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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 2020 2021e 2022e
Sales 87 255 286
Sales growth (%) 26,1 194,5 11,8
EBITDA 6 67 82
EBITDA margin (%) 7,3 26,1 28,6
EBIT adj 5 63 77
EBIT adj margin (%) 5,3 24,6 27,1
Pretax profit 5 63 77
EPS rep 0,22 1,57 1,92
EPS growth (%) 0 615,2 22,2
EPS adj 0,22 1,57 1,92
DPS 0 0 0
EV/EBITDA (x) 100,7 15,9 12,3
EV/EBIT adj (x) 138,2 16,8 12,9
P/E (x) 145,5 20,3 16,6
P/E adj (x) 145,5 20,3 16,6
EV/sales (x) 7,3 4,1 3,5
FCF yield (%) -2,1 4,8 5,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,4 -1,2 -1,8
N/A N/A N/A
SEKm 2020 2021e 2022e
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 56 69
EPS 0,22 1,57 1,92
EPS Adj 0,22 1,57 1,92
Total extraordinary items after tax 0 0 0
Tax rate (%) -1,1 -11 -11
Gross margin (%) 69,3 69,5 69,5
EBITDA margin (%) 7,3 26,1 28,6
EBITA margin (%) 5,3 24,6 27,1
EBIT margin (%) 5,3 24,6 27,1
Pretax margin (%) 5,3 24,6 27,1
Net margin (%) 5,2 21,9 24,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 26,1 194,5 11,8
EBITDA growth (%) 217,2 956,3 22,7
EBIT growth (%) 169,9 1269 23,2
Net profit growth (%) 187,2 1139,9 23,2
EPS growth (%) 0 615,2 22,2
Profitability 2020 2021 2022
ROE (%) 2 12,5 13,6
ROE Adj (%) 2 12,5 13,6
ROCE (%) 2 14 15,2
ROCE Adj(%) 2 14 15,2
ROIC (%) 2,1 14,1 17,5
ROIC Adj (%) 2,1 14,1 17,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 6 67 82
EBITDA Adj margin (%) 7,3 26,1 28,6
EBITA Adj 5 63 77
EBITA Adj margin (%) 5,3 24,6 27,1
EBIT Adj 5 63 77
EBIT Adj margin (%) 5,3 24,6 27,1
Pretax profit Adj 5 63 77
Net profit Adj 5 56 69
Net profit to shareholders Adj 5 56 69
Net Adj margin (%) 5,2 21,9 24,1
N/A N/A N/A
Sales 87 255 286
COGS -27 -78 -87
Gross profit 60 178 198
Other operating items -54 -111 -117
EBITDA 6 67 82
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1 -3 -3
EBITA 5 63 77
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 5 63 77
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 5 63 77
Tax 0 -7 -9
Net profit 5 56 69
SEKm 2020 2021e 2022e
EBITDA 6 67 82
Net financial items 0 0 0
Paid tax 0 -7 -9
Non-cash items 0 0 0
Cash flow before change in WC 6 60 73
Change in WC -18 0 -4
Operating cash flow -12 59 69
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2 -5 -6
Acquisitions and disposals 0 0 0
Free cash flow -14 54 64
Dividend paid 0 0 0
Share issues and buybacks 0 4 4
Other non cash items 30 -3 -1
Decrease in net IB debt 18 57 67
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 350 350 350
Indefinite intangible assets 0 0 0
Definite intangible assets 4 6 9
Tangible fixed assets 0 0 0
Other fixed assets 13 7 0
Fixed assets 370 367 361
Inventories 0 0 0
Receivables 31 63 70
Other current assets 17 13 14
Cash and liquid assets 22 80 147
Total assets 441 522 593
Shareholders equity 421 475 541
Minority 0 0 0
Total equity 421 475 541
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 14 38 43
Other current liabilities 6 8 9
Total liabilities and equity 441 522 593
Net IB debt -22 -79 -146
Net IB debt excl. pension debt -22 -79 -146
Capital invested 399 396 394
Working capital 28 29 33
EV breakdown 2020 2021 2022
Market cap. diluted (m) 657 1138 1148
Net IB debt Adj -22 -79 -146
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 635 1059 1001
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 35,7 53,1 51,2
Capital invested turnover (%) 40,9 64,3 72,3
Capital employed turnover (%) 38,4 57 56,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13,9 10,2 14,2
Working capital / sales (%) 22,6 11,2 10,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -5,2 -16,7 -27,1
Net debt / market cap (%) -5,4 -7 -12,8
Equity ratio (%) 95,4 90,9 91,2
Net IB debt adj. / equity (%) -5,2 -16,7 -27,1
Current ratio (%) 352,3 329,3 442,2
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -344,9 -118,9 -179,1
Interest cover (%) 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
P/BVPS Adj 9,83 9,62 6,32
P/E Adj 145,5 20,3 16,6
EV/EBITDA Adj 100,7 15,9 12,3
EV/EBITA Adj 138,2 16,8 12,9
EV/EBIT Adj 138,2 16,8 12,9
EV/cap. employed 1,5 2,2 1,9
Investment ratios 2020 2021 2022
Capex / sales 2,5 2 2
Capex / depreciation 213 203,1 173,5
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 58,9 81,4 65,7
Depreciation on intangibles / definite intangibles 27,7 40,1 37,9
Shares outstanding adj. 21 36 36
Fully diluted shares Adj 21 36 36
EPS 0,22 1,57 1,92
Dividend per share Adj 0 0 0
EPS Adj 0,22 1,57 1,92
BVPS 20,5 13,35 15,07
BVPS Adj 3,26 3,32 5,07
Net IB debt / share -1,1 -2,2 -4,1
Share price 19,63 32 32
Market cap. (m) 403 1138 1148
Valuation 2020 2021 2022
P/E 145,5 20,3 16,6
EV/sales 7,32 4,15 3,51
EV/EBITDA 100,7 15,9 12,3
EV/EBITA 138,2 16,8 12,9
EV/EBIT 138,2 16,8 12,9
Dividend yield (%) 0 0 0
FCF yield (%) -2,1 4,8 5,6
P/BVPS 1,56 2,4 2,12
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) 5.1 % 5.1 % 5 Jan 2021
Jonas Wollin 4.0 % 4.0 % 30 Jun 2020
Håkan Lagerberg 3.8 % 3.8 % 30 Jun 2020
Håkan Svanberg 3.2 % 3.2 % 31 Dec 2020
Nordnet Pensionsförsäkring 3.2 % 3.2 % 31 Dec 2020
Avanza Pension 3.1 % 3.1 % 31 Dec 2020
Mats Georgson 2.2 % 2.2 % 30 Sep 2020
Lloyd Fonds AG 2.1 % 2.1 % 31 Oct 2020
Peter Sjösten 2.0 % 2.0 % 31 Aug 2020
SPSW Capital 1.5 % 1.5 % 31 Oct 2020
Source: Holdings by Modular Finance AB

Insider list - Polygiene

Name Quantity Code Date
Lars Håkan Lagerberg + 13 000 BUY 5 Jan 2021
Lars Håkan Lagerberg + 10 000 BUY 14 Dec 2020
Mastan AB + 10 000 BUY 14 Dec 2020
Johan Thiel + 5 000 BUY 11 Dec 2020
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

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