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Nanexa

Nanexa

International engineering group

Nanexa is a Swedish drug-delivery company listed on Nasdaq First North Growth Market, leveraging its proprietary drug formulation PharmaShell to convert short-acting injectables into long-acting, sustained release versions with enhanced properties. The company is pursuing both technology licensing and internal generic drug development for subsequent product licensing or independent commercialisation.

The key risks for Nanexa are related to clinical development of its candidate drugs in terms of failed or delayed studies, and failure to find licensees for its technology. Liquidity and financing risks are also present as Nanexa is currently a development-stage company with negative cash flow. The competitive landscape could also change by the time that Nanexa's products reach the market.

SEKm 2020 2021e 2022e
Sales 21 23 25
Sales growth (%) 140,3 9,5 9,5
EBITDA -16 -29 -32
EBITDA margin (%) -77,6 -126,7 -127,7
EBIT adj -21 -29 -32
EBIT adj margin (%) -102,4 -126,7 -127,7
Pretax profit -22 -29 -32
EPS rep -1,09 -0,57 -0,63
EPS growth (%) -23,8 47,4 -10,4
EPS adj -1,09 -0,57 -0,63
DPS 0 0 0
EV/EBITDA (x) -12,7 -2,7 -3,6
EV/EBIT adj (x) -9,6 -2,7 -3,6
P/E (x) -10,1 -6,6 -5,9
P/E adj (x) -10,1 -6,6 -5,9
EV/sales (x) 9,9 3,5 4,6
FCF yield (%) 0,6 51,8 -18,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,8 3,8 2,4
Lease adj. FCF yield (%) -7,7 -23,7 -18,5
Lease adj. ND/EBITDA 0,6 3,7 2,3
SEKm 2020 2021e 2022e
Sales 21 23 25
COGS 0 0 0
Gross profit 21 23 25
Other operating items -37 -52 -57
EBITDA -16 -29 -32
Depreciation and amortisation -5 0 0
Of which leasing depreciation 0 0 0
EBITA -21 -29 -32
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -21 -29 -32
Net financial items 0 0 0
Pretax profit -22 -29 -32
Tax 0 0 0
Net profit -22 -29 -32
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -22 -29 -32
EPS -1,09 -0,57 -0,63
EPS Adj -1,09 -0,57 -0,63
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -77,6 -126,7 -127,7
EBITA margin (%) -102,4 -126,7 -127,7
EBIT margin (%) -102,4 -126,7 -127,7
Pretax margin (%) -103,7 -126,7 -127,7
Net margin (%) -103,6 -126,7 -127,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 140,3 9,5 9,5
EBITDA growth (%) -75,9 -78,9 -10,4
EBIT growth (%) -69,1 -35,5 -10,4
Net profit growth (%) -67,8 -34 -10,4
EPS growth (%) -23,8 47,4 -10,4
Profitability 2020 2021 2022
ROE (%) -63,7 -29,9 -24,1
ROE Adj (%) -63,7 -29,9 -24,1
ROCE (%) -63 -29,9 -24,1
ROCE Adj(%) -63 -29,9 -24,1
ROIC (%) -84,6 -77 -75,9
ROIC Adj (%) -84,6 -77 -75,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj -16 -29 -32
EBITDA Adj margin (%) -77,6 -126,7 -127,7
EBITDA lease Adj -16 -29 -32
EBITDA lease Adj margin (%) -77,6 -126,7 -127,7
EBITA Adj -21 -29 -32
EBITA Adj margin (%) -102,4 -126,7 -127,7
EBIT Adj -21 -29 -32
EBIT Adj margin (%) -102,4 -126,7 -127,7
Pretax profit Adj -22 -29 -32
Net profit Adj -22 -29 -32
Net profit to shareholders Adj -22 -29 -32
Net Adj margin (%) -103,6 -126,7 -127,7
SEKm 2020 2021e 2022e
EBITDA -16 -29 -32
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -17 -29 -32
Change in WC 0 -13 -3
Operating cash flow -17 -42 -35
CAPEX tangible fixed assets 0 -3 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -17 -45 -35
Dividend paid 0 0 0
Share issues and buybacks 39 127 0
Lease liability amortisation 0 0 0
Other non cash items -38 -121 0
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Other intangible assets 34 34 34
Tangible fixed assets 4 7 7
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 37 41 41
Inventories 0 0 0
Receivables 4 4 4
Other current assets 0 0 0
Cash and liquid assets 13 112 76
Total assets 54 156 121
Shareholders equity 43 151 116
Minority 0 0 0
Total equity 43 151 116
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 2 2 3
Other current liabilities 5 0 0
Total liabilities and equity 54 156 121
Net IB debt -13 -112 -76
Net IB debt excl. pension debt -13 -112 -76
Net IB debt excl. leasing -10 -109 -74
Capital invested 33 42 42
Working capital -4 2 2
EV breakdown 2020 2021 2022
Market cap. diluted (m) 220 191 191
Net IB debt Adj -13 -112 -76
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 207 79 115
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 47,1 21,9 18,1
Working capital / sales (%) -18,9 -4,4 7,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -29,6 -73,9 -65,9
Net debt / market cap (%) -6,8 -58,5 -40
Equity ratio (%) 80,7 96,7 95,5
Net IB debt adj. / equity (%) -29,6 -73,9 -65,9
Current ratio (%) 219,4 4853,1 3092,9
EBITDA / net interest (%) -6385,9 0 0
Net IB debt / EBITDA (%) 78,7 383,7 237,8
Net IB debt / EBITDA lease Adj (%) 61,2 373,9 229
Interest cover (%) -8427,1 0 0
SEKm 2020 2021e 2022e
Shares outstanding adj. 20 51 51
Fully diluted shares Adj 20 51 51
EPS -1,09 -0,57 -0,63
Dividend per share Adj 0 0 0
EPS Adj -1,09 -0,57 -0,63
BVPS 2,18 2,98 2,29
BVPS Adj 2,18 2,98 2,29
Net IB debt / share -0,5 -2,1 -1,5
Share price 9,47 3,77 3,77
Market cap. (m) 189 191 191
Valuation 2020 2021 2022
P/E -10,1 -6,6 -5,9
EV/sales 9,86 3,45 4,56
EV/EBITDA -12,7 -2,7 -3,6
EV/EBITA -9,6 -2,7 -3,6
EV/EBIT -9,6 -2,7 -3,6
Dividend yield (%) 0 0 0
FCF yield (%) 0,6 51,8 -18,5
Lease adj. FCF yield (%) -7,7 -23,7 -18,5
P/BVPS 5,07 1,26 1,65
P/BVPS Adj 5,07 1,26 1,65
P/E Adj -10,1 -6,6 -5,9
EV/EBITDA Adj -12,7 -2,7 -3,6
EV/EBITA Adj -9,6 -2,7 -3,6
EV/EBIT Adj -9,6 -2,7 -3,6
EV/cap. employed 4,8 0,5 1
Investment ratios 2020 2021 2022
Capex / sales 0 14,8 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 48,6 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 144,8 0 0

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Rutger Arnhult 8.2 % 8.2 % 30 Sep 2021
Avanza Pension 7.7 % 7.7 % 30 Sep 2021
Jan Petersen 6.9 % 6.9 % 30 Sep 2021
Familjen Nordström 5.5 % 5.5 % 30 Sep 2021
Ilija Batljan 3.9 % 3.9 % 30 Sep 2021
Nordnet Pensionsförsäkring 2.9 % 2.9 % 30 Sep 2021
Ivar Nordqvist 2.5 % 2.5 % 30 Sep 2021
Applied Ventures, LLC 2.3 % 2.3 % 30 Sep 2021
David Olsson 2.1 % 2.1 % 30 Sep 2021
Mikael Jacobsson 1.3 % 1.3 % 30 Sep 2021
Source: Holdings by Modular Finance AB