITDA lease Adj margin (%) 27 23,7 27,5
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 69 44 57
EPS 1,94 1,21 1,55
EPS Adj 2,11 1,23 1,55
Total extraordinary items after tax -5,9 -0,7 0
Tax rate (%) 71,6 -3,7 -16
Gross margin (%) 64,5 65,3 65,5
EBITDA margin (%) 23,7 23,4 27,5
EBITA margin (%) 22 20,8 25,3
EBIT margin (%) 22 20,8 25,3
Pretax margin (%) 22,2 20,7 25,2
Net margin (%) 38 20 21,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 115,3 21,6 22,1
EBITDA growth (%) 4692,9 19,7 43,7
EBIT growth (%) 4763 14,9 48,3
Net profit growth (%) 4536,9 -36,1 29,5
EPS growth (%) 2664,4 -37,9 28,4
Profitability 2021 2022 2023
ROE (%) 25,2 7,9 9
ROE Adj (%) 27,4 8 9
ROCE (%) 14,6 8,1 10,7
ROCE Adj(%) 16,7 8,3 10,7
ROIC (%) 27,7 8,9 10,9
ROIC Adj (%) 31,8 9 10,9
Adj earnings numbers 2021 2022 2023
EBITDA Adj 49 52 74
EBITDA Adj margin (%) 27 23,7 27,5
EBITA Adj 46 47 68
EBITA Adj margin (%) 25,3 21,1 25,3
EBIT Adj 46 47 68
EBIT Adj margin (%) 25,3 21,1 25,3
Pretax profit Adj 46 46 68
Net profit Adj 75 45 57
Net profit to shareholders Adj 75 45 57
Net Adj margin (%) 41,3 20,3 21,2
Sales 181 221 269
COGS -64 -77 -93
Gross profit 117 144 176
Other operating items -74 -92 -102
EBITDA 43 52 74
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1 -3 -4
EBITA 40 46 68
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 40 46 68
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 46 68
Tax 29 -2 -11
Net profit 69 44 57
Depreciation and amortisation -3 -6 -6
Of which leasing depreciation -1 -2 -2
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 43 52 74
Net financial items 0 0 0
Paid tax 29 -2 -11
Non-cash items 0 0 0
Cash flow before change in WC 72 50 63
Change in WC -32 -15 3
Operating cash flow 40 35 66
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -5 -47 -5
Acquisitions and disposals 0 0 0
Free cash flow 35 -12 60
Dividend paid 0 0 0
Share issues and buybacks 0 0 4
Other non cash items 0 51 -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 431 471 468
Inventories 0 0 0
Receivables 35 54 66
Other current assets 34 33 32
Cash and liquid assets 51 80 143
Total assets 551 638 710
Shareholders equity 519 602 660
Minority 0 0 0
Total equity 519 602 660
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 25 38
Other current liabilities 18 9 9
Total liabilities and equity 551 638 710
Net IB debt -49 -78 -141
Net IB debt excl. pension debt -49 -78 -141
Capital invested 470 524 519
Working capital 39 54 51
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1770 486 490
Net IB debt Adj -49 -78 -141
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 408 349
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 59,6 37,1 39,9
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 21 19,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -9,4 -13 -21,3
Net debt / market cap (%) -4 -16,1 -28,7
Equity ratio (%) 94,3 94,4 93
Net IB debt adj. / equity (%) -9,4 -13 -21,3
Current ratio (%) 379,2 467 485,2
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -113,9 -151,5 -189,9
Interest cover (%) 0 0 0
Lease liability amortisation 0 -1 -2
Other intangible assets 7 50 51
Right-of-use asset 3 3 3
Total other fixed assets 14 11 7
Leasing liability 2 2 2
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -51 -80 -143
Net IB debt / EBITDA lease Adj (%) -105 -153,5 -192,8
SEKm 2021 2022e 2023e
P/BVPS Adj 16,9 3,35 2,43
P/E Adj 23,6 10,9 8,6
EV/EBITDA Adj 35,2 7,8 4,7
EV/EBITA Adj 37,6 8,8 5,1
EV/EBIT Adj 37,6 8,8 5,1
EV/cap. employed 3,3 0,7 0,5
Investment ratios 2021 2022 2023
Capex / sales 2,6 21,3 2
Capex / depreciation 236,5 1223,3 120
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 65,4 93,2 10,5
Depreciation on intangibles / definite intangibles 27,7 7,6 8,8
Shares outstanding adj. 35 37 37
Fully diluted shares Adj 35 37 37
EPS 1,94 1,21 1,55
Dividend per share Adj 0 0 0
EPS Adj 2,11 1,23 1,55
BVPS 14,63 16,49 17,92
BVPS Adj 2,95 3,97 5,47
Net IB debt / share -1,4 -2,1 -3,8
Share price 34,57 13,3 13,3
Market cap. (m) 1227 486 490
Valuation 2021 2022 2023
P/E 25,7 11 8,6
EV/sales 9,49 1,85 1,3
EV/EBITDA 40 7,9 4,7
EV/EBITA 43,1 8,9 5,1
EV/EBIT 43,1 8,9 5,1
Dividend yield (%) 0 0 0
FCF yield (%) 2 -2,4 12,3
P/BVPS 3,41 0,81 0,74
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 2 -2,7 12

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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
DNCA Finance S.A 11.2 % 11.2 % 31 Mar 2022
Familjen Eklund 6.3 % 6.3 % 30 Apr 2022
Paul Morris 6.2 % 6.2 % 30 Apr 2022
Lorraine Morris 6.1 % 6.1 % 30 Apr 2022
Mastan AB (Håkan Lagerberg) 4.5 % 4.5 % 5 May 2022
Nordnet Pensionsförsäkring 4.2 % 4.2 % 30 Apr 2022
Didner & Gerge Fonder 4.1 % 4.1 % 30 Apr 2022
Lancelot Asset Management AB 3.3 % 3.3 % 30 Apr 2022
Handelsbanken Fonder 2.6 % 2.6 % 30 Apr 2022
Avanza Pension 2.5 % 2.5 % 30 Apr 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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