Coverage

Cavotec(2)

Cavotec(2)

A global industrial group

SEKm 2021 2022e 2023e
Sales 23 25 104
Sales growth (%) 9.5 9.5 312.6
EBITDA -29 -32 41
EBITDA margin (%) -126.7 -127.7 39.3
EBIT adj -29 -32 41
EBIT adj margin (%) -126.7 -127.7 39.3
Pretax profit -29 -32 41
EPS rep -0.57 -0.63 0.29
EPS growth (%) 47.4 -10.4 146.2
EPS adj -0.57 -0.63 0.29
DPS 0 0 0
EV/EBITDA (x) -0.1 -1.2 -0.4
EV/EBIT adj (x) -0.1 -1.2 -0.4
P/E (x) -4 -3.6 7.8
P/E adj (x) -4 -3.6 7.8
EV/sales (x) 0.2 1.5 -0.2
FCF yield (%) 85.8 -30.6 48.7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3.8 2.4 -3.2
Lease adj. FCF yield (%) -39.3 -30.6 48.7
Lease adj. ND/EBITDA 3.7 2.3 -3.2
SEKm 2021 2022e 2023e
Sales 23 25 104
COGS 0 0 0
Gross profit 23 25 104
Other operating items -52 -57 -63
EBITDA -29 -32 41
Depreciation and amortisation 0 0 0
Of which leasing depreciation 0 0 0
EBITA -29 -32 41
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -29 -32 41
Net financial items 0 0 0
Pretax profit -29 -32 41
Tax 0 0 -26
Net profit -29 -32 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -29 -32 15
EPS -0.57 -0.63 0.29
EPS Adj -0.57 -0.63 0.29
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 -63.6
Gross margin (%) 100 100 100
EBITDA margin (%) -126.7 -127.7 39.3
EBITA margin (%) -126.7 -127.7 39.3
EBIT margin (%) -126.7 -127.7 39.3
Pretax margin (%) -126.7 -127.7 39.3
Net margin (%) -126.7 -127.7 14.3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 9.5 9.5 312.6
EBITDA growth (%) -78.9 -10.4 227
EBIT growth (%) -35.5 -10.4 227
Net profit growth (%) -34 -10.4 146.2
EPS growth (%) 47.4 -10.4 146.2
Profitability 2021 2022 2023
ROE (%) -29.9 -24.1 10.1
ROE Adj (%) -29.9 -24.1 10.1
ROCE (%) -29.9 -24.1 27.8
ROCE Adj(%) -29.9 -24.1 27.8
ROIC (%) -83.3 -81.4 35
ROIC Adj (%) -83.3 -81.4 35
Adj earnings numbers 2021 2022 2023
EBITDA Adj -29 -32 41
EBITDA Adj margin (%) -126.7 -127.7 39.3
EBITDA lease Adj -29 -32 41
EBITDA lease Adj margin (%) -126.7 -127.7 39.3
EBITA Adj -29 -32 41
EBITA Adj margin (%) -126.7 -127.7 39.3
EBIT Adj -29 -32 41
EBIT Adj margin (%) -126.7 -127.7 39.3
Pretax profit Adj -29 -32 41
Net profit Adj -29 -32 15
Net profit to shareholders Adj -29 -32 15
Net Adj margin (%) -126.7 -127.7 14.3
SEKm 2021 2022e 2023e
EBITDA -29 -32 41
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -29 -32 41
Change in WC -13 -3 15
Operating cash flow -42 -35 56
CAPEX tangible fixed assets -3 0 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -45 -35 56
Dividend paid 0 0 0
Share issues and buybacks 127 0 0
Lease liability amortisation 0 0 0
Other non cash items -121 0 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Other intangible assets 34 34 34
Tangible fixed assets 7 7 7
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 41 41 41
Inventories 0 0 0
Receivables 4 4 18
Other current assets 0 0 0
Cash and liquid assets 112 76 133
Total assets 156 121 191
Shareholders equity 151 116 178
Minority 0 0 0
Total equity 151 116 178
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 2 3 11
Other current liabilities 0 0 0
Total liabilities and equity 156 121 191
Net IB debt -112 -76 -133
Net IB debt excl. pension debt -112 -76 -133
Net IB debt excl. leasing -109 -74 -130
Capital invested 39 40 45
Working capital 2 2 7
EV breakdown 2021 2022 2023
Market cap. diluted (m) 115 115 115
Net IB debt Adj -112 -76 -133
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 4 39 -17
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 21.9 18.1 66.4
Working capital / sales (%) -4.4 7.1 4.5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -73.9 -65.9 -74.6
Net debt / market cap (%) -32.8 -66.3 -115
Equity ratio (%) 96.7 95.5 92.9
Net IB debt adj. / equity (%) -73.9 -65.9 -74.6
Current ratio (%) 4853.1 3092.9 1398.9
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 383.7 237.8 -324.9
Net IB debt / EBITDA lease Adj (%) 373.9 229 -317.9
Interest cover (%) 0 0 0
SEKm 2021 2022e 2023e
Shares outstanding adj. 51 51 51
Fully diluted shares Adj 51 51 51
EPS -0.57 -0.63 0.29
Dividend per share Adj 0 0 0
EPS Adj -0.57 -0.63 0.29
BVPS 2.98 2.29 3.51
BVPS Adj 2.98 2.29 3.51
Net IB debt / share -2.1 -1.5 -2.6
Share price 6.72 2.28 2.28
Market cap. (m) 341 115 115
Valuation 2021 2022 2023
P/E -4 -3.6 7.8
EV/sales 0.16 1.54 -0.17
EV/EBITDA -0.1 -1.2 -0.4
EV/EBITA -0.1 -1.2 -0.4
EV/EBIT -0.1 -1.2 -0.4
Dividend yield (%) 0 0 0
FCF yield (%) 85.8 -30.6 48.7
Lease adj. FCF yield (%) -39.3 -30.6 48.7
P/BVPS 0.76 0.99 0.65
P/BVPS Adj 0.76 0.99 0.65
P/E Adj -4 -3.6 7.8
EV/EBITDA Adj -0.1 -1.2 -0.4
EV/EBITA Adj -0.1 -1.2 -0.4
EV/EBIT Adj -0.1 -1.2 -0.4
EV/cap. employed 0 0.3 -0.1
Investment ratios 2021 2022 2023
Capex / sales 14.8 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 48.6 0 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0 0 0

No valution for the company

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