Coverage

Cavotec(2)

Cavotec(2)

A global industrial group

SEKm 2022 2023e 2024e
Sales 15 12 0
Sales growth (%) -17.4 -19.2 -100
EBITDA -44 -53 -73
EBITDA margin (%) -295.9 -439.2 0
EBIT adj -44 -53 -72
EBIT adj margin (%) -295.9 -439.2 0
Pretax profit -44 -53 -72
EPS rep -0.88 -0.52 -0.47
EPS growth (%) -23.3 40.1 10
EPS adj -0.88 -0.52 -0.47
DPS 0 0 1
EV/EBITDA (x) -1.4 -2.3 -2.9
EV/EBIT adj (x) -1.4 -2.3 -2.9
P/E (x) -2.2 -3.7 -4.1
P/E adj (x) -2.2 -3.7 -4.1
EV/sales (x) 4 10 0
FCF yield (%) -67.6 19.2 3.2
Dividend yield (%) 0 0 51.3
Net IB debt/EBITDA 0.9 1.4 1.2
Lease adj. FCF yield (%) -67.6 -31.4 -30.2
Lease adj. ND/EBITDA 0.8 1.4 1.2
SEKm 2022 2023e 2024e
Sales 15 12 0
COGS 0 0 0
Gross profit 15 12 0
Other operating items -59 -65 -73
EBITDA -44 -53 -73
Depreciation and amortisation 0 0 1
Of which leasing depreciation 0 0 1
EBITA -44 -53 -72
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -44 -53 -72
Net financial items 0 0 0
Pretax profit -44 -53 -72
Tax 0 0 0
Net profit -44 -53 -72
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -44 -53 -72
EPS -0.88 -0.52 -0.47
EPS Adj -0.88 -0.52 -0.47
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 1
Tax rate (%) 0 0 0
Gross margin (%) 100 100 0
EBITDA margin (%) -295.9 -439.2 0
EBITA margin (%) -295.9 -439.2 0
EBIT margin (%) -295.9 -439.2 0
Pretax margin (%) -295.9 -439.2 0
Net margin (%) -295.9 -439.2 0
Growth rates Y/Y 2022 2023 2024
Sales growth (%) -17.4 -19.2 -100
EBITDA growth (%) -56.5 -19.9 -36.9
EBIT growth (%) -23.9 -19.9 -35
Net profit growth (%) -23.3 -19.9 -35
EPS growth (%) -23.3 40.1 10
Profitability 2022 2023 2024
ROE (%) -34.4 -42.3 -48
ROE Adj (%) -34.4 -42.3 -48
ROCE (%) -34.4 -42.3 -48
ROCE Adj(%) -34.4 -42.3 -48
ROIC (%) -78.1 -78.2 -105.5
ROIC Adj (%) -78.1 -78.2 -105.5
Adj earnings numbers 2022 2023 2024
EBITDA Adj -44 -53 -73
EBITDA Adj margin (%) -295.9 -439.2 0
EBITDA lease Adj -44 -53 -72
EBITDA lease Adj margin (%) -295.9 -439.2 0
EBITA Adj -44 -53 -72
EBITA Adj margin (%) -295.9 -439.2 0
EBIT Adj -44 -53 -72
EBIT Adj margin (%) -295.9 -439.2 0
Pretax profit Adj -44 -53 -72
Net profit Adj -44 -53 -72
Net profit to shareholders Adj -44 -53 -72
Net Adj margin (%) -295.9 -439.2 0
SEKm 2022 2023e 2024e
EBITDA -44 -53 -73
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -44 -53 -73
Change in WC -7 -9 -18
Operating cash flow -52 -62 -91
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -15 0 0
Acquisitions and disposals 0 0 0
Free cash flow -67 -62 -91
Dividend paid 0 0 0
Share issues and buybacks 0 100 100
Lease liability amortisation 0 0 1
Other non cash items 7 -100 -101
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 0 0 0
Other intangible assets 61 61 61
Tangible fixed assets 10 10 10
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 71 71 71
Inventories 0 0 0
Receivables 3 2 0
Other current assets 0 0 0
Cash and liquid assets 39 77 86
Total assets 113 150 157
Shareholders equity 107 145 154
Minority 0 0 0
Total equity 107 145 154
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 3 2 0
Other current liabilities 0 0 0
Total liabilities and equity 113 150 157
Net IB debt -39 -77 -86
Net IB debt excl. pension debt -39 -77 -86
Net IB debt excl. leasing -36 -74 -84
Capital invested 68 68 68
Working capital 0 0 0
EV breakdown 2022 2023 2024
Market cap. diluted (m) 99 198 297
Net IB debt Adj -39 -77 -86
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 60 121 210
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 10.8 9.2 0
Working capital / sales (%) -24 1.1 0
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) -36.4 -53 -55.9
Net debt / market cap (%) -39.4 -38.9 -29.1
Equity ratio (%) 95 96.6 98.4
Net IB debt adj. / equity (%) -36.4 -53 -55.9
Current ratio (%) 1364.7 3192.1 0
EBITDA / net interest (%) 0 0 0
Net IB debt / EBITDA (%) 87.7 144.5 118.4
Net IB debt / EBITDA lease Adj (%) 81.9 139.6 116.5
Interest cover (%) 0 0 0
SEKm 2022 2023e 2024e
Shares outstanding adj. 51 101 152
Fully diluted shares Adj 51 101 152
EPS -0.88 -0.52 -0.47
Dividend per share Adj 0 0 1
EPS Adj -0.88 -0.52 -0.47
BVPS 2.11 1.43 1.01
BVPS Adj 2.11 1.43 1.01
Net IB debt / share -0.7 -0.7 -0.5
Share price 1.95 1.95 1.95
Market cap. (m) 99 198 297
Valuation 2022 2023 2024
P/E -2.2 -3.7 -4.1
EV/sales 4 9.98 0
EV/EBITDA -1.4 -2.3 -2.9
EV/EBITA -1.4 -2.3 -2.9
EV/EBIT -1.4 -2.3 -2.9
Dividend yield (%) 0 0 51.3
FCF yield (%) -67.6 19.2 3.2
Lease adj. FCF yield (%) -67.6 -31.4 -30.2
P/BVPS 0.92 1.36 1.92
P/BVPS Adj 0.92 1.36 1.92
P/E Adj -2.2 -3.7 -4.1
EV/EBITDA Adj -1.4 -2.3 -2.9
EV/EBITA Adj -1.4 -2.3 -2.9
EV/EBIT Adj -1.4 -2.3 -2.9
EV/cap. employed 0.6 0.8 1.4
Investment ratios 2022 2023 2024
Capex / sales 100 0 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 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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