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Ferronordic

Ferronordic

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Leading dealerships of construction equipment with strong aftermarket offerings

Financials

SEKm 2021 2022e 2023e
Sales 6212 5710 3373
Sales growth (%) 34 -8.1 -40.9
EBITDA 699 571 264
EBITDA margin (%) 11.2 10 7.8
EBIT adj 507 417 64
EBIT adj margin (%) 8.2 7.3 1.9
Pretax profit 451 175 29
EPS rep 23.33 8.58 1.59
EPS growth (%) 53 -63.2 -81.4
EPS adj 24.97 15.39 1.59
DPS 0 0 0
EV/EBITDA (x) 7.3 1.4 2.1
EV/EBIT adj (x) 10.1 1.9 8.5
P/E (x) 14.4 3.6 19.2
P/E adj (x) 13.5 2 19.2
EV/sales (x) 0.8 0.1 0.2
FCF yield (%) 1.8 -15.8 73.2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0.3 0.6 0.4
Lease adj. FCF yield (%) 0.1 -36 58.5
Lease adj. ND/EBITDA 0.1 0.3 -0.3
SEKm 2021 2022e 2023e
EBITA 483 318 64
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 483 318 64
Other financial items -5 -4 0
Net financial items -32 -143 -35
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 451 175 29
Tax -112 -50 -6
Net profit 339 125 23
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 339 125 23
EPS 23.33 8.58 1.59
EPS Adj 24.97 15.39 1.59
Total extraordinary items after tax -23.8 -99 0
Tax rate (%) -24.9 -28.6 -21.2
Gross margin (%) 17.9 18.8 16
EBITDA margin (%) 11.2 10 7.8
EBITA margin (%) 7.8 5.6 1.9
EBIT margin (%) 7.8 5.6 1.9
Pretax margin (%) 7.3 3.1 0.9
Net margin (%) 5.5 2.2 0.7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 34 -8.1 -40.9
EBITDA growth (%) 38.6 -18.3 -53.7
EBIT growth (%) 47.2 -34.2 -79.8
Net profit growth (%) 53 -63.2 -81.4
EPS growth (%) 53 -63.2 -81.4
Profitability 2021 2022 2023
ROE (%) 35.6 10.7 1.9
ROE Adj (%) 38 19.2 1.9
ROCE (%) 27.6 10.1 2.9
ROCE Adj(%) 29 14.8 2.9
ROIC (%) 34.6 15.7 3.4
ROIC Adj (%) 36.3 20.5 3.4
Adj earnings numbers 2021 2022 2023
EBITDA Adj 722 670 264
EBITDA Adj margin (%) 11.6 11.7 7.8
EBITA Adj 507 417 64
EBITA Adj margin (%) 8.2 7.3 1.9
EBIT Adj 507 417 64
EBIT Adj margin (%) 8.2 7.3 1.9
Pretax profit Adj 475 274 29
Net profit Adj 363 224 23
Net profit to shareholders Adj 363 224 23
Net Adj margin (%) 5.8 3.9 0.7
Sales 6212 5710 3373
COGS -5101 -4635 -2835
Gross profit 1111 1076 538
Other operating items -412 -505 -274
EBITDA 699 571 264
Depreciation on tangibles -136 -118 -134
Depreciation on intangibles 0 0 0
Depreciation and amortisation -216 -253 -200
Of which leasing depreciation -42 -42 -44
EO items -24 -99 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 641 580 199
EBITDA lease Adj margin (%) 10.3 10.2 5.9
Leasing payments -81 -90 -65
SEKm 2021 2022e 2023e
EBITDA 699 571 264
Net financial items -32 -143 -35
Paid tax -112 -50 -6
Non-cash items -74 0 0
Cash flow before change in WC 481 378 223
Change in WC -24 -145 129
Operating cash flow 457 233 352
CAPEX tangible fixed assets -239 -288 -27
CAPEX intangible fixed assets 0 -6 -3
Acquisitions and disposals -130 -9 2
Free cash flow 87 -70 324
Dividend paid -109 0 0
Share issues and buybacks 0 0 0
Other non cash items -137 -1 -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 784 869 746
Other fixed assets 65 60 60
Fixed assets 1192 1332 1227
Inventories 1432 1114 624
Receivables 581 531 334
Other current assets 0 0 0
Cash and liquid assets 768 608 868
Total assets 3973 3585 3052
Shareholders equity 1101 1226 1249
Minority 0 0 0
Total equity 1101 1226 1249
Long-term debt 490 491 495
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 1296 742
Other current liabilities 67 67 63
Total liabilities and equity 3973 3585 3052
Net IB debt 198 359 103
Net IB debt excl. pension debt 198 359 103
Capital invested 1307 1591 1359
Working capital 137 281 153
EV breakdown 2021 2022 2023
Market cap. diluted (m) 4897 443 443
Net IB debt Adj 198 359 103
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 802 546
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 188.2 151.1 101.6
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 3.7 6.4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 18 29.2 8.3
Net debt / market cap (%) 5.7 80.9 23.3
Equity ratio (%) 27.7 34.2 40.9
Net IB debt adj. / equity (%) 18 29.2 8.3
Current ratio (%) 123.3 129.3 154.1
EBITDA / net interest (%) 2656.3 1395.8 755.3
Net IB debt / EBITDA (%) 28.3 62.8 39.1
Interest cover (%) 1836.5 777.2 183.9
Lease liability amortisation -81 -90 -65
Other intangible assets 21 19 16
Right-of-use asset 222 270 291
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 39 200 -56
Net IB debt / EBITDA lease Adj (%) 6.1 34.4 -28
SEKm 2021 2022e 2023e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 23.33 8.58 1.59
Dividend per share Adj 0 0 0
EPS Adj 24.97 15.39 1.59
BVPS 75.78 84.35 85.95
BVPS Adj 70.2 78.27 80.09
Net IB debt / share 13.6 24.7 7.1
Share price 241.11 30.5 30.5
Market cap. (m) 3504 443 443
Valuation 2021 2022 2023
P/E 14.4 3.6 19.2
EV/sales 0.82 0.14 0.16
EV/EBITDA 7.3 1.4 2.1
EV/EBITA 10.5 2.5 8.5
EV/EBIT 10.5 2.5 8.5
Dividend yield (%) 0 0 0
FCF yield (%) 1.8 -15.8 73.2
P/BVPS 4.45 0.36 0.35
P/BVPS Adj 4.8 0.39 0.38
P/E Adj 13.5 2 19.2
EV/EBITDA Adj 7.1 1.2 2.1
EV/EBITA Adj 10.1 1.9 8.5
EV/EBIT Adj 10.1 1.9 8.5
EV/cap. employed 2.5 0.4 0.2
Investment ratios 2021 2022 2023
Capex / sales 3.9 5.2 0.9
Capex / depreciation 137.5 139.4 19
Capex tangibles / tangible fixed assets 30.5 33.2 3.6
Capex intangibles / definite intangibles 1.9 31 16.7
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22.2 24.3 20.9
Lease adj. FCF yield (%) 0.1 -36 58.5

No valution for the company

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