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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 2019 2020e 2021e
Sales 85 96 149
Sales growth (%) 9 12,8 54,4
EBITDA -3 -4 16
EBITDA margin (%) -3,4 -4,2 10,7
EBIT adj -15 -17 0
EBIT adj margin (%) -17,7 -17,3 -0,3
Pretax profit -19 -19 -3
EPS rep -0,26 -0,25 -0,04
EPS growth (%) 6,2 1,4 83,3
EPS adj -0,21 -0,21 0,01
DPS 0 0 0
EV/EBITDA (x) -143,9 -173,6 44,9
EV/EBIT adj (x) -27,6 -42,4 -1547,5
P/E (x) -21,2 -29,8 -178,9
P/E adj (x) -25,4 -35 607,3
EV/sales (x) 4,9 7,4 4,8
FCF yield (%) -4,2 -3,8 -0,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 4,8 -4,4 1,6
N/A N/A N/A
SEKm 2019 2020e 2021e
EBIT Adj margin (%) -17,7 -17,3 -0,3
Pretax profit Adj -15 -16 2
Net profit Adj -15 -15 2
Net profit to shareholders Adj -17 -20 1
Net Adj margin (%) -17,5 -16,1 1,4
Sales 85 96 149
COGS -68 -76 -106
Gross profit 18 20 43
Other operating items -21 -24 -27
EBITDA -3 -4 16
Depreciation on tangibles -3 -3 -5
Depreciation on intangibles -3 -3 -5
EBITA -12 -13 5
Goodwill impairment charges 0 0 0
Other impairment and amortisation -3 -3 -5
EBIT -15 -17 0
Other financial items 0 0 0
Net financial items -4 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -19 -19 -3
Tax 0 0 0
Net profit -18 -19 -3
Minority interest -2 -4 -1
Net profit discontinued 0 0 0
Net profit to shareholders -20 -23 -4
EPS -0,26 -0,25 -0,04
EPS Adj -0,21 -0,21 0,01
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,4 -1 0
Gross margin (%) 20,8 20,8 28,8
EBITDA margin (%) -3,4 -4,2 10,7
EBITA margin (%) -13,7 -13,8 3
EBIT margin (%) -17,7 -17,3 -0,3
Pretax margin (%) -22 -19,8 -1,9
Net margin (%) -21,5 -19,6 -1,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 9 12,8 54,4
EBITDA growth (%) 74,4 -40,6 490,4
EBIT growth (%) 15,1 -10,4 97,2
Net profit growth (%) 5,8 -3,1 84,9
EPS growth (%) 6,2 1,4 83,3
Profitability 2019 2020 2021
ROE (%) -45,4 -35 -7,3
ROE Adj (%) -37,8 -29,8 2,2
ROCE (%) -14 -12,1 -0,4
ROCE Adj(%) -10,8 -9,6 3,6
ROIC (%) -19,7 -17,4 -0,4
ROIC Adj (%) -19,7 -17,4 -0,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj -3 -4 16
EBITDA Adj margin (%) -3,4 -4,2 10,7
EBITA Adj -12 -13 5
EBITA Adj margin (%) -13,7 -13,8 3
EBIT Adj -15 -17 0
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA -3 -4 16
Net financial items -4 -2 -2
Paid tax 0 0 0
Non-cash items 0 2 10
Cash flow before change in WC -6 -4 24
Change in WC -5 -5 -13
Operating cash flow -11 -9 11
CAPEX tangible fixed assets -1 -11 -7
CAPEX intangible fixed assets -6 -6 -6
Acquisitions and disposals 0 0 0
Free cash flow -18 -26 -2
Dividend paid 0 0 0
Share issues and buybacks 86 0 0
Other non cash items -23 -2 -9
Decrease in net IB debt 40 -32 -7
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 17 17 17
Indefinite intangible assets 13 14 15
Definite intangible assets 6 7 7
Tangible fixed assets 18 23 25
Other fixed assets 4 4 4
Fixed assets 82 92 94
Inventories 15 18 30
Receivables 12 14 21
Other current assets 3 3 3
Cash and liquid assets 61 25 18
Total assets 173 153 166
Shareholders equity 78 55 51
Minority 25 29 30
Total equity 102 84 81
Long-term debt 7 5 5
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 16 11 11
Accounts payable 6 7 12
Other current liabilities 17 19 30
Total liabilities and equity 173 153 166
Net IB debt -14 18 25
Net IB debt excl. pension debt -14 18 25
Capital invested 89 102 106
Working capital 7 10 12
EV breakdown 2019 2020 2021
Market cap. diluted (m) 432 691 691
Net IB debt Adj -14 18 25
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 418 709 716
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 65,4 59,1 93,4
Capital invested turnover (%) 113,9 101,2 143,5
Capital employed turnover (%) 78,8 69,7 118,9
Inventories / sales (%) 17,3 17,3 16,2
Customer advances / sales (%) 0 0 0
Payables / sales (%) 6,3 6,6 6,3
Working capital / sales (%) 6,4 8,5 7,1
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -13,5 21,3 30,7
Net debt / market cap (%) -3,2 2,6 3,6
Equity ratio (%) 59,2 54,6 48,7
Net IB debt adj. / equity (%) -13,5 21,3 30,7
Current ratio (%) 195 135,8 118,6
EBITDA / net interest (%) -78,9 -170,1 664,1
Net IB debt / EBITDA (%) 475,7 -435,5 155,4
Interest cover (%) -318 -553,3 189,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 80 92 92
Fully diluted shares Adj 80 92 92
EPS -0,26 -0,25 -0,04
Dividend per share Adj 0 0 0
EPS Adj -0,21 -0,21 0,01
BVPS 0,97 0,59 0,55
BVPS Adj 0,69 0,33 0,29
Net IB debt / share -0,2 0,2 0,3
Share price 5,36 7,5 7,5
Market cap. (m) 429 691 691
Valuation 2019 2020 2021
P/E -21,2 -29,8 -178,9
EV/sales 4,89 7,35 4,81
EV/EBITDA -143,9 -173,6 44,9
EV/EBITA -35,7 -53,4 157,7
EV/EBIT -27,6 -42,4 -1547,5
Dividend yield (%) 0 0 0
FCF yield (%) -4,2 -3,8 -0,3
P/BVPS 5,55 12,66 13,63
P/BVPS Adj 7,8 22,6 25,86
P/E Adj -25,4 -35 607,3
EV/EBITDA Adj -143,9 -173,6 44,9
EV/EBITA Adj -35,7 -53,4 157,7
EV/EBIT Adj -27,6 -42,4 -1547,5
EV/cap. employed 2,8 5,6 5,8
Investment ratios 2019 2020 2021
Capex / sales 8,2 18,3 9
Capex / depreciation 107,9 260,5 130,1
Capex tangibles / tangible fixed assets 5,7 49 29,8
Capex intangibles / definite intangibles 106,1 89,9 82,7
Depreciation on intangibles / definite intangibles 60,9 47,7 69,5
Depreciation on tangibles / tangibles 17 14,6 21,2
N/A N/A N/A

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Media

OrganoClick - Interview with CEO Mårten Hellberg
OrganoClick - Company presentation with CEO Mårten Hellberg (in English)

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Mårten Hellberg 8.0 % 8.0 % 10 Nov 2020
Anders Wall 7.7 % 7.7 % 31 Oct 2020
Handelsbanken Fonder 6.0 % 6.0 % 31 Oct 2020
Anders Wall Stiftelser 5.5 % 5.5 % 31 Oct 2020
Länsförsäkringar Fonder 4.1 % 4.1 % 31 Oct 2020
Armando Cordova Ivanov 4.1 % 4.1 % 30 Sep 2020
eQ Asset Management Oy 3.5 % 3.5 % 31 Oct 2020
Fjärde AP-fonden 3.3 % 3.3 % 31 Oct 2020
Unionen 3.1 % 3.1 % 31 Oct 2020
Nordnet Pensionsförsäkring 2.6 % 2.6 % 31 Oct 2020
Source: Holdings by Modular Finance AB