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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 sustainable technology for the treatment of textiles and other materials. The company does not manufacture fabrics or products but acts as an ingredient brand, which means it always aims to be recognised, understood and valued by the ones using the treated products. Polygiene communicates the function by supplying hangtags and labels so the user understands why this product stays fresh and can be washed less. The vision is to transform consumables to durables and be part of creating a more sustainable textile industry.

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 2019 2020e 2021e
Sales 69 96 180
Sales growth (%) -0,3 39,8 87,6
EBITDA -5 3 29
EBITDA margin (%) -7,8 3 15,8
EBIT adj -7 1 27
EBIT adj margin (%) -9,6 1,3 14,8
Pretax profit -7 1 27
EPS rep 0 0,07 1,29
EPS growth (%) N/A 0 1676,8
EPS adj 0 0,07 1,29
DPS 0 0 0
EV/EBITDA (x) -33,2 238,9 23,7
EV/EBIT adj (x) -27,2 556,3 25,3
P/E (x) 0 463,8 26,1
P/E adj (x) 0 463,8 26,1
EV/sales (x) 2,6 7,1 3,7
FCF yield (%) 0 0,3 2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,7 -1,6 -0,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -5 1 27
EPS 0 0,07 1,29
EPS Adj 0 0,07 1,29
Total extraordinary items after tax 0 0 0
Tax rate (%) -21,9 24,3 0
Gross margin (%) 69,4 68,5 68
EBITDA margin (%) -7,8 3 15,8
EBITA margin (%) -9,6 1,3 14,8
EBIT margin (%) -9,6 1,3 14,8
Pretax margin (%) -9,6 1,2 14,8
Net margin (%) -7,5 1,5 14,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0,3 39,8 87,6
EBITDA growth (%) -168,1 153,3 895,5
EBIT growth (%) -134,3 118,7 2072,2
Net profit growth (%) -10,5 128,7 1696,5
EPS growth (%) N/A 0 1676,8
Profitability 2019 2020 2021
ROE (%) -14,6 5 62,5
ROE Adj (%) -14,6 5 62,5
ROCE (%) -18,3 3,9 61,4
ROCE Adj(%) -18,3 3,9 61,4
ROIC (%) -16,1 6 90,3
ROIC Adj (%) -16,1 6 90,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj -5 3 29
EBITDA Adj margin (%) -7,8 3 15,8
EBITA Adj -7 1 27
EBITA Adj margin (%) -9,6 1,3 14,8
EBIT Adj -7 1 27
EBIT Adj margin (%) -9,6 1,3 14,8
Pretax profit Adj -7 1 27
Net profit Adj -5 1 27
Net profit to shareholders Adj -5 1 27
Net Adj margin (%) -7,5 1,5 14,8
N/A N/A N/A
Sales 69 96 180
COGS -21 -30 -58
Gross profit 48 66 123
Other operating items -53 -63 -94
EBITDA -5 3 29
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1 -1 -1
EBITA -7 1 27
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -7 1 27
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 -7 1 27
Tax 1 0 0
Net profit -5 1 27
SEKm 2019 2020e 2021e
EBITDA -5 3 29
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items -11 0 0
Cash flow before change in WC -16 3 28
Change in WC 16 1 -10
Operating cash flow 0 5 18
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets 0 -2 -5
Acquisitions and disposals 0 0 0
Free cash flow 0 2 14
Dividend paid 0 0 0
Share issues and buybacks 0 0 4
Other non cash items -4 -1 -1
Decrease in net IB debt 0 1 17
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 3 4 7
Tangible fixed assets 0 0 0
Other fixed assets 11 12 6
Fixed assets 15 16 14
Inventories 0 0 0
Receivables 21 24 44
Other current assets 4 5 9
Cash and liquid assets 5 5 22
Total assets 45 50 90
Shareholders equity 29 30 55
Minority 0 0 0
Total equity 29 30 55
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 10 15 28
Other current liabilities 4 4 6
Total liabilities and equity 45 50 90
Net IB debt -4 -5 -22
Net IB debt excl. pension debt -4 -5 -22
Capital invested 25 26 34
Working capital 11 9 20
EV breakdown 2019 2020 2021
Market cap. diluted (m) 183 689 697
Net IB debt Adj -4 -5 -22
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 179 685 675
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 137,6 201,7 257,2
Capital invested turnover (%) 216,3 376,7 609,6
Capital employed turnover (%) 190,5 313,5 415
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 17,1 13,2 12
Working capital / sales (%) 27,4 10,3 8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -12,8 -15,4 -39,2
Net debt / market cap (%) -3 -0,7 -3,1
Equity ratio (%) 64,8 60,1 61,4
Net IB debt adj. / equity (%) -12,8 -15,4 -39,2
Current ratio (%) 192,7 170 219,5
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 69,4 -162,1 -75,8
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2019 2020e 2021e
P/BVPS Adj 6,84 26,24 14,49
P/E Adj 0 463,8 26,1
EV/EBITDA Adj -33,2 238,9 23,7
EV/EBITA Adj -27,2 556,3 25,3
EV/EBIT Adj -27,2 556,3 25,3
EV/cap. employed 5,9 22,1 12,1
Investment ratios 2019 2020 2021
Capex / sales 0 2,5 2,5
Capex / depreciation 0 251,4 324,1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 0 60,5 63,6
Depreciation on intangibles / definite intangibles 25,9 24 19,6
Shares outstanding adj. 21 21 21
Fully diluted shares Adj 21 21 21
EPS 0 0,07 1,29
Dividend per share Adj 0 0 0
EPS Adj 0 0,07 1,29
BVPS 1,42 1,47 2,66
BVPS Adj 1,3 1,28 2,32
Net IB debt / share -0,2 -0,2 -1
Share price 6,13 33,6 33,6
Market cap. (m) 126 689 697
Valuation 2019 2020 2021
P/E 0 463,8 26,1
EV/sales 2,6 7,12 3,74
EV/EBITDA -33,2 238,9 23,7
EV/EBITA -27,2 556,3 25,3
EV/EBIT -27,2 556,3 25,3
Dividend yield (%) 0 0 0
FCF yield (%) 0 0,3 2
P/BVPS 6,25 22,79 12,62
Depreciation on tangibles / tangibles 0 0 0
N/A N/A N/A

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Main shareholders - Polygiene

Main shareholders Share capital % Voting shares % Verified
Mastan AB (Håkan Lagerberg) 7.6 % 7.6 % 30 Sep 2020
Nordnet Pensionsförsäkring 4.9 % 4.9 % 30 Sep 2020
Avanza Pension 4.8 % 4.8 % 30 Sep 2020
Håkan Svanberg 4.8 % 4.8 % 30 Sep 2020
Jonas Wollin 4.0 % 4.0 % 30 Jun 2020
Mats Georgson 2.2 % 2.2 % 31 Aug 2020
Peter Sjösten 2.0 % 2.0 % 31 Aug 2020
Lloyd Fonds AG 1.9 % 1.9 % 31 Aug 2020
Erik A I Malmö AB 1.7 % 1.7 % 30 Sep 2020
Håkan Lagerberg 1.4 % 1.4 % 25 Jun 2020
Source: Holdings by Modular Finance AB

Insider list - Polygiene

Name Quantity Code Date
Mats Georgson - 300 000 SELL 28 Aug 2020
Peter Sjösten - 200 000 SELL 28 Aug 2020
Ulrika Björk + 4 000 BUY 27 Aug 2020
Jonas Wollin - 5 000 SELL 30 Jun 2020
Lars Håkan Lagerberg + 19 000 BUY 25 Jun 2020
Ulrika Björk + 1 100 BUY 24 Jun 2020
Ulrika Björk + 3 300 BUY 22 Jun 2020
Lars Håkan Lagerberg + 22 000 BUY 16 Jun 2020
Johan Thiel + 15 000 BUY 12 Jun 2020
Nina Forsvall + 37 500 BUY 9 Jun 2020

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