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Beskrivning

LandSverige
ListaFirst North Stockholm
SektorMaterial
IndustriPlast, kemikalier & fetter
Nexam Chemical är verksamma inom forsknings- och tillverkningsindustrin. Bolagets produkter används inom plastindustrin för att tillverka material som är anpassade för krävande miljöer. Produkterna som man utvecklar och erbjuder är tillsatser som ger slutprodukterna önskade egenskaper och som möjliggör återvinning av plasten. Kunder återfinns inom exempelvis vindkraft, flyg- och återvinningsindustri. Huvudkontoret ligger i Lomma.

Kalender

2023-01-26 Bokslutskommuniké 2022
2022-10-20 Kvartalsrapport 2022-Q3
2022-07-14 Kvartalsrapport 2022-Q2
2022-05-12 Ordinarie utdelning NEXAM 0.00 SEK
2022-05-11 Årsstämma 2022
2022-04-21 Kvartalsrapport 2022-Q1
2022-01-26 Bokslutskommuniké 2021
2021-10-21 Kvartalsrapport 2021-Q3
2021-07-14 Kvartalsrapport 2021-Q2
2021-05-12 Ordinarie utdelning NEXAM 0.00 SEK
2021-05-11 Årsstämma 2021
2021-04-21 Kvartalsrapport 2021-Q1
2021-01-28 Bokslutskommuniké 2020
2020-10-22 Kvartalsrapport 2020-Q3
2020-07-17 Kvartalsrapport 2020-Q2
2020-05-14 Ordinarie utdelning NEXAM 0.00 SEK
2020-05-13 Årsstämma 2020
2020-05-08 Kvartalsrapport 2020-Q1
2020-03-04 Extra Bolagsstämma 2020
2020-02-14 Bokslutskommuniké 2019
2019-11-12 Kvartalsrapport 2019-Q3
2019-08-20 Kvartalsrapport 2019-Q2
2019-05-17 Ordinarie utdelning NEXAM 0.00 SEK
2019-05-16 Årsstämma 2019
2019-05-07 Kvartalsrapport 2019-Q1
2019-02-14 Bokslutskommuniké 2018
2018-11-06 Kvartalsrapport 2018-Q3
2018-08-16 Kvartalsrapport 2018-Q2
2018-05-18 Ordinarie utdelning NEXAM 0.00 SEK
2018-05-17 Årsstämma 2018
2018-05-09 Kvartalsrapport 2018-Q1
2018-02-14 Bokslutskommuniké 2017
2017-11-08 Kvartalsrapport 2017-Q3
2017-08-18 Kvartalsrapport 2017-Q2
2017-05-17 Ordinarie utdelning NEXAM 0.00 SEK
2017-05-16 Årsstämma 2017
2017-05-10 Kvartalsrapport 2017-Q1
2017-02-16 Bokslutskommuniké 2016
2016-11-08 Kvartalsrapport 2016-Q3
2016-10-28 Extra Bolagsstämma 2016
2016-08-18 Kvartalsrapport 2016-Q2
2016-05-16 Ordinarie utdelning NEXAM 0.00 SEK
2016-05-13 Årsstämma 2016
2016-05-13 Kvartalsrapport 2016-Q1
2016-02-18 Bokslutskommuniké 2015
2015-11-12 Kvartalsrapport 2015-Q3
2015-08-20 Kvartalsrapport 2015-Q2
2015-05-13 Ordinarie utdelning NEXAM 0.00 SEK
2015-05-12 Årsstämma 2015
2015-04-20 Kvartalsrapport 2015-Q1
2015-02-25 Bokslutskommuniké 2014
2014-11-10 Kvartalsrapport 2014-Q3
2014-08-21 Kvartalsrapport 2014-Q2
2014-05-15 Ordinarie utdelning NEXAM 0.00 SEK
2014-05-14 Kvartalsrapport 2014-Q1
2014-05-14 Årsstämma 2014
2014-02-26 Bokslutskommuniké 2013
2013-11-25 Kvartalsrapport 2013-Q3
2013-08-19 Kvartalsrapport 2013-Q2
2013-05-20 Kvartalsrapport 2013-Q1
2021-07-14 19:21:25

Nexam Chemical reported a solid Q2, with sales growth of 64% YOY in line with our estimate, driven by 114% growth in Performance Chemicals. We believe this highlights the significant potential beyond its 2022 sales target, with a good business case for the plastics industry to increase recyclability, and better use of plastic materials. Booking a proof-of-concept order in fibre recycling during Q2 and announcing it will adopt the EU Taxonomy, we believe Nexam Chemical is building its ESG credentials, offering potential for a re-rating, and we have lifted our fair value to SEK15-20 (13-17).

Q2 review. Encouragingly, Q2 sales were again in line with our forecast, and run-rate sales are now only 15% below the company's 2022 target. Adj. EBITDA of SEK3.3m was below our SEK4.6m forecast, but we expect earnings to be lumpy given Nexam Chemical is in a growth and commercialisation phase, where margins will be driven by the sales mix.

Building its ESG credentials. Announcing its first fibre recycling order in Q2, where adding Nexam Chemical's additive increases the degree of recycled material in the end-products, we believe the ESG case is growing, to which investors could assign a higher valuation. We believe PET outside the foam business could offer a SEK200m sales opportunity by 2025 (50% of our 2023 forecast), while our scenario analysis indicates SEK9/share in additional value if the recycling opportunity is successfully commercialised. However, we acknowledge that uncertainty is still high, and do not include any breakthrough in our estimates.Estimate changes. We have fine-tuned our 2021-2022e sales following the results, and cut our EBITDA by 7-5% to reflect investments in the organisation.Fair value raised to SEK15-20, reflecting prospects of a re-rating on improved ESG credentials. Our fair value is based on a 10% premium to peers' 2023e EV/sales of 3.6x. We believe Nexam Chemical could screen favourably in the EU Taxonomy, noting that PET foam sales to wind farms alone could yield a 46% alignment, versus our estimate of a Nordic Capital Goods sector average of 11%.
Click here to view full report (https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_178277.pdf&Sid=1-7HRVGTE)
Best regards 
__________________________________________________
Viktor Trollsten | DNB Markets | Equity Research
 
DNB Bank ASA, Filial Sverige
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