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Kalender
| Est. tid* | ||
| 2026-01-29 | 08:20 | Bokslutskommuniké 2025 |
| 2025-10-17 | 08:20 | Kvartalsrapport 2025-Q3 |
| 2025-07-11 | - | Kvartalsrapport 2025-Q2 |
| 2025-05-14 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2025-05-13 | - | Årsstämma |
| 2025-04-24 | - | Kvartalsrapport 2025-Q1 |
| 2025-01-30 | - | Bokslutskommuniké 2024 |
| 2024-10-18 | - | Kvartalsrapport 2024-Q3 |
| 2024-07-12 | - | Kvartalsrapport 2024-Q2 |
| 2024-05-15 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2024-05-14 | - | Årsstämma |
| 2024-04-18 | - | Kvartalsrapport 2024-Q1 |
| 2024-01-31 | - | Bokslutskommuniké 2023 |
| 2023-10-19 | - | Kvartalsrapport 2023-Q3 |
| 2023-07-14 | - | Kvartalsrapport 2023-Q2 |
| 2023-05-10 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2023-05-09 | - | Årsstämma |
| 2023-04-20 | - | Kvartalsrapport 2023-Q1 |
| 2023-01-26 | - | Bokslutskommuniké 2022 |
| 2022-10-20 | - | Kvartalsrapport 2022-Q3 |
| 2022-07-14 | - | Kvartalsrapport 2022-Q2 |
| 2022-05-12 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2022-05-11 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2021-05-11 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2020-05-13 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2019-05-16 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2018-05-17 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2017-05-16 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2016-05-13 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2015-05-12 | - | Årsstämma |
| 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 | - | X-dag ordinarie utdelning NEXAM 0.00 SEK |
| 2014-05-14 | - | Årsstämma |
| 2014-05-14 | - | Kvartalsrapport 2014-Q1 |
| 2014-02-26 | - | Bokslutskommuniké 2013 |
| 2013-11-25 | - | Kvartalsrapport 2013-Q3 |
| 2013-08-19 | - | Kvartalsrapport 2013-Q2 |
| 2013-05-20 | - | Kvartalsrapport 2013-Q1 |
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Material |
| Industri | Plast, kemikalier & fetter |
Q3 sales missed our forecast by 13%, driven mainly by vacation effects but also the general raw-material shortage globally, which may have pushed some sales into Q4e. However, this has not changed our view of Nexam Chemical, and we still believe the 2022 sales target of SEK275m-325m is within reach with its current platforms. Following the Q3 results and a change of analyst, we have lowered our estimates slightly but reiterate our fair value of SEK15-20. We estimate a strong end to 2021 and consider the company well-positioned to continue executing on its profitable growth journey. Additional breakthroughs in new platforms, such as recycling or polyethylene, could offer potential upside in the near to medium term, in our view.
Q3 review. Q3 sales were below our forecast, and LTM sales are now ~32% below the low end of the 2022 sales target range. EBITDA of SEK1m was below our SEK4.2m forecast, affected by lower-than-expected gross margins. We still expect earnings to be lumpy given Nexam Chemical is operating in a tight market, where large order volumes do not necessarily mean better prices, creating margins driven by the sales mix.
Quantifying the long-term potential. Nexam Chemical's main focus right now is to develop and refine both its new and old platforms. We see potential opportunities in the recycling and polyethylene businesses, which we believe should drive growth in the coming years, alongside the well-functioning PET foam and Masterbatch businesses.
Estimate changes. We have lowered our 2021-2023e sales following the Q3 results and a change of analyst, and cut our EBITDA by 23-7% to reflect the current raw-material shortages as well as the investments in the organisation.
Fair value of SEK15-20 reiterated. Our fair value is based on a 10% premium to peers' 2023e EV/sales of 3.6x, and our DCF, and reflects the prospect of a re-rating on improved ESG credentials.
Click here to view full report (https://www.dnb.no/seg-fundamental/fundamentalweb/GetReports.aspx?file=CMPSP_183417.pdf&Sid=1-7XT0MIJ)
Best regards
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Mattias Holmberg | DNB Markets | Equity Research | Capital Goods