ABG Sundal Collier

Cavotec

A global industrial group

Description
Risk

Financials

Financial snapshots
Income statement
CF and BS
Valuation and Ratios

EURm	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023e	2024e	2025e
Sales	235	232	212	212	197	196	158	142	146	174	209	N/A
Sales growth (%)	N/A	-1.4	-8.9	0.4	-7.3	-0.5	-19.2	-10.3	2.9	18.8	20.3	-100
EBITDA	17	12	17	6	-9	21	14	4	5	18	30	N/A
EBITDA margin (%)	7.2	5.3	8.2	3	-4.6	11	8.5	2.9	3.2	10.2	14.1	N/A
EBIT adj.	19	11	10	28	4	16	5	-4	0	11	22	0
EBIT adj. margin (%)	8.1	4.7	4.9	13.4	2	8	3.4	-3	-0.3	6.5	10.5	N/A
Pretax profit	16	13	11	-23	-15	11	-3	-1	6	9	20	0
EPS	0.14	0.08	0.09	-0.4	-0.23	0.08	-0.04	-0.39	-0.06	0.07	0.15	N/A
EPS growth (%)	N/A	-43.6	8.1	-571.9	-42	-134.2	-153.3	827.4	-84.1	-207.7	125.8	-100
EPS adj.	0.2	0.1	0.07	0.32	0.04	0.1	-0.02	-0.39	-0.06	0.07	0.15	N/A
DPS	0.04	0.03	0.05	0.02	0	0	0	0	0	0	0	N/A
EV/EBITDA (x)	7.4	11.3	7.8	21.1	-16.1	7.5	11.2	38.2	34.2	8.7	4.9	N/A
EV/EBIT adj. (x)	6.6	12.8	13.2	4.7	38	10.2	28.2	-37.1	-342.2	13.7	6.5	N/A
P/E (x)	10.3	18.3	16.9	-3.6	-6.2	18.1	-34	-3.7	-23.1	21.5	9.5	N/A
P/E adj. (x)	7.4	14.5	20.5	3.5	39.4	13.8	-81.3	-3.7	-26.2	21.5	9.5	N/A
EV/sales (x)	0.54	0.6	0.64	0.63	0.74	0.82	0.96	1.1	1.08	0.89	0.69	N/A
FCF yield (%)	-3.4	-2.1	5.5	8.3	-5.2	9.2	11.1	-2.6	-1.3	5.4	10.7	0
Le. adj. FCF yld. (%)	-3.4	-2.1	5.5	8.3	-5.2	6.6	8	-5.4	-3.8	2.6	7.7	0
Dividend yield (%)	2.9	1.9	3.5	1.2	0	0	0	0	0	0	0	0
Net IB debt/EBITDA (x)	1.2	2.1	1.3	3.1	-3.5	1.1	1.2	3.8	4.7	1	0.3	N/A
Le. adj. ND/EBITDA (x)	0.9	1.7	1.5	0.6	3.8	0.2	0.3	30.3	3.4	0.3	0.2	N/A

EURm	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023e	2024e	2025e
Sales	235	232	212	212	197	196	158	142	146	174	209	N/A
COGS	0	0	0	0	0	0	0	0	0	0	0	N/A
Gross profit	235	232	212	212	197	196	158	142	146	174	209	0
Other operating items	-218	-220	-194	-206	-206	-175	-145	-138	-142	-156	-179	0
EBITDA	17	12	17	6	-9	21	14	4	5	18	30	N/A
Depreciation and amortisation	-4	-5	-5	-5	-5	-9	-10	-8	-6	-7	-8	0
of which leasing depreciation	0	0	0	0	0	-4	-4	-4	-3	-4	-4	N/A
EBITA	13	8	12	1	-14	12	4	-4	-1	11	22	N/A
EO Items	-6	-3	2	-28	-18	-3	-2	0	-1	0	0	N/A
Impairment and PPA amortisation	0	0	0	-19	0	0	0	0	0	0	0	0
EBIT	13	8	12	-18	-14	12	4	-4	-1	11	22	N/A
Net financial items	4	5	-1	-5	-1	-2	-7	4	7	-2	-2	N/A
Pretax profit	16	13	11	-23	-15	11	-3	-1	6	9	20	0
Tax	-6	-7	-5	-9	-3	-3	-1	-4	-2	-3	-6	N/A
Net profit	10	6	7	-32	-18	8	-4	-4	4	6	14	0
Minority interest	0	0	0	0	0	0	0	-33	-10	0	0	N/A
Net profit discontinued	0	0	0	0	0	0	0	0	0	0	0	N/A
Net profit to shareholders	10	6	7	-32	-18	8	-4	-37	-6	6	14	0
EPS	0.14	0.08	0.09	-0.4	-0.23	0.08	-0.04	-0.39	-0.06	0.07	0.15	N/A
EPS adj.	0.2	0.1	0.07	0.42	0.04	0.1	-0.02	-0.39	-0.06	0.07	0.15	N/A
Total extraordinary items after tax	-4	-2	1	-38	-21	-2	-2	0	-1	0	0	0
Leasing payments	0	0	0	0	0	-4	-4	-4	-3	-4	-4	N/A
Tax rate (%)	36.9	51.9	41.7	-38	-20.3	29.8	-25.6	-690	31.3	30	30	N/A
Gross margin (%)	100	100	100	100	100	100	100	100	100	100	100	N/A
EBITDA margin (%)	7.2	5.3	8.2	3	-4.6	11	8.5	2.9	3.2	10.2	14.1	N/A
EBITA margin (%)	5.3	3.3	5.8	0.4	-7	6.3	2.2	-3	-1	6.5	10.5	N/A
EBIT margin (%)	5.3	3.3	5.8	-8.5	-7	6.3	2.2	-3	-1	6.5	10.5	N/A
Pre-tax margin (%)	6.9	5.5	5.4	-10.8	-7.8	5.5	-2	-0.4	3.8	5.2	9.8	N/A
Net margin (%)	4.3	2.7	3.2	-14.8	-9.4	3.8	-2.5	-3.1	2.6	3.6	6.8	N/A
Sales growth (%)	N/A	-1.4	-8.9	0.4	-7.3	-0.5	-19.2	-10.3	2.9	18.8	20.3	-100
EBITDA growth (%)	N/A	-27.4	40.5	-63.6	-243.2	-337	-37	-69.9	13.5	284.4	66.4	-100
EBITA growth (%)	N/A	-39.5	61.7	-92.5	-1598.8	-189.7	-71.5	-219.7	-65.2	-870.2	95.9	-100
EBIT growth (%)	N/A	-39.5	61.7	-246.5	-22.8	-188.7	-71.5	-219.7	-65.2	-870.2	95.9	-100
Net profit growth (%)	N/A	-39.6	8.1	-571.8	-41.5	-140.7	-153.1	9	-188.9	63.8	125.8	-100
EPS growth (%)	N/A	-43.6	8.1	-571.9	-42	-134.2	-153.3	827.4	-84.1	-207.7	125.8	-100
Profitability	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
ROE (%)	14.9	4.5	4.7	-25.2	-18	7.2	-3.7	-43	-10	11.6	22.1	0
ROE adj. (%)	20.8	5.6	3.9	20.4	2.8	9.5	-1.6	-43	-8.8	11.6	22.1	0
ROCE (%)	21.2	7.8	6.8	-12.8	-8.8	8.4	-1.1	0.5	8.3	13	24.3	0
ROCE adj. (%)	28.6	9.7	5.7	15	2.8	10.7	0.2	0.5	9.4	13	24.3	0
ROIC (%)	21	6.9	10.1	-7.4	-8.5	11.9	2	23.7	-2.4	19	35.7	N/A
ROIC adj. (%)	31.8	9.9	8.4	11.7	2.3	15.2	3.1	23.7	-0.8	19	35.7	N/A
Adj. earnings numbers	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EBITDA adj.	23	16	15	34	9	25	15	4	6	18	30	0
EBITDA adj. margin (%)	10	6.8	7.3	16	4.3	12.7	9.7	2.9	3.8	10.2	14.1	N/A
EBITDA lease adj.	23	16	15	34	9	21	11	0	2	14	26	N/A
EBITDA lease adj. margin (%)	10	6.8	7.3	16	4.3	10.5	7	0.1	1.6	8.1	12.3	N/A
EBITA adj.	19	11	10	28	4	16	5	-4	0	11	22	0
EBITA adj. margin (%)	8.1	4.7	4.9	13.4	2	8	3.4	-3	-0.3	6.5	10.5	N/A
EBIT adj.	19	11	10	28	4	16	5	-4	0	11	22	0
EBIT adj. margin (%)	8.1	4.7	4.9	13.4	2	8	3.4	-3	-0.3	6.5	10.5	N/A
Pretax profit Adj.	23	16	9	24	2	14	-1	-1	7	9	20	0
Net profit Adj.	14	8	6	25	3	10	-2	-4	5	6	14	0
Net profit to shareholders adj.	14	8	6	25	3	10	-2	-37	-5	6	14	0
Net adj. margin (%)	6.1	3.4	2.6	12	1.5	5	-1	-3.1	3.1	3.6	6.8	N/A

EURm	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023e	2024e	2025e
EBITDA	17	12	17	6	-9	21	14	4	5	18	30	N/A
Goodwill	64	67	67	45	45	45	45	30	30	30	30	N/A
Net financial items	4	5	-1	-5	-1	-2	-7	4	7	-2	-2	N/A
Other intangible assets	5	5	8	8	8	7	7	8	9	10	11	0
Paid tax	-6	-7	-5	-9	-3	-3	-1	-4	-2	-3	-6	N/A
Tangible fixed assets	26	27	22	18	20	18	15	7	6	5	4	N/A
Non-cash items	-4	-2	-2	8	11	-12	2	-3	-23	0	0	N/A
Right-of-use asset	0	0	0	0	0	19	19	14	14	15	15	N/A
Cash flow before change in WC	10	9	9	1	-2	5	8	1	-13	13	22	0
Total other fixed assets	18	25	28	17	18	18	17	16	10	10	10	0
Change in working capital	-11	-9	1	12	3	9	7	-2	1	-2	-4	0
Fixed assets	113	123	126	88	92	108	103	76	69	70	70	0
Operating cash flow	-1	0	10	13	1	14	16	-1	-12	11	18	N/A
Inventories	41	45	40	37	39	39	38	30	43	46	48	N/A
Capex tangible fixed assets	-2	-3	-2	-2	-7	-1	0	0	0	-1	-1	N/A
Receivables	69	71	59	53	72	45	37	33	38	42	46	N/A
Capex intangible fixed assets	-1	-1	-2	-2	-2	0	-2	-3	-2	-3	-3	N/A
Other current assets	2	0	4	5	6	5	3	24	2	2	2	N/A
Acquisitions and Disposals	0	2	0	0	2	0	2	0	12	0	0	0
Cash and liquid assets	17	21	15	29	21	13	19	12	13	12	14	N/A
Free cash flow	-4	-2	6	9	-6	13	15	-3	-2	7	14	0
Total assets	242	260	244	211	230	211	201	175	165	172	180	0
Dividend paid	-3	-4	-2	-4	-1	0	0	0	0	0	0	N/A
Shareholders equity	138	140	145	104	100	108	106	67	51	58	72	0
Share issues and buybacks	20	0	0	0	0	19	0	0	0	0	0	0
Minority	0	0	0	0	0	0	0	0	0	0	0	N/A
Leasing liability amortisation	0	0	0	0	0	-4	-4	-4	-3	-4	-4	N/A
Total equity	138	140	145	104	100	108	106	67	51	58	72	0
Other non-cash items	-45	1	0	-1	-8	-20	-1	8	3	0	0	14
Long-term debt	35	43	33	46	49	3	13	9	2	2	0	N/A
Pension debt	0	0	0	0	0	0	0	0	0	0	0	N/A
Convertible debt	0	0	0	0	0	0	0	0	0	0	0	N/A
Leasing liability	0	0	0	0	0	20	19	14	14	14	14	0
Total other long-term liabilities	11	11	10	8	12	12	10	11	6	6	6	0
Short-term debt	2	3	4	3	4	14	4	4	19	15	8	N/A
Accounts payable	33	38	30	34	27	25	24	39	47	51	54	N/A
Other current liabilities	23	25	21	16	38	28	25	32	26	26	26	0
Total liabilities and equity	242	260	244	211	230	211	201	175	165	172	180	0
Net IB debt	20	25	22	20	32	24	16	15	22	18	8	0
Net IB debt excl. pension debt	20	25	22	20	32	24	16	15	22	18	8	0
Net IB debt excl. leasing	20	25	22	20	32	4	-3	1	8	5	-6	0
Capital employed	175	186	182	153	153	145	141	94	86	88	93	0
Capital invested	164	172	174	127	134	135	124	84	76	78	82	0
Working capital	56	53	52	44	52	36	29	17	10	12	16	0
Market cap. diluted (m)	106	113	113	113	114	136	136	136	136	136	136	0
Net IB debt adj.	20	27	23	20	32	24	15	20	22	18	8	N/A
Market value of minority	0	0	0	0	0	0	0	0	0	0	0	N/A
Reversal of shares and participations	0	0	0	0	0	0	0	0	0	0	0	0
Reversal of conv. debt assumed equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EV	126	140	136	134	146	160	151	156	158	154	144	0
Total assets turnover (%)	194.7	92.6	84	93.5	89.4	88.9	77	75.7	86.1	103.3	119	0
Working capital/sales (%)	11.8	23.4	24.9	22.7	24.3	22.3	20.6	16.2	9.1	6.3	6.6	N/A
Financial risk and debt service	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net debt/equity (%)	14.5	18.2	15	18.9	31.7	22.3	15.4	23.1	42.5	31.7	10.8	N/A
Net debt / market cap (%)	18.9	22.4	19.2	17.5	27.7	17.7	12	11.3	16	13.4	5.7	N/A
Equity ratio (%)	57	53.8	59.7	49.6	43.5	51.4	52.8	38.1	31.1	33.6	40	N/A
Net IB debt adj. / equity (%)	14.5	19.1	15.6	19.6	32	22.3	14.4	29.5	42.5	31.7	10.8	N/A
Current ratio	2.24	2.08	2.16	2.34	1.98	1.51	1.83	1.33	1.04	1.1	1.25	N/A
EBITDA/net interest	7.2	9.7	16	4.4	4.8	11.3	8.5	3.6	2.5	8.1	18.5	N/A
Net IB debt/EBITDA (x)	1.2	2.1	1.3	3.1	-3.5	1.1	1.2	3.8	4.7	1	0.3	N/A
Net IB debt/EBITDA lease adj. (x)	0.9	1.7	1.5	0.6	3.8	0.2	-0.3	30.3	3.4	0.3	-0.2	N/A
Interest coverage	5.3	5.9	11.3	0.6	7.3	6.5	2.2	3.7	0.8	5.1	13.8	N/A

EURm	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023e	2024e	2025e
Shares outstanding adj.	73	78	78	78	79	94	94	94	94	94	94	N/A
Diluted shares adj.	73	78	78	78	79	94	94	94	94	94	94	0
EPS	0.14	0.08	0.09	-0.4	-0.23	0.08	-0.04	-0.39	-0.06	0.07	0.15	N/A
Dividend per share	0.04	0.03	0.05	0.02	0	0	0	0	0	0	0	N/A
EPS adj.	0.2	0.1	0.07	0.42	0.04	0.1	-0.02	-0.39	-0.06	0.07	0.15	N/A
BVPS	1.88	1.78	1.85	1.33	1.26	1.15	1.12	0.71	0.54	0.61	0.76	N/A
BVPS adj.	0.94	0.87	0.9	0.66	0.59	0.59	0.58	0.3	0.13	0.18	0.32	N/A
Net IB debt/share	0.27	0.34	0.29	0.26	0.41	0.26	0.16	0.21	0.23	0.19	0.08	N/A
Share price	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8	15.8
Market cap. (m)	106	113	113	113	114	136	136	136	136	136	136	0
P/E (x)	10.3	18.3	16.9	-3.6	-6.2	18.1	-34	-3.7	-23.1	21.5	9.5	N/A
EV/sales (x)	0.54	0.6	0.64	0.63	0.74	0.82	0.96	1.1	1.08	0.89	0.69	N/A
EV/EBITDA (x)	7.4	11.3	7.8	21.1	-16.1	7.5	11.2	38.2	34.2	8.7	4.9	N/A
EV/EBITA (x)	10	18.4	11.1	145.9	-10.7	13	43.2	-37.1	-108	13.7	6.5	N/A
EV/EBIT (x)	10	18.4	11.1	-7.4	-10.5	13	43.2	-37.1	-108	13.7	6.5	N/A
Dividend yield (%)	2.9	1.9	3.5	1.2	0	0	0	0	0	0	0	0
FCF yield (%)	-3.4	-2.1	5.5	8.3	-5.2	9.2	11.1	-2.6	-1.3	5.4	10.7	0
Le. adj. FCF yld. (%)	-3.4	-2.1	5.5	8.3	-5.2	6.6	8	-5.4	-3.8	2.6	7.7	0
P/BVPS (x)	0.77	0.81	0.78	1.08	1.14	1.26	1.28	2.04	2.66	2.36	1.89	N/A
P/BVPS adj. (x)	1.54	1.66	1.61	2.2	2.45	2.46	2.51	4.78	11.19	7.91	4.49	1.44
P/E adj. (x)	7.4	14.5	20.5	3.5	39.4	13.8	-81.3	-3.7	-26.2	21.5	9.5	N/A
EV/EBITDA adj. (x)	5.4	8.9	8.8	3.9	17.2	6.4	9.8	38.2	28.1	8.7	4.9	N/A
EV/EBITA adj. (x)	6.6	12.8	13.2	4.7	38	10.2	28.2	-37.1	-342.2	13.7	6.5	N/A
EV/EBIT adj. (x)	6.6	12.8	13.2	4.7	38	10.2	28.2	-37.1	-342.2	13.7	6.5	N/A
EV/CE (x)	0.7	0.8	0.7	0.9	1	1.1	1.1	1.7	1.8	1.8	1.5	N/A
Investment ratios	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capex/sales (%)	1.3	1.6	2	1.7	4.7	0.8	1.5	2	1.4	1.9	1.8	N/A
Capex/depreciation	0.7	0.8	0.8	0.7	2	0.3	0.4	0.6	0.7	1.2	1	N/A
Capex tangibles / tangible fixed assets	8.2	11.9	11.3	11.6	37.2	7	2.9	1.4	4.8	13.2	24.8	N/A
Capex intangibles / definite intangibles	18.9	12.8	22.2	20.4	21.2	4.6	28.5	35.3	20	25.8	24	N/A
Depreciation on intang / def. intang	0	0	0	0	0	0	0	0	0	0	0	N/A
Depreciation on tangibles / tangibles	16.98	17.83	23.09	29.76	23.27	26.57	36.97	58.9	47.16	53.17	85.48	N/A