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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 2021 2022e 2023e
Sales 199 246 280
Sales growth (%) 135,9 23,6 14
EBITDA 53 72 87
EBITDA margin (%) 26,6 29,1 31,2
EBIT adj 53 68 83
EBIT adj margin (%) 26,8 27,6 29,7
Pretax profit 50 68 83
EPS rep 1,18 1,67 1,83
EPS growth (%) 1659,9 41,1 9,5
EPS adj 1,28 1,67 1,83
DPS 0 0 0
EV/EBITDA (x) 29,1 20,9 16,5
EV/EBIT adj (x) 28,9 22 17,3
P/E (x) 38 26,9 24,6
P/E adj (x) 35 26,9 24,6
EV/sales (x) 7,7 6,1 5,1
FCF yield (%) 0,6 3,4 4,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1 -1,6 -2,1
Lease adj. FCF yield (%) 0,6 3,3 4,1
Lease adj. ND/EBITDA -1 -1,6 -2,1
SEKm 2021 2022e 2023e
EO items -4 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 56 72 87
EBITDA lease Adj margin (%) 28,4 29,1 31,2
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 42 60 66
EPS 1,18 1,67 1,83
EPS Adj 1,28 1,67 1,83
Total extraordinary items after tax -3,6 0 0
Tax rate (%) -15,4 -12 -20,6
Gross margin (%) 64 65,5 67
EBITDA margin (%) 26,6 29,1 31,2
EBITA margin (%) 25 27,6 29,7
EBIT margin (%) 25 27,6 29,7
Pretax margin (%) 24,9 27,6 29,6
Net margin (%) 21,1 24,3 23,5
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 135,9 23,6 14
EBITDA growth (%) 5779,5 35,5 22,3
EBIT growth (%) 5895 36,9 22,3
Net profit growth (%) 2799 42,3 10,4
EPS growth (%) 1659,9 41,1 9,5
Profitability 2021 2022 2023
ROE (%) 16,4 11,6 11,4
ROE Adj (%) 17,8 11,6 11,4
ROCE (%) 19,2 13,2 14,3
ROCE Adj(%) 20,6 13,2 14,3
ROIC (%) 18,5 13,9 15,3
ROIC Adj (%) 19,8 13,9 15,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 56 72 87
EBITDA Adj margin (%) 28,4 29,1 31,2
EBITA Adj 53 68 83
EBITA Adj margin (%) 26,8 27,6 29,7
EBIT Adj 53 68 83
EBIT Adj margin (%) 26,8 27,6 29,7
Pretax profit Adj 53 68 83
Net profit Adj 46 60 66
Net profit to shareholders Adj 46 60 66
Net Adj margin (%) 22,9 24,3 23,5
Sales 199 246 280
COGS -72 -85 -92
Gross profit 127 161 188
Other operating items -74 -89 -100
EBITDA 53 72 87
Depreciation on tangibles 0 0 0
Depreciation on intangibles -3 -4 -4
EBITA 50 68 83
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 50 68 83
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 50 68 83
Tax -8 -8 -17
Net profit 42 60 66
Depreciation and amortisation -3 -4 -4
Of which leasing depreciation -1 -2 -2
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA 53 72 87
Net financial items 0 0 0
Paid tax -8 -8 -17
Non-cash items 0 0 0
Cash flow before change in WC 45 63 70
Change in WC -30 -4 3
Operating cash flow 15 60 73
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -5 -5 -6
Acquisitions and disposals 0 0 0
Free cash flow 10 55 67
Dividend paid 0 0 0
Share issues and buybacks 0 4 4
Other non cash items 42 -1 -1
Decrease in net IB debt 65 69 70
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 369 369 369
Indefinite intangible assets 0 0 0
Definite intangible assets 8 10 13
Tangible fixed assets 0 0 0
Other fixed assets 8 1 1
Fixed assets 392 389 392
Inventories 0 0 0
Receivables 49 61 69
Other current assets 20 17 17
Cash and liquid assets 57 114 184
Total assets 518 581 662
Shareholders equity 484 542 611
Minority 0 0 0
Total equity 484 542 611
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 24 28 38
Other current liabilities 8 9 10
Total liabilities and equity 518 581 662
Net IB debt -55 -112 -181
Net IB debt excl. pension debt -55 -112 -181
Capital invested 429 430 430
Working capital 37 41 38
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1594 1607 1621
Net IB debt Adj -55 -112 -181
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 1539 1496 1439
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 69 44,7 45,1
Capital invested turnover (%) 120 72,5 80,6
Capital employed turnover (%) 102,2 57,5 56,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,3 15,3 15,3
Working capital / sales (%) 11,1 16 14,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -11,3 -20,6 -29,7
Net debt / market cap (%) -4,5 -6,9 -11,2
Equity ratio (%) 93,4 93,3 92,4
Net IB debt adj. / equity (%) -11,3 -20,6 -29,7
Current ratio (%) 370,8 490,6 539,6
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -103,8 -156,2 -207,5
Interest cover (%) 0 0 0
Lease liability amortisation 0 -2 -2
Other intangible assets 8 11 13
Right-of-use asset 3 3 3
Total other fixed assets 13 7 7
Leasing liability 3 2 2
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -57 -114 -184
Net IB debt / EBITDA lease Adj (%) -101,8 -159,6 -210,3
SEKm 2021 2022e 2023e
P/BVPS Adj 14,76 9,9 7,07
P/E Adj 35 26,9 24,6
EV/EBITDA Adj 27,3 20,9 16,5
EV/EBITA Adj 28,9 22 17,3
EV/EBIT Adj 28,9 22 17,3
EV/cap. employed 3,2 2,7 2,3
Investment ratios 2021 2022 2023
Capex / sales 2,5 2 2
Capex / depreciation 262,9 257,9 205,3
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 65,6 46,4 41,6
Depreciation on intangibles / definite intangibles 24,9 18 20,3
Shares outstanding adj. 35 36 36
Fully diluted shares Adj 35 36 36
EPS 1,18 1,67 1,83
Dividend per share Adj 0 0 0
EPS Adj 1,28 1,67 1,83
BVPS 13,64 15,13 16,94
BVPS Adj 3,04 4,54 6,35
Net IB debt / share -1,5 -3,1 -5
Share price 34,57 44,9 44,9
Market cap. (m) 1227 1607 1621
Valuation 2021 2022 2023
P/E 38 26,9 24,6
EV/sales 7,74 6,09 5,14
EV/EBITDA 29,1 20,9 16,5
EV/EBITA 31 22 17,3
EV/EBIT 31 22 17,3
Dividend yield (%) 0 0 0
FCF yield (%) 0,6 3,4 4,2
P/BVPS 3,29 2,97 2,65
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 0,6 3,3 4,1

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Media

Polygiene - Company presentation with CEO Ulrika Björk
Polygiene - Company presentation with CEO Ulrika Björk

Main shareholders - Polygiene

Main shareholders Share capital % Voting shares % Verified
DNCA Finance S.A 12.5 % 12.5 % 30 Nov 2021
Paul Morris 6.3 % 6.3 % 31 Dec 2021
Lorraine Morris 6.3 % 6.3 % 31 Dec 2021
Mastan AB (Håkan Lagerberg) 4.4 % 4.4 % 31 Dec 2021
Nordnet Pensionsförsäkring 3.9 % 3.9 % 31 Dec 2021
Familjen Eklund 3.9 % 3.9 % 31 Dec 2021
Lancelot Asset Management AB 3.7 % 3.7 % 31 Dec 2021
Didner & Gerge Fonder 3.4 % 3.4 % 31 Dec 2021
Avanza Pension 2.7 % 2.7 % 31 Dec 2021
Lloyd Fonds AG 2.4 % 2.4 % 31 Oct 2021
Source: Holdings by Modular Finance AB

Insider list - Polygiene

Name Quantity Code Date
Ulrika Björk + 3 877 BUY 30 Aug 2021
Ulrika Björk - 10 000 SELL 27 Aug 2021
Ulrika Björk + 10 000 BUY 27 Aug 2021
Ulrika Björk + 100 000 BUY 26 Aug 2021
Ulrika Björk - 100 000 SELL 26 Aug 2021
Ulrika Björk + 12 123 BUY 26 Aug 2021
Ulrika Björk + 100 000 Redemp 22 Jun 2021
Ulrika Björk - 100 000 Redemp 22 Jun 2021
Daniel Röme + 20 000 BUY 14 Jun 2021
Nina Forsvall + 40 000 BUY 14 Jun 2021

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