I-tech: Inducing hyperactivity: a profitable fast grower - ABG

A novel, environmentally beneficial approach to a USD 20bn problem
A competitive edge in a USD 400m TAM, 2% share to grow 5x
35% EPS CAGR trading at 18-10x P/E, fair value SEK 40-120


Marine antifouling: a USD 20bn value-add

I-Tech's sole product, Selektope, is an antifouling agent used to combat the growth of barnacles on ship hulls. Having an effective antifouling solution targeting barnacles is essential for ship operators, as barnacle fouling increases drag substantially. Preventing fouling therefore saves significant amounts of fuel. Essentially all ships use some form of antifouling solution, and it is estimated by DNV that this saves USD >20bn and >100m tonnes of CO2, corresponding to 0.3% of global emissions, annually. Selektope's novel mode of action allows it to be effective at far lower concentrations than alternative biocides, which is a strong competitive edge, as there is considerable regulatory pressure to decrease biocide release into the oceans.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/i-tech/Equity-research/2023/10/i-tech---inducing-hyperactivity-a-profitable-fast-grower/