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ListaFirst North Stockholm
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.


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
2021-04-21 19:10:58

Q1 sales missed our forecast by 5%, driven by lower than expected growth in Performance Chemicals. However, this has not changed our view on the company and we have left our 2021-2022e sales fairly unchanged and reiterate our fair value of SEK13-17. We continue to forecast a 35% 2021-2023e sales CAGR and a 2022e EBITDA margin of 14%, corresponding to 2022e multiples of 3.7x and 26x, respectively. The company is well-positioned to execute on its profitable growth journey, in our view.

Q1 report. Sales of SEK52.5m, corresponding to 26% YOY growth, were 5% below our estimate, with 38% YOY growth in Performance Chemicals (our estimate: 60%) while Performance Masterbatch continued to exceed our forecast at 15% (our estimate: 8%). Our key conclusions: 1) The miss in Performance Chemicals should not be exaggerated in our view as Q1 2020 was exceptionally strong and management indicated lost volumes in January and February due to supply chain adjustments, which bodes well for pent-up volumes in Q2, in our view; 2) Q1 EBITDA was hurt by additional costs from supply chain adjustments of cSEK1.5m (adjusted EBITDA margin of 6.8%, our estimate: 7.0%) that we believe should not be extrapolated; and 3) the company seems well-capitalised with SEK61m of cash and is FCF positive for first time, benefiting from positive working capital delayed from Q4.

View on company intact. The Q1 report does not change our view that the company is well-positioned for a 35% 2021-2023e sales CAGR and a 10% EBIT margin by 2022e. Annualised Q1 sales correspond to SEK212m and we forecast 11% QOQ sales growth in Q2, which would put run-rate sales at SEK236m, only 16% below the company's 2022e lower-range sales target of SEK275m. We thus believe that the target could be within reach near-term. We highlight that: 1) PET fibre could be the next growth leg and offer meaningful volumes in the next 2-3 years, and 2) the Uponor settlement could offer a sizable sales opportunity in the "triple-digit millions" in the long run if successfully commercialised.

Fair value of SEK13-17 maintained. The shares have re-rated and are trading at a 2022e EV/sales of 3.7x, in line with our specialty polymer peer group, with the group screening at a lower 2021-2023e sales growth and 10%-points lower gross margins.
Click here to view full report (https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_173663.pdf&Sid=1-7HRVGTE)
Best regards,

Viktor Trollsten | DNB Markets | Equity Research

DNB Bank ASA, Filial Sverige