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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 84 230 277
Sales growth (%) 22,4 172,8 20,7
EBITDA 1 65 82
EBITDA margin (%) 1,1 28,3 29,7
EBIT adj 2 64 78
EBIT adj margin (%) 2,1 27,9 28,2
Pretax profit -1 61 78
EPS rep -0,08 1,54 1,95
EPS growth (%) 0 2127,6 27,3
EPS adj 0,05 1,61 1,95
DPS 0 0 0
EV/EBITDA (x) 871,9 17,9 13,4
EV/EBIT adj (x) 448,9 18,2 14,1
P/E (x) -505,6 22,8 17,9
P/E adj (x) 751,2 21,7 17,9
EV/sales (x) 9,3 5,1 4
FCF yield (%) 0,2 2,1 5,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,1 -1,1 -1,8
Lease adj. FCF yield (%) 0,2 2 5,8
Lease adj. ND/EBITDA -1,3 -1,1 -1,8
SEKm 2020 2021e 2022e
EO items -3 -3 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 3 68 82
EBITDA lease Adj margin (%) 4,2 29,4 29,7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -2 54 70
EPS -0,08 1,54 1,95
EPS Adj 0,05 1,61 1,95
Total extraordinary items after tax -2,6 -2,6 0
Tax rate (%) 74,4 -11,7 -11
Gross margin (%) 67,5 66,4 67
EBITDA margin (%) 1,1 28,3 29,7
EBITA margin (%) -1 26,8 28,2
EBIT margin (%) -1 26,8 28,2
Pretax margin (%) -1,1 26,8 28,2
Net margin (%) -1,8 23,6 25,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 22,4 172,8 20,7
EBITDA growth (%) 116,7 7145,7 26,7
EBIT growth (%) 87 7289,4 27,3
Net profit growth (%) 70 3592,4 28,4
EPS growth (%) 0 2127,6 27,3
Profitability 2020 2021 2022
ROE (%) -5,5 21 13,3
ROE Adj (%) 3,7 22 13,3
ROCE (%) -3 23,6 14,9
ROCE Adj(%) 5,7 24,6 14,9
ROIC (%) -6 24,4 16,8
ROIC Adj (%) 12,1 25,4 16,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 3 68 82
EBITDA Adj margin (%) 4,2 29,4 29,7
EBITA Adj 2 64 78
EBITA Adj margin (%) 2,1 27,9 28,2
EBIT Adj 2 64 78
EBIT Adj margin (%) 2,1 27,9 28,2
Pretax profit Adj 2 64 78
Net profit Adj 1 57 70
Net profit to shareholders Adj 1 57 70
Net Adj margin (%) 1,2 24,7 25,1
Sales 84 230 277
COGS -27 -77 -92
Gross profit 57 153 186
Other operating items -56 -88 -103
EBITDA 1 65 82
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1 -3 -4
EBITA -1 62 78
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -1 62 78
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 -1 61 78
Tax -1 -7 -9
Net profit -2 54 70
Depreciation and amortisation -2 -4 -4
Of which leasing depreciation -1 -1 -1
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 1 65 82
Net financial items 0 0 0
Paid tax -1 -7 -9
Non-cash items 0 0 0
Cash flow before change in WC 0 58 74
Change in WC 4 -26 5
Operating cash flow 4 31 79
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -3 -6 -6
Acquisitions and disposals 0 0 0
Free cash flow 1 26 73
Dividend paid 0 0 0
Share issues and buybacks 0 0 4
Other non cash items -5 42 -1
Decrease in net IB debt -1 65 69
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 369 369
Indefinite intangible assets 0 0 0
Definite intangible assets 5 8 10
Tangible fixed assets 0 0 0
Other fixed assets 13 8 1
Fixed assets 18 387 383
Inventories 0 0 0
Receivables 29 57 68
Other current assets 7 23 14
Cash and liquid assets 4 72 148
Total assets 58 539 613
Shareholders equity 27 490 557
Minority 0 0 0
Total equity 27 490 557
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 21 38 45
Other current liabilities 7 8 9
Total liabilities and equity 58 539 613
Net IB debt -3 -70 -146
Net IB debt excl. pension debt -3 -70 -146
Capital invested 25 420 411
Working capital 7 33 28
EV breakdown 2020 2021 2022
Market cap. diluted (m) 786 1237 1247
Net IB debt Adj -3 -70 -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 783 1167 1101
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 164,1 77,1 48,2
Capital invested turnover (%) 336 120 72,5
Capital employed turnover (%) 283 102,2 57,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,9 12,3 15,3
Working capital / sales (%) 10,4 8,7 11
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -10,2 -14,3 -26,2
Net debt / market cap (%) -0,7 -5,7 -11,7
Equity ratio (%) 47,7 91,1 90,8
Net IB debt adj. / equity (%) -10,2 -14,3 -26,2
Current ratio (%) 137,3 315,1 408,9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) -313,4 -107,7 -176,9
Interest cover (%) 0 0 0
Lease liability amortisation 0 -1 -2
Other intangible assets 5 8 11
Right-of-use asset 1 2 2
Total other fixed assets 13 9 2
Leasing liability 2 2 2
Total other long-term liabilities 0 0 0
Net IB debt excl. leasing -4 -72 -148
Net IB debt / EBITDA lease Adj (%) -128 -106,1 -179,4
SEKm 2020 2021e 2022e
P/BVPS Adj 34,19 10,87 7,02
P/E Adj 751,2 21,7 17,9
EV/EBITDA Adj 223,8 17,2 13,4
EV/EBITA Adj 448,9 18,2 14,1
EV/EBIT Adj 448,9 18,2 14,1
EV/cap. employed 26,9 2,4 2
Investment ratios 2020 2021 2022
Capex / sales 3,2 2,5 2
Capex / depreciation 269,6 247,1 189,1
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 60 72,5 52,7
Depreciation on intangibles / definite intangibles 22,2 29,4 27,8
Shares outstanding adj. 21 35 36
Fully diluted shares Adj 21 35 36
EPS -0,08 1,54 1,95
Dividend per share Adj 0 0 0
EPS Adj 0,05 1,61 1,95
BVPS 1,34 13,88 15,63
BVPS Adj 1,12 3,22 4,99
Net IB debt / share -0,1 -2 -4,1
Share price 19,63 35 35
Market cap. (m) 403 1237 1247
Valuation 2020 2021 2022
P/E -505,6 22,8 17,9
EV/sales 9,29 5,08 3,97
EV/EBITDA 871,9 17,9 13,4
EV/EBITA -914,7 19 14,1
EV/EBIT -914,7 19 14,1
Dividend yield (%) 0 0 0
FCF yield (%) 0,2 2,1 5,9
P/BVPS 28,59 2,52 2,24
Depreciation on tangibles / tangibles 0 0 0
Lease adj. FCF yield (%) 0,2 2 5,8

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Media

Polygiene - Company presentation with CEO Ulrika Björk

Main shareholders - Polygiene

Main shareholders Share capital % Voting shares % Verified
DNCA Finance S.A 10.4 % 10.4 % 31 Mar 2021
Paul Morris 6.4 % 6.4 % 30 Apr 2021
Lorraine Morris 6.3 % 6.3 % 30 Apr 2021
SPSW Capital 4.8 % 4.8 % 28 Feb 2021
Mastan AB (Håkan Lagerberg) 4.4 % 4.4 % 30 Apr 2021
Consensus Asset Management 3.7 % 3.7 % 30 Apr 2021
Lancelot Asset Management AB 3.5 % 3.5 % 30 Apr 2021
Didner & Gerge Fonder 3.1 % 3.1 % 30 Apr 2021
Håkan Svanberg 2.9 % 2.9 % 30 Apr 2021
Lloyd Fonds AG 2.5 % 2.5 % 28 Feb 2021
Source: Holdings by Modular Finance AB

Insider list - Polygiene

Name Quantity Code Date
Ulrika Björk + 6 600 BUY 11 May 2021
Ulrika Björk + 20 000 BUY 6 May 2021
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

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