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Catalyst Potential

It is important to look beyond the numbers and seek a likely catalysts, which could unlock value, and estimate how long it will take for the catalyst to play out. These events, or Catalyst Potential, reduce risk by narrowing the gap between price and value in a more predictable way. This is particularly important when investing in a low-quality business where time is like a ticking bomb stacked against the company.

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Redeye Rating

Havan Hanna

Equity Analyst

havan.hanna@redeye.se

+46854501330

Company Quality

  • 9.0
  • 6.0
  • 6.5
  • 6.0
  • 5.0

Leadership

Exclusive for members
Polygienes lednings utgör en av bolagets främsta styrkor. Ledningen med VD i spetsen har lång branscherfarenhet, och styrelsen samt Advisory Board utgör ett viktigt komplement till ledningen. Bolagets kompensations nivåer finner vi även som måttfulla för ett bolag som Polygiene.

Ownership

Exclusive for members

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Profit outlook

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Profitability

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Capital Strength

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Key Model Assumptions - The Bear Case

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Key Model Assumptions - The Bull Case

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Key Model Assumptions - The Base Case

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Latest price

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Fair Value Range

Last Price
Key Model Assumptions - The Bear Case
Key Model Assumptions - The Bull Case
Key Model Assumptions - The Base Case

Catalyst Potential

Impact

Timeframe

Short
Mid
Long

Company description

Polygiene’s brand is based on its Polygiene Odor Control Technology, with a strategy built on ingredient branding similar to that of Gore-Tex or Windstopper. The company is currently the leading ingredient brand in the sport and outdoor segment, and focuses on premium brands for all kinds of clothing (sports, leisure, fashion, work), footwear and home textiles. Its customers (often called partners by the company) include Adidas, Patagonia, Athleta and Hugo Boss. Read more...
Polygiene’s brand is based on its Polygiene Odor Control Technology, with a strategy built on ingredient branding similar to that of Gore-Tex or Windstopper. The company is currently the leading ingredient brand in the sport and outdoor segment, and focuses on premium brands for all kinds of clothing (sports, leisure, fashion, work), footwear and home textiles. Its customers (often called partners by the company) include Adidas, Patagonia, Athleta and Hugo Boss. The list of partners has increased from around 25 (2009) to more than 100 (2016).
The additive itself is based on silver salt (silver chloride) made from recycled silver, and is currently used for textiles, foam, plastic or paint. In addition to its additive and ingredient branding, the company uses a comprehensive solution in order to work with the entire value chain and strengthen its competitiveness. These activities include application training for customers’ textile factories, brand training for customers' employees, consumer surveys, responsibility for customer support and complaints related to the Polygiene brand, and labels.
The company employs 14 people (including 4 consultants) and is headquartered in Malmo. Polygiene’s CEO is Christian von Uthmann and its chairman is Lennart Holm. In addition, the company has agents and distributors in over 20 locations worldwide and an advisory board. Since Polygiene was founded in 2006, its growth rate has been 60 percent. In 2015 its sales were SEK 52 million and its EBIT was SEK 5.6 million. For 2016 its sales are expected to be SEK 59 million and it’s EBIT SEK -1.9 million. Polygiene has been traded on First North Stockholm since March 2016.
Less...

TODAY

Day High
13.80
13.75
0.05
+ 0.4%
Day Low
13.75
Day Open
13.60
Prev Close
13.35
VWAP
13.8
Volume
2K
Turnover
0.026M
Top Broker
NRD
VWAP
13.4
Avg Volume
6K
Avg Turnover
0.082M
Top Brokers
NON/PAS

52 WEEK SUMMARY

Price Range
Beta
n/a
Market Cap
281.1M
Total Return
8.5%
Trailing P/E
-127.7
Div Yield
0.0%
Shares Outstanding
20.5M
Next Earnings Date
10 May
Stock Exchange
First North Stockholm

Identify and measure trend strength in stocks with our Momentum tool to identify potential entry and exit signals. The tool provides a set of the most simple but powerful indicators that identify whether a stock is under sell or buy pressure.

Relative Price Strength
Rel Price Chg 3 Months 1.4%
Rel Price Chg 12 Months -5.2%
Volume Trend
Avg Vol 10 vs 60 Days -69.6%
Price vs...
52-Week High -22.8%
50-Day Moving Average 8.9%
200-Day Moving Average 1.8%

Historic pricing of Polygiene

Last price: 13.75 SEK

Loading data...

Prev Close [[ prevClose|number:2 ]] SEK Change [[ changeValue|number:2 ]] %
High [[ highValue|number:2 ]] SEK Avg Daily Volume [[ avgVolume|number:0 ]] Shares
Low [[ lowValue|number:2 ]] SEK Avg Daily Turnover [[ graphAvgTurnover|number:2 ]] SEK

Management

Christian von Uthmann, CEO
Jan Bertilsson, CFO

Executive Board

Lennart Holm, Chairman of the board
Mats Georgson
Jonas Wollin
Richard Tooby
Jonas Sjögren
Mikael Bluhme

Last updated: 2017-03-16 Source: Redeye

Major Holders

Owner Equity Votes
JP Morgan Bank Luxembourg 13.7%
13.7%
Richard Tooby 10.1%
10.1%
Nomura Securities Co Ltd Japan 7.3%
7.3%
Erik A i Malmö AB 6.6%
6.6%
Clearstream Banking S.A. 4.8%
4.8%
Christian von Uthmann 4.4%
4.4%
Jonas Wollin 4.0%
4.0%
Lennart Holm 3.9%
3.9%
Mats Georgson 3.4%
3.4%
Peter Sjösten 2.9%
3.0%

Last updated: 2017-03-16 Source: Redeye

Insider transaction summary

Total insider purchases and sales reported

Timeframe Transactions Net Shares
Last 12 Weeks

0 Purchases

+ 0

0 Sales

- 0

Last 24 Weeks

0 Purchases

+ 0

0 Sales

- 0

Most recent insider transactions

Exclusive for members
Report Date Name Position Transaction Shares Chg Est Value (SEK)
2015-12-15 Svensson, Sture ANB Sale + 66 90
2015-12-15 Kvist, Malin ANB Sale + 99 0
2015-12-15 Svensson, Sture ANB Sale + 9 2
2015-12-15 Kvist, Malin ANB Sale + 59 116
2015-12-15 Svensson, Kim ANB Sale + 12 127

Source: Millistream – FI

More
  • Profitability
  • ROE
  • ROCE
  • ROIC
  • EBITDA margin
  • EBIT margin
  • Net margin
  • Per share data (SEK)
  • EPS
  • EPS adj
  • Dividend
  • Net debt
  • Total shares
  • Valuation
  • EV (SEKm)
  • P/E
  • P/E diluted
  • P/Sales
  • EV/Sales
  • EV/EBITDA
  • EV/EBIT
  • P/BV
  • Capital structure
  • Equity ratio
  • Debt/equity ratio
  • Net debt (SEKm)
  • Capital employed (SEKm)
  • Capital turnover rate
Previous year Next year
2014
  • 81.2%
  • 55.6%
  • 0.0%
  • 10.6%
  • 10.6%
  • 15.5%
  • 0.00
  • 0.00
  • 0.00
  • 0.00
  • 0.0M
  • -6.0
  • 0.0
  • 0.0
  • 0.0
  • -0.2
  • -1.6
  • -1.6
  • 0.0
  • 58.0%
  • 0.0%
  • -6
  • 3
  • 2.2
2015
  • 36.2%
  • 22.3%
  • 121.9%
  • 10.9%
  • 10.9%
  • 17.7%
  • 0.47
  • 0.47
  • 0.00
  • -1.43
  • 19.3M
  • 237.8
  • 29.2
  • 29.2
  • 5.2
  • 4.6
  • 42.5
  • 42.5
  • 6.5
  • 81.0%
  • 0.0%
  • -28
  • 13
  • 1.0
2016
  • -5.2%
  • -5.7%
  • -16.0%
  • -3.8%
  • -3.8%
  • -3.5%
  • -0.11
  • -0.11
  • 0.00
  • -1.02
  • 19.6M
  • 249.5
  • -127.1
  • -127.1
  • 4.4
  • 4.1
  • -106.0
  • -106.0
  • 6.5
  • 72.1%
  • 0.0%
  • -20
  • 21
  • 1.1
2017E
  • -8.6%
  • -8.4%
  • -15.9%
  • -4.5%
  • -4.5%
  • -4.5%
  • -0.17
  • -0.17
  • 0.00
  • -0.87
  • 20.5M
  • 264.3
  • -83.3
  • -83.3
  • 3.8
  • 3.5
  • -78.1
  • -78.1
  • 7.4
  • 63.2%
  • 0.4%
  • -18
  • 20
  • 1.2
2018E
  • 19.1%
  • 24.2%
  • 39.8%
  • 10.5%
  • 10.5%
  • 8.2%
  • 0.39
  • 0.39
  • 0.00
  • -1.35
  • 20.5M
  • 254.4
  • 35.2
  • 35.2
  • 2.9
  • 2.6
  • 24.8
  • 24.8
  • 6.1
  • 64.4%
  • 0.0%
  • -28
  • 18
  • 1.4
2019E
  • 24.9%
  • 31.9%
  • 71.6%
  • 13.2%
  • 13.2%
  • 10.3%
  • 0.64
  • 0.64
  • 0.00
  • -2.41
  • 20.5M
  • 232.7
  • 21.6
  • 21.6
  • 2.2
  • 1.8
  • 13.9
  • 13.9
  • 4.8
  • 65.6%
  • 0.0%
  • -49
  • 10
  • 1.4
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • EBITDA
  • Depreciation
  • Amortization
  • Impairment charges
  • EBIT
  • Share in profits
  • Net financial items
  • Exchange rate dif.
  • Pre-tax profit
  • Tax
  • Net earnings
Previous year Next year
2014
  • 35
  • -31
  • 4
  • 0
  • 0
  • 0
  • 4
  • 0
  • 0
  • 0
  • 4
  • 2
  • 5
2015
  • 52
  • -46
  • 6
  • 0
  • 0
  • 0
  • 6
  • 0
  • 0
  • 0
  • 6
  • 4
  • 9
2016
  • 61
  • -64
  • -2
  • 0
  • 0
  • 0
  • -2
  • 0
  • 0
  • 0
  • -2
  • 0
  • -2
2017E
  • 1
  • 3
  • 6
  • 9
  • 3
  • 6
  • 6
  • 1
  • 7
  • 1
  • 5
  • 7
  • 1
Q1E
  • 9
  • 10
  • 10
  • 6
  • 8
  • 8
  • 6
  • 8
  • 0
  • 10
  • 10
  • 7
  • 0
Q2E
  • 1
  • 0
  • 3
  • 6
  • 4
  • 6
  • 2
  • 8
  • 0
  • 9
  • 9
  • 2
  • 3
Q3E
  • 2
  • 8
  • 3
  • 5
  • 2
  • 8
  • 7
  • 1
  • 3
  • 6
  • 5
  • 0
  • 2
Q4E
  • 2
  • 8
  • 6
  • 7
  • 3
  • 2
  • 9
  • 7
  • 4
  • 4
  • 10
  • 4
  • 2
2017E
  • 10
  • 10
  • 7
  • 9
  • 5
  • 9
  • 5
  • 4
  • 6
  • 2
  • 2
  • 9
  • 7
2018E
  • 8
  • 7
  • 5
  • 4
  • 9
  • 8
  • 4
  • 5
  • 8
  • 5
  • 4
  • 4
  • 7
Q1E
  • 4
  • 3
  • 0
  • 2
  • 8
  • 9
  • 1
  • 10
  • 8
  • 1
  • 7
  • 4
  • 4
Q2E
  • 3
  • 10
  • 5
  • 1
  • 5
  • 6
  • 8
  • 6
  • 5
  • 0
  • 10
  • 2
  • 5
Q3E
  • 8
  • 8
  • 8
  • 1
  • 6
  • 3
  • 7
  • 3
  • 9
  • 1
  • 5
  • 8
  • 4
Q4E
  • 9
  • 6
  • 0
  • 2
  • 5
  • 0
  • 8
  • 4
  • 6
  • 4
  • 6
  • 3
  • 5
2018E
  • 1
  • 9
  • 10
  • 6
  • 6
  • 3
  • 2
  • 5
  • 3
  • 10
  • 8
  • 9
  • 8
2019E
  • 1
  • 7
  • 8
  • 5
  • 7
  • 8
  • 10
  • 2
  • 6
  • 8
  • 8
  • 10
  • 6
Previous year Next year
    (SEKm)
  • Assets
  • Current assets
  • Cash in banks
  • Receivables
  • Inventories
  • Other current assets
  • Current assets
  • Fixed assets
  • Tangible assets
  • Associated comp.
  • Investments
  • Goodwill
  • Cap. exp. for dev.
  • O intangible rights
  • O non-current assets
  • Total fixed assets
  • Deferred tax assets
  • Total (assets)
  • Liabilities
  • Current liabilities
  • Short-term debt
  • Accounts payable
  • O current liabilities
  • Current liabilities
  • Long-term debt
  • O long-term liabilities
  • Convertibles
  • Total Liabilities
  • Deferred tax liab
  • Provisions
  • Shareholders' equity
  • Minority interest (BS)
  • Minority & equity
  • Total liab & SE
Previous year Next year
2014
  • 6
  • 7
  • 0
  • 2
  • 14
  • 0
  • 0
  • 2
  • 0
  • 0
  • 0
  • 0
  • 2
  • 0
  • 16
  • 0
  • 7
  • 0
  • 7
  • 0
  • 0
  • 0
  • 7
  • 0
  • 0
  • 9
  • 0
  • 9
  • 16
2015
  • 28
  • 14
  • 0
  • 3
  • 45
  • 0
  • 0
  • 5
  • 0
  • 0
  • 0
  • 0
  • 5
  • 0
  • 50
  • 0
  • 10
  • 0
  • 10
  • 0
  • 0
  • 0
  • 10
  • 0
  • 0
  • 41
  • 0
  • 41
  • 50
2016
  • 20
  • 30
  • 0
  • 2
  • 52
  • 0
  • 0
  • 6
  • 0
  • 0
  • 0
  • 0
  • 6
  • 0
  • 57
  • 0
  • 9
  • 7
  • 16
  • 0
  • 0
  • 0
  • 16
  • 0
  • 0
  • 41
  • 0
  • 41
  • 57
2017E
  • 5
  • 0
  • 4
  • 7
  • 7
  • 5
  • 3
  • 10
  • 0
  • 4
  • 10
  • 0
  • 9
  • 5
  • 5
  • 2
  • 0
  • 3
  • 4
  • 8
  • 3
  • 9
  • 10
  • 2
  • 0
  • 9
  • 10
  • 9
  • 4
2018E
  • 5
  • 1
  • 4
  • 9
  • 1
  • 2
  • 5
  • 0
  • 4
  • 5
  • 9
  • 3
  • 2
  • 9
  • 0
  • 8
  • 10
  • 5
  • 7
  • 6
  • 10
  • 6
  • 9
  • 6
  • 0
  • 1
  • 4
  • 10
  • 6
2019E
  • 9
  • 4
  • 9
  • 6
  • 0
  • 8
  • 9
  • 1
  • 1
  • 4
  • 5
  • 9
  • 10
  • 6
  • 9
  • 5
  • 0
  • 5
  • 8
  • 8
  • 6
  • 0
  • 5
  • 8
  • 9
  • 7
  • 8
  • 2
  • 1
Previous year Next year
    (SEKm)
  • Net sales
  • Total operating costs
  • Depreciations total
  • EBIT
  • Taxes on EBIT
  • NOPLAT
  • Depreciation
  • Gross cash flow
  • Change in WC
  • Gross CAPEX
  • Free cash flow
Previous year Next year
2014
  • 35
  • -31
  • 0
  • 4
  • -1
  • 3
  • 0
  • 3
  • -2
  • -2
  • 2
2015
  • 52
  • -46
  • 0
  • 6
  • -1
  • 4
  • 0
  • 4
  • -6
  • -4
  • -1
2016
  • 61
  • -64
  • 0
  • -2
  • 0
  • -2
  • 0
  • -2
  • -8
  • -0
  • -11
2017E
  • 9
  • 4
  • 5
  • 8
  • 10
  • 4
  • 8
  • 3
  • 1
  • 5
  • 9
2018E
  • 2
  • 6
  • 2
  • 4
  • 7
  • 0
  • 10
  • 3
  • 7
  • 0
  • 1
2019E
  • 6
  • 7
  • 10
  • 8
  • 5
  • 9
  • 8
  • 5
  • 10
  • 5
  • 9
Previous year Next year
More