Coverage

Cavotec

Cavotec

A global industrial group

EURm 2021 2022e 2023e
Lease adj. FCF yield (%) -4 -9.8 6
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 9.6 4.9
EV/EBIT adj (x) -47.5 18.2 6.8
P/E (x) -5 41.7 9.3
P/E adj (x) -5 41.7 9.3
EV/sales (x) 1.4 0.9 0.7
FCF yield (%) -1.9 -6.2 9.6
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) 184 112 112
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 199 128 122
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 14.2 8.2
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 -9.8 6
Net IB debt / share 0.2 0.2 0.1
Share price 2.28 1.19 1.19
Market cap. (m) 215 112 112
Valuation 2021 2022 2023
P/E -5 41.7 9.3
EV/sales 1.4 0.91 0.67
EV/EBITDA 48.9 9.6 4.9
EV/EBITA -47.5 18.2 6.8
EV/EBIT -47.5 18.2 6.8
Dividend yield (%) 0 0 0
FCF yield (%) -1.9 -6.2 9.6
P/BVPS 2.76 1.62 1.38
P/BVPS Adj 6.47 3.75 2.77
P/E Adj -5 41.7 9.3
EV/EBITDA Adj 48.9 9.6 4.9
EV/EBITA Adj -47.5 18.2 6.8
EV/EBIT Adj -47.5 18.2 6.8
EV/cap. employed 2.1 1.4 1.2
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

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