Coverage

Cavotec

Cavotec

A global industrial group

EURm 2022 2023e 2024e
Sales 146 174 209
Sales growth (%) 2.9 18.8 20.3
EBITDA 5 18 30
EBITDA margin (%) 3.2 10.2 14.1
EBIT adj. 0 11 22
EBIT adj. margin (%) -0.3 6.5 10.5
Pretax profit 6 9 20
EPS -0.06 0.07 0.15
EPS growth (%) -84.1 -207.7 125.8
EPS adj. -0.06 0.07 0.15
DPS 0 0 0
EV/EBITDA (x) 34.2 8.7 4.9
EV/EBIT adj. (x) -342.2 13.7 6.5
P/E (x) -23.1 21.5 9.5
P/E adj. (x) -26.2 21.5 9.5
EV/sales (x) 1.08 0.89 0.69
FCF yield (%) -1.3 5.4 10.7
Le. adj. FCF yld. (%) -3.8 2.6 7.7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 4.7 1 0.3
Le. adj. ND/EBITDA (x) 3.4 0.3 0.2
EURm 2022 2023e 2024e
Sales 146 174 209
COGS 0 0 0
Gross profit 146 174 209
Other operating items -142 -156 -179
EBITDA 5 18 30
Depreciation and amortisation -6 -7 -8
of which leasing depreciation -3 -4 -4
EBITA -1 11 22
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT -1 11 22
Net financial items 7 -2 -2
Pretax profit 6 9 20
Tax -2 -3 -6
Net profit 4 6 14
Minority interest -10 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -6 6 14
EPS -0.06 0.07 0.15
EPS adj. -0.06 0.07 0.15
Total extraordinary items after tax -1 0 0
Leasing payments -3 -4 -4
Tax rate (%) 31.3 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 3.2 10.2 14.1
EBITA margin (%) -1 6.5 10.5
EBIT margin (%) -1 6.5 10.5
Pre-tax margin (%) 3.8 5.2 9.8
Net margin (%) 2.6 3.6 6.8
Sales growth (%) 2.9 18.8 20.3
EBITDA growth (%) 13.5 284.4 66.4
EBITA growth (%) -65.2 -870.2 95.9
EBIT growth (%) -65.2 -870.2 95.9
Net profit growth (%) -188.9 63.8 125.8
EPS growth (%) -84.1 -207.7 125.8
Profitability N/A N/A N/A
ROE (%) -10 11.6 22.1
ROE adj. (%) -8.8 11.6 22.1
ROCE (%) 8.3 13 24.3
ROCE adj. (%) 9.4 13 24.3
ROIC (%) -2.4 19 35.7
ROIC adj. (%) -0.8 19 35.7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 6 18 30
EBITDA adj. margin (%) 3.8 10.2 14.1
EBITDA lease adj. 2 14 26
EBITDA lease adj. margin (%) 1.6 8.1 12.3
EBITA adj. 0 11 22
EBITA adj. margin (%) -0.3 6.5 10.5
EBIT adj. 0 11 22
EBIT adj. margin (%) -0.3 6.5 10.5
Pretax profit Adj. 7 9 20
Net profit Adj. 5 6 14
Net profit to shareholders adj. -5 6 14
Net adj. margin (%) 3.1 3.6 6.8
EURm 2022 2023e 2024e
EBITDA 5 18 30
Goodwill 30 30 30
Net financial items 7 -2 -2
Other intangible assets 9 10 11
Paid tax -2 -3 -6
Tangible fixed assets 6 5 4
Non-cash items -23 0 0
Right-of-use asset 14 15 15
Cash flow before change in WC -13 13 22
Total other fixed assets 10 10 10
Change in working capital 1 -2 -4
Fixed assets 69 70 70
Operating cash flow -12 11 18
Inventories 43 46 48
Capex tangible fixed assets 0 -1 -1
Receivables 38 42 46
Capex intangible fixed assets -2 -3 -3
Other current assets 2 2 2
Acquisitions and Disposals 12 0 0
Cash and liquid assets 13 12 14
Free cash flow -2 7 14
Total assets 165 172 180
Dividend paid 0 0 0
Shareholders equity 51 58 72
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -3 -4 -4
Total equity 51 58 72
Other non-cash items 3 0 0
Long-term debt 2 2 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 14 14 14
Total other long-term liabilities 6 6 6
Short-term debt 19 15 8
Accounts payable 47 51 54
Other current liabilities 26 26 26
Total liabilities and equity 165 172 180
Net IB debt 22 18 8
Net IB debt excl. pension debt 22 18 8
Net IB debt excl. leasing 8 5 -6
Capital employed 86 88 93
Capital invested 76 78 82
Working capital 10 12 16
Market cap. diluted (m) 136 136 136
Net IB debt adj. 22 18 8
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 158 154 144
Total assets turnover (%) 86.1 103.3 119
Working capital/sales (%) 9.1 6.3 6.6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 42.5 31.7 10.8
Net debt / market cap (%) 16 13.4 5.7
Equity ratio (%) 31.1 33.6 40
Net IB debt adj. / equity (%) 42.5 31.7 10.8
Current ratio 1.04 1.1 1.25
EBITDA/net interest 2.5 8.1 18.5
Net IB debt/EBITDA (x) 4.7 1 0.3
Net IB debt/EBITDA lease adj. (x) 3.4 0.3 -0.2
Interest coverage 0.8 5.1 13.8
EURm 2022 2023e 2024e
Shares outstanding adj. 94 94 94
Diluted shares adj. 94 94 94
EPS -0.06 0.07 0.15
Dividend per share 0 0 0
EPS adj. -0.06 0.07 0.15
BVPS 0.54 0.61 0.76
BVPS adj. 0.13 0.18 0.32
Net IB debt/share 0.23 0.19 0.08
Share price 15.8 15.8 15.8
Market cap. (m) 136 136 136
P/E (x) -23.1 21.5 9.5
EV/sales (x) 1.08 0.89 0.69
EV/EBITDA (x) 34.2 8.7 4.9
EV/EBITA (x) -108 13.7 6.5
EV/EBIT (x) -108 13.7 6.5
Dividend yield (%) 0 0 0
FCF yield (%) -1.3 5.4 10.7
Le. adj. FCF yld. (%) -3.8 2.6 7.7
P/BVPS (x) 2.66 2.36 1.89
P/BVPS adj. (x) 11.19 7.91 4.49
P/E adj. (x) -26.2 21.5 9.5
EV/EBITDA adj. (x) 28.1 8.7 4.9
EV/EBITA adj. (x) -342.2 13.7 6.5
EV/EBIT adj. (x) -342.2 13.7 6.5
EV/CE (x) 1.8 1.8 1.5
Investment ratios N/A N/A N/A
Capex/sales (%) 1.4 1.9 1.8
Capex/depreciation 0.7 1.2 1
Capex tangibles / tangible fixed assets 4.8 13.2 24.8
Capex intangibles / definite intangibles 20 25.8 24
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 47.16 53.17 85.48

No valution for the company

Equity Research

Previous equity research