Coverage

Cavotec

Cavotec

EURm 2021 2022e 2023e
Lease adj. FCF yield (%) -4 -6.8 4.1
Lease adj. ND/EBITDA 6.2 0.2 -0.2
Sales 142 141 181
Sales growth (%) -10.3 -0.8 28.3
EBITDA 4 13 25
EBITDA margin (%) 2.9 9.5 13.7
EBIT adj -4 7 18
EBIT adj margin (%) -3 5 9.9
Pretax profit -1 10 17
EPS rep -0.39 0.03 0.13
EPS growth (%) -827.4 107.3 349.4
EPS adj -0.39 0.03 0.13
DPS 0 0 0
EV/EBITDA (x) 48.9 13.3 6.9
EV/EBIT adj (x) -47.5 25.2 9.6
P/E (x) -5 60 13.3
P/E adj (x) -5 60 13.3
EV/sales (x) 1.4 1.3 0.9
FCF yield (%) -1.9 -4.3 6.7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3.8 1.2 0.4
EURm 2021 2022e 2023e
Depreciation and amortisation -8 -6 -7
Of which leasing depreciation -4 -3 -4
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 0 10 21
EBITDA lease Adj margin (%) 0.1 7.2 11.7
Sales 142 141 181
COGS 0 0 0
Gross profit 142 141 181
Other operating items -138 -128 -156
EBITDA 4 13 25
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA -4 7 18
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 7 18
Other financial items -5 0 0
Net financial items 4 3 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -1 10 17
Tax -4 -3 -5
Net profit -4 7 12
Minority interest -33 -5 0
Net profit discontinued 0 0 0
Net profit to shareholders -37 3 12
EPS -0.39 0.03 0.13
EPS Adj -0.39 0.03 0.13
Total extraordinary items after tax 0 0 0
Tax rate (%) 690 -26.8 -28
Gross margin (%) 100 100 100
EBITDA margin (%) 2.9 9.5 13.7
EBITA margin (%) -3 5 9.9
EBIT margin (%) -3 5 9.9
Pretax margin (%) -0.4 7.1 9.3
Net margin (%) -3.1 5.2 6.7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -10.3 -0.8 28.3
EBITDA growth (%) -69.9 229.3 85.4
EBIT growth (%) -219.7 268.4 152.7
Net profit growth (%) -9 269.1 64.9
EPS growth (%) -827.4 107.3 349.4
Profitability 2021 2022 2023
ROE (%) -43 4 16.1
ROE Adj (%) -43 4 16.1
ROCE (%) 0.5 12.1 18.3
ROCE Adj(%) 0.5 12.1 18.3
ROIC (%) -31.8 6 14.3
ROIC Adj (%) -31.8 6 14.3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 4 13 25
EBITDA Adj margin (%) 2.9 9.5 13.7
EBITA Adj -4 7 18
EBITA Adj margin (%) -3 5 9.9
EBIT Adj -4 7 18
EBIT Adj margin (%) -3 5 9.9
Pretax profit Adj -1 10 17
Net profit Adj -4 7 12
Net profit to shareholders Adj -37 3 12
Net Adj margin (%) -3.1 5.2 6.7
Leasing payments -4 -3 -4
EURm 2021 2022e 2023e
Lease liability amortisation -4 -4 -4
Other intangible assets 8 9 11
Right-of-use asset 14 15 16
Total other fixed assets 16 18 18
Leasing liability 14 14 14
Total other long-term liabilities 11 11 11
Net IB debt excl. leasing 1 2 -4
Net IB debt / EBITDA lease Adj (%) 615.8 24.1 -20.1
EBITDA 4 13 25
Net financial items 4 3 -1
Paid tax -4 -3 -5
Non-cash items -3 -14 0
Cash flow before change in WC 1 0 19
Change in WC -2 -9 -4
Operating cash flow -1 -9 15
CAPEX tangible fixed assets 0 -1 -1
CAPEX intangible fixed assets -3 -2 -3
Acquisitions and disposals 0 5 0
Free cash flow -3 -7 11
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -9 29 0
Decrease in net IB debt 8 4 13
Balance Sheet (EURm) 2021 2022 2023
Goodwill 30 30 30
Indefinite intangible assets 0 0 0
Definite intangible assets 52 51 51
Tangible fixed assets 7 6 6
Other fixed assets 17 17 17
Fixed assets 76 79 80
Inventories 30 43 45
Receivables 33 34 42
Other current assets 24 0 0
Cash and liquid assets 12 9 10
Total assets 175 165 177
Shareholders equity 67 69 81
Minority 0 0 0
Total equity 67 69 81
Long-term debt 9 8 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 8 8 8
Short-term debt 4 4 4
Accounts payable 39 42 47
Other current liabilities 32 19 19
Total liabilities and equity 175 165 177
Net IB debt 15 16 9
Net IB debt excl. pension debt 15 16 9
Capital invested 84 87 93
Working capital 17 17 22
EV breakdown 2021 2022 2023
Market cap. diluted (m) 184 162 162
Net IB debt Adj 15 16 9
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 199 178 171
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 75.7 82.9 105.8
Capital invested turnover (%) 114.7 140.8 152.6
Capital employed turnover (%) 110.4 130 133.6
Inventories / sales (%) 24.2 21.4 21.7
Customer advances / sales (%) 12.6 10.6 9.5
Payables / sales (%) 15.7 14.3 15.3
Working capital / sales (%) 16.2 12 10.7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 23.1 23 11.4
Net debt / market cap (%) 7.1 9.8 5.7
Equity ratio (%) 38.1 42 46.1
Net IB debt adj. / equity (%) 23.1 23 11.4
Current ratio (%) 128.4 129.3 134.1
EBITDA / net interest (%) 356.2 948 2485.4
Net IB debt / EBITDA (%) 377.4 119 37.2
Interest cover (%) -367.2 499.7 1785.4
EURm 2021 2022e 2023e
Lease adj. FCF yield (%) -4 -6.8 4.1
Net IB debt / share 0.2 0.2 0.1
Share price 2.28 1.72 1.72
Market cap. (m) 215 162 162
Valuation 2021 2022 2023
P/E -5 60 13.3
EV/sales 1.4 1.26 0.95
EV/EBITDA 48.9 13.3 6.9
EV/EBITA -47.5 25.2 9.6
EV/EBIT -47.5 25.2 9.6
Dividend yield (%) 0 0 0
FCF yield (%) -1.9 -4.3 6.7
P/BVPS 2.76 2.34 1.99
P/BVPS Adj 6.47 5.4 3.98
P/E Adj -5 60 13.3
EV/EBITDA Adj 48.9 13.3 6.9
EV/EBITA Adj -47.5 25.2 9.6
EV/EBIT Adj -47.5 25.2 9.6
EV/cap. employed 2.1 1.9 1.7
Investment ratios 2021 2022 2023
Capex / sales 2 2.3 2.2
Capex / depreciation 64.1 104.6 120.6
Capex tangibles / tangible fixed assets -1.4 13.1 19.3
Capex intangibles / definite intangibles 35.3 25.6 26.6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 58.9 48.1 58.7
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0.39 0.03 0.13
Dividend per share Adj 0 0 0
EPS Adj -0.39 0.03 0.13
BVPS 0.71 0.74 0.86
BVPS Adj 0.3 0.32 0.43

Key Figure Counter

To calculate and to make comparative evaluations is not always easy. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data. You can change our estimates and enter your own values. By clicking on the plus sign next to the key figure you will also find a short explanation of these.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

13,2

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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9,5

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,9

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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2,0