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Nexam Chemical: Big potential but it comes at a cost - ABG

Near-term headwinds, long-term growth potential intact
Unused credit facility of SEK 11.5m & cash position of SEK 23m
The share is trading at 20x EV/EBITDA on 2024e


Q4'22 results

Nexam had Q4 sales of SEK 56m (ABGSCe SEK 62m). The company did not, as we had expected, see a recovery in its PET foam additive sales. This resulted in group EBITDA of SEK -1m and a net profit of SEK -5m.
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