OrganoClick announced a partnership with Ahlstrom-Munksjö and the company Ellepot, wherein OrganoClick will deliver biobased binder material to Ahlstrom-Munksjö which will then produce the non-woven paper and ship it to Ellepot for use in the production of the “Organic 2.0 paper pot”. This paper pot is a sustainable and economical solution for growing plants on an industrial scale. It is planted directly into the soil, and the pot then degrades over a time of 6-8 weeks as it is made from 100% compostable and biodegradable materials. According to the press release, OrganoClick, Ahlstrom-Munksjö and Ellepot are already preparing to expand this collaboration to include more products.
Volumes uncertain, but potential in line with Duni contract
Management does not comment on specific sales figures from this contract. However, to our understanding, volumes during 2022 should be fairly minor, although the sales potential should be in line with the current Duni contract (SEK 30m annual sales) from 2023 onwards. This assumes that the collaboration is, in fact, expanded to include more products.
Currently trading at 11x ’23e EV/EBITDA
On our current estimates, the share trades at 11x ’23e EV/EBITDA. The share has come down significantly YTD, following delays in new contracts within the Non-woven and Technical Textiles (NWT) segment. As such we find this announcement as reassuring and note that our estimates include one more NWT contract being signed in mid-22 and another at some point during ’23.
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