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Ferronordic

Ferronordic

Leading dealerships of construction equipment with strong aftermarket offerings

SEKm 2021 2022e 2023e
Sales 6212 4950 2940
Sales growth (%) 34 -20.3 -40.6
EBITDA 699 475 231
EBITDA margin (%) 11.2 9.6 7.9
EBIT adj 507 238 51
EBIT adj margin (%) 8.2 4.8 1.7
Pretax profit 451 176 16
EPS rep 23.33 9.4 0.88
EPS growth (%) 53 -59.7 -90.7
EPS adj 24.97 9.4 0.88
DPS 0 0 0
EV/EBITDA (x) 7.3 1.3 1.8
EV/EBIT adj (x) 10.1 2.5 8.1
P/E (x) 14.4 3.4 36.6
P/E adj (x) 13.5 3.4 36.6
EV/sales (x) 0.8 0.1 0.1
FCF yield (%) 1.8 34.8 54.8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0.3 0.3 -0.2
Lease adj. FCF yield (%) 0.1 17.9 40.9
Lease adj. ND/EBITDA 0.1 -0.1 -1.3
SEKm 2021 2022e 2023e
EBITA 483 238 51
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 483 238 51
Other financial items -5 -4 0
Net financial items -32 -62 -35
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 451 176 16
Tax -112 -40 -3
Net profit 339 137 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 339 137 13
EPS 23.33 9.4 0.88
EPS Adj 24.97 9.4 0.88
Total extraordinary items after tax -23.8 0 0
Tax rate (%) -24.9 -22.5 -21.2
Gross margin (%) 17.9 16.7 14.7
EBITDA margin (%) 11.2 9.6 7.9
EBITA margin (%) 7.8 4.8 1.7
EBIT margin (%) 7.8 4.8 1.7
Pretax margin (%) 7.3 3.6 0.5
Net margin (%) 5.5 2.8 0.4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34 -20.3 -40.6
EBITDA growth (%) 38.6 -32 -51.3
EBIT growth (%) 47.2 -50.7 -78.5
Net profit growth (%) 53 -59.7 -90.7
EPS growth (%) 53 -59.7 -90.7
Profitability 2021 2022 2023
ROE (%) 35.6 11.7 1
ROE Adj (%) 38 11.7 1
ROCE (%) 27.6 10 2.3
ROCE Adj(%) 29 10 2.3
ROIC (%) 34.6 13.7 3.1
ROIC Adj (%) 36.3 13.7 3.1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 722 475 231
EBITDA Adj margin (%) 11.6 9.6 7.9
EBITA Adj 507 238 51
EBITA Adj margin (%) 8.2 4.8 1.7
EBIT Adj 507 238 51
EBIT Adj margin (%) 8.2 4.8 1.7
Pretax profit Adj 475 176 16
Net profit Adj 363 137 13
Net profit to shareholders Adj 363 137 13
Net Adj margin (%) 5.8 2.8 0.4
Sales 6212 4950 2940
COGS -5101 -4126 -2507
Gross profit 1111 825 432
Other operating items -412 -350 -201
EBITDA 699 475 231
Depreciation on tangibles -136 -118 -134
Depreciation on intangibles 0 0 0
Depreciation and amortisation -216 -237 -180
Of which leasing depreciation -42 -42 -44
EO items -24 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 641 396 166
EBITDA lease Adj margin (%) 10.3 8 5.7
Leasing payments -81 -79 -65
SEKm 2021 2022e 2023e
EBITDA 699 475 231
Net financial items -32 -62 -35
Paid tax -112 -40 -3
Non-cash items -74 18 0
Cash flow before change in WC 481 392 193
Change in WC -24 -64 87
Operating cash flow 457 328 279
CAPEX tangible fixed assets -239 -148 -24
CAPEX intangible fixed assets 0 -9 -2
Acquisitions and disposals -130 -9 2
Free cash flow 87 162 256
Dividend paid -109 0 0
Share issues and buybacks 0 0 0
Other non cash items -137 -19 -2
Decrease in net IB debt 613 138 262
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 60 69 69
Indefinite intangible assets 0 0 0
Definite intangible assets 8 9 8
Tangible fixed assets 784 744 637
Other fixed assets 65 60 60
Fixed assets 1192 1200 1111
Inventories 1432 965 529
Receivables 581 466 295
Other current assets 0 0 0
Cash and liquid assets 768 851 1042
Total assets 3973 3482 2976
Shareholders equity 1101 1238 1250
Minority 0 0 0
Total equity 1101 1238 1250
Long-term debt 490 509 513
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 5 5 5
Other long-term liabilities 1 2 2
Short-term debt 317 317 317
Accounts payable 1809 1163 647
Other current liabilities 67 67 63
Total liabilities and equity 3973 3482 2976
Net IB debt 198 134 -53
Net IB debt excl. pension debt 198 134 -53
Capital invested 1307 1379 1205
Working capital 137 201 114
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4897 466 466
Net IB debt Adj 198 134 -53
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 5095 600 414
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 188.2 132.8 91
Capital invested turnover (%) 404.9 651.3 719.1
Capital employed turnover (%) 273.2 354.5 348.8
Inventories / sales (%) 24.9 20.8 21.1
Customer advances / sales (%) 0.9 0.8 0.7
Payables / sales (%) 22.7 24.1 24.1
Working capital / sales (%) 2.8 3.4 5.4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 18 10.8 -4.2
Net debt / market cap (%) 5.7 28.7 -11.3
Equity ratio (%) 27.7 35.5 42
Net IB debt adj. / equity (%) 18 10.8 -4.2
Current ratio (%) 123.3 141.8 171.4
EBITDA / net interest (%) 2656.3 1212 660.5
Net IB debt / EBITDA (%) 28.3 28.2 -22.8
Interest cover (%) 1836.5 607.4 146.2
Lease liability amortisation -81 -79 -65
Other intangible assets 21 22 19
Right-of-use asset 222 259 280
Total other fixed assets 105 105 105
Leasing liability 159 159 159
Total other long-term liabilities 29 29 27
Net IB debt excl. leasing 39 -25 -212
Net IB debt / EBITDA lease Adj (%) 6.1 -6.3 -127.4
SEKm 2021 2022e 2023e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 23.33 9.4 0.88
Dividend per share Adj 0 0 0
EPS Adj 24.97 9.4 0.88
BVPS 75.78 85.17 86.05
BVPS Adj 70.2 78.88 79.96
Net IB debt / share 13.6 9.2 -3.6
Share price 241.11 32.1 32.1
Market cap. (m) 3504 466 466
Valuation 2021 2022 2023
P/E 14.4 3.4 36.6
EV/sales 0.82 0.12 0.14
EV/EBITDA 7.3 1.3 1.8
EV/EBITA 10.5 2.5 8.1
EV/EBIT 10.5 2.5 8.1
Dividend yield (%) 0 0 0
FCF yield (%) 1.8 34.8 54.8
P/BVPS 4.45 0.38 0.37
P/BVPS Adj 4.8 0.41 0.4
P/E Adj 13.5 3.4 36.6
EV/EBITDA Adj 7.1 1.3 1.8
EV/EBITA Adj 10.1 2.5 8.1
EV/EBIT Adj 10.1 2.5 8.1
EV/cap. employed 2.5 0.3 0.2
Investment ratios 2021 2022 2023
Capex / sales 3.9 3.2 0.9
Capex / depreciation 137.5 80.4 19
Capex tangibles / tangible fixed assets 30.5 19.9 3.7
Capex intangibles / definite intangibles 1.9 38.2 12.1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22.2 26.2 21.3
Lease adj. FCF yield (%) 0.1 17.9 40.9

No valution for the company

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