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OrganoClick

OrganoClick

Creating organic substitutes

OrganoClick was founded in 2006 as a university spin-off. The company’s operations and product offerings are based on a technology that changes the properties of cellulosic fibres in e.g. wood, textiles or paper by "clicking" on different functional molecules to the fibres which mimic natural chemical processes in growing plants, e.g. the organic waterproofing abilities of leaves. The company’s product offering consists of four business segments: Functional Wood, Green Coatings & Maintenance, Biocomposites and Non-Woven & Technical Textiles.

OrganoClick appears well-positioned to benefit from ESG trends. The EU plastic initiative will mean heavy regulation on plastic binders in non-woven material. As OrganoClick is the only provider of organic binders today, the company is in a sweet-spot to capitalise on the SEK 4bn market. Furthermore, in the BC segment, emissions in the cremation and health care industry have created a strong demand for OrganoClick’s Saga coffin and its bio-based risk-waste containers. With these products ramping up, OrganoClick looks set for significant sales growth.

The company is ramping up in several industries simultaneously, with different end-markets. For a small organisation, this could lead to a split focus, affecting the scale-up of some products negatively. Furthermore, the construction exposure is of cyclical nature, meaning that the company would be affected negatively by an economic slowdown.

SEKm 2020 2021e 2022e
Sales 96 126 200
Sales growth (%) 12,8 30,7 58,9
EBITDA -4 -4 25
EBITDA margin (%) -4,7 -2,9 12,7
EBIT adj -17 -19 7
EBIT adj margin (%) -17,7 -15,4 3,7
Pretax profit -20 -22 5
EPS rep -0,26 -0,27 0,04
EPS growth (%) -0,6 -6,3 113,6
EPS adj -0,22 -0,23 0,1
DPS 0 0 0
EV/EBITDA (x) -227,1 -230,3 33,1
EV/EBIT adj (x) -59,7 -43,4 115
P/E (x) -42,9 -33,5 246,6
P/E adj (x) -50,3 -40,3 89,4
EV/sales (x) 10,6 6,7 4,2
FCF yield (%) -1,4 -4,4 0,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,6 0,3 0
Lease adj. FCF yield (%) -1,4 -4,4 0,5
Lease adj. ND/EBITDA 4,2 8,4 -1,2
SEKm 2020 2021e 2022e
EBIT Adj margin (%) -17,7 -15,4 3,7
Pretax profit Adj -16 -18 11
Net profit Adj -16 -18 11
Net profit to shareholders Adj -20 -21 9
Net Adj margin (%) -16,6 -14,1 5,4
Sales 96 126 200
COGS -76 -98 -134
Gross profit 20 28 66
Other operating items -25 -31 -40
EBITDA -4 -4 25
Depreciation on tangibles -3 -5 -6
Depreciation on intangibles -4 -5 -6
EBITA -14 -15 13
Goodwill impairment charges 0 0 0
Other impairment and amortisation -4 -5 -6
EBIT -17 -19 7
Other financial items 0 0 0
Net financial items -2 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -20 -22 5
Tax 0 0 0
Net profit -20 -22 5
Minority interest -4 -3 -2
Net profit discontinued 0 0 0
Net profit to shareholders -24 -25 3
EPS -0,26 -0,27 0,04
EPS Adj -0,22 -0,23 0,1
Total extraordinary items after tax 0 0 0
Tax rate (%) -0,1 0,8 0
Gross margin (%) 20,9 22 32,9
EBITDA margin (%) -4,7 -2,9 12,7
EBITA margin (%) -14,1 -12 6,6
EBIT margin (%) -17,7 -15,4 3,7
Pretax margin (%) -20,2 -17,3 2,5
Net margin (%) -20,2 -17,5 2,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 12,8 30,7 58,9
EBITDA growth (%) -54,7 18,7 796
EBIT growth (%) -13 -13,4 137,7
Net profit growth (%) -6,3 -12,8 122,3
EPS growth (%) -0,6 -6,3 113,6
Profitability 2020 2021 2022
ROE (%) -35,9 -36 3,9
ROE Adj (%) -30,5 -30 10,8
ROCE (%) -12,6 -13,6 4,4
ROCE Adj(%) -10 -10,6 8
ROIC (%) -19,1 -19,9 6,7
ROIC Adj (%) -19,1 -19,9 6,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj -4 -4 25
EBITDA Adj margin (%) -4,7 -2,9 12,7
EBITA Adj -14 -15 13
EBITA Adj margin (%) -14,1 -12 6,6
EBIT Adj -17 -19 7
Depreciation and amortisation -13 -16 -18
Of which leasing depreciation -6 -6 -6
EO items 0 0 0
Impairment and PPA amortisation -4 -4 -6
EBITDA lease Adj -4 -4 25
EBITDA lease Adj margin (%) -4,7 -2,9 12,7
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA -4 -4 25
Net financial items -2 -2 -2
Paid tax 0 0 0
Non-cash items 1 -1 15
Cash flow before change in WC -6 -7 38
Change in WC 12 -17 -18
Operating cash flow 5 -24 20
CAPEX tangible fixed assets -11 -7 -10
CAPEX intangible fixed assets -8 -6 -6
Acquisitions and disposals 0 0 0
Free cash flow -14 -37 4
Dividend paid 0 0 0
Share issues and buybacks 0 56 0
Other non cash items -6 -20 -20
Decrease in net IB debt -21 -26 2
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 17 17 17
Indefinite intangible assets 16 16 15
Definite intangible assets 8 8 8
Tangible fixed assets 21 27 31
Other fixed assets 4 4 4
Fixed assets 94 101 104
Inventories 14 19 34
Receivables 9 18 26
Other current assets 4 4 4
Cash and liquid assets 32 57 57
Total assets 153 199 225
Shareholders equity 54 85 89
Minority 29 21 23
Total equity 83 107 112
Long-term debt 6 15 15
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 7 11 11
Accounts payable 14 10 16
Other current liabilities 17 25 40
Total liabilities and equity 153 199 225
Net IB debt 7 -1 0
Net IB debt excl. pension debt 7 -1 0
Capital invested 90 106 112
Working capital -3 5 8
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1013 842 842
Net IB debt Adj 7 -1 0
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 1020 841 842
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 59,2 71,6 94,5
Capital invested turnover (%) 107,6 129,2 188
Capital employed turnover (%) 71 108,1 176,5
Inventories / sales (%) 15,3 14,8 15,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 10,3 9,6 6,5
Working capital / sales (%) 1,8 0,5 3,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 8,6 -1 -0,3
Net debt / market cap (%) 1,3 -0,1 0
Equity ratio (%) 54,3 53,7 49,7
Net IB debt adj. / equity (%) 8,6 -1 -0,3
Current ratio (%) 130,5 178,2 159,4
EBITDA / net interest (%) -184,7 -149,1 1058,9
Net IB debt / EBITDA (%) -158 30 -1,5
Interest cover (%) -558,6 -618,8 554,8
Lease liability amortisation 0 0 0
Other intangible assets 23 25 25
Right-of-use asset 29 28 27
Total other fixed assets 4 4 4
Leasing liability 26 30 30
Total other long-term liabilities 0 1 1
Net IB debt excl. leasing -19 -31 -30
Net IB debt / EBITDA lease Adj (%) 420,9 840,7 -118
SEKm 2020 2021e 2022e
Shares outstanding adj. 92 92 92
Fully diluted shares Adj 92 92 92
EPS -0,26 -0,27 0,04
Dividend per share Adj 0 0 0
EPS Adj -0,22 -0,23 0,1
BVPS 0,59 0,93 0,96
BVPS Adj 0,32 0,65 0,69
Net IB debt / share 0,1 0 0
Share price 6,04 9,14 9,14
Market cap. (m) 557 842 842
Valuation 2020 2021 2022
P/E -42,9 -33,5 246,6
EV/sales 10,58 6,67 4,2
EV/EBITDA -227,1 -230,3 33,1
EV/EBITA -75,1 -55,5 63,2
EV/EBIT -59,7 -43,4 115
Dividend yield (%) 0 0 0
FCF yield (%) -1,4 -4,4 0,5
P/BVPS 18,73 9,86 9,48
P/BVPS Adj 34,19 14 13,25
P/E Adj -50,3 -40,3 89,4
EV/EBITDA Adj -227,1 -230,3 33,1
EV/EBITA Adj -75,1 -55,5 63,2
EV/EBIT Adj -59,7 -43,4 115
EV/cap. employed 8,4 5,2 5
Investment ratios 2020 2021 2022
Capex / sales 20,1 10,6 8
Capex / depreciation 285,3 136,2 133,6
Capex tangibles / tangible fixed assets 53,4 25,7 32,3
Capex intangibles / definite intangibles 106,6 75,4 71,1
Depreciation on intangibles / definite intangibles 45,9 50 70,9
Depreciation on tangibles / tangibles 15,6 20,5 19,3
Lease adj. FCF yield (%) -1,4 -4,4 0,5

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Media

OrganoClick - Company presentation with CEO Mårten Hellberg
OrganoClick - Company presentation with CEO Mårten Hellberg

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Mårten Hellberg 7.6 % 7.6 % 30 Sep 2021
Anders Wall 7.3 % 7.3 % 30 Sep 2021
Handelsbanken Fonder 7.2 % 7.2 % 30 Sep 2021
MediumInvest A/S 5.7 % 5.7 % 30 Sep 2021
Anders Wall Stiftelser 5.2 % 5.2 % 30 Sep 2021
Enter Fonder 4.0 % 4.0 % 30 Sep 2021
Länsförsäkringar Fonder 3.9 % 3.9 % 30 Sep 2021
Fjärde AP-fonden 3.3 % 3.3 % 30 Sep 2021
eQ Asset Management Oy 3.0 % 3.0 % 30 Sep 2021
Nordnet Pensionsförsäkring 2.7 % 2.7 % 30 Sep 2021
Source: Holdings by Modular Finance AB