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Cavotec

Cavotec

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Cavotec is an international engineering group that designs and manufactures systems within power transmission and distribution, remote controlling and automation for end markets such as ports, maritime, airports, mining and tunnelling. Its Ports & Maritime segment provides systems such as automated mooring, motorised cable reels, shore power connection systems. The Industry segment offers motorised cable reels, power connectors and radio remote controls (RRC) for mining and general industry.

Sustainability information

Cavotec has recently undergone a significant turnaround, but due to external factors, we are yet to see a significant return to growth. Risks that could hold back growth further include a weaker economic cycle, competition from larger conglomerates and postponed decision-making by customers.

Financials

EURm 2024 2025e 2026e
Sales 175 170 181
Sales growth (%) -3,2 -3,1 6,7
EBITDA 17 15 21
EBITDA margin (%) 9,5 8,7 11,4
EBIT adj. 11 9 15
EBIT adj. margin (%) 6,3 5,2 8
Pretax profit 8 7 12
EPS 0,04 0,03 0,07
EPS growth (%) N/A -18,4 N/A
EPS adj. 0,04 0,03 0,07
DPS 0 0,01 0,03
EV/EBITDA (x) 11,3 12,4 8,7
EV/EBIT adj. (x) 17,1 20,8 12,4
P/E (x) 44,8 54,9 24,8
P/E adj. (x) 43,6 50,7 24,7
EV/sales (x) 1,07 1,08 0,99
FCF yield (%) 4,1 5,8 4,5
Le. adj. FCF yld. (%) 2,3 3,9 2,8
Dividend yield (%) 0 0,7 1,6
Net IB debt/EBITDA (x) 0,9 0,8 0,4
Le. adj. ND/EBITDA (x) 0,2 -0,1 -0,3
EURm 2024 2025e 2026e
Sales 175 170 181
COGS -85 -81 -90
Gross profit 90 89 91
Other operating items -73 -74 -71
EBITDA 17 15 21
Depreciation and amortisation -6 -6 -6
of which leasing depreciation -3 -4 -4
EBITA 11 9 15
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 11 9 15
Net financial items -3 -2 -3
Pretax profit 8 7 12
Tax -4 -4 -5
Net profit 4 3 7
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 4 3 7
EPS 0,04 0,03 0,07
EPS adj. 0,04 0,03 0,07
Total extraordinary items after tax 0 0 0
Leasing payments -4 -3 -3
Tax rate (%) 53,2 53,3 40
Gross margin (%) 51,4 52,3 50,5
EBITDA margin (%) 9,5 8,7 11,4
EBITA margin (%) 6,2 5,1 8
EBIT margin (%) 6,2 5,1 8
Pre-tax margin (%) 4,7 3,9 6,4
Net margin (%) 2,2 1,8 3,8
Sales growth (%) -3,2 -3,1 6,7
EBITDA growth (%) 15,8 -11,2 39
EBITA growth (%) 50,6 -21,3 69,4
EBIT growth (%) 50,7 -21,3 69,6
Net profit growth (%) 2033,9 -19,3 123,2
EPS growth (%) N/A -18,4 N/A
Profitability N/A N/A N/A
ROE (%) 6,6 5,1 10,8
ROE adj. (%) 6,8 5,5 10,8
ROCE (%) 12,2 9,9 15,9
ROCE adj. (%) 12,3 10,2 15,9
ROIC (%) 6,8 5,4 11,8
ROIC adj. (%) 6,8 5,5 11,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 20 28 33
EBITA adj. 11 9 15
EBITDA adj. margin (%) 9,7 12,2 13,5
EBITA adj. margin (%) 6,3 5,2 8
EBITDA lease adj. 16 24 29
EBIT adj. 11 9 15
EBITDA lease adj. margin (%) 8,1 10,5 11,8
EBIT adj. margin (%) 6,3 5,2 8
Pretax profit Adj. 11 19 25
Net profit Adj. 8 13 17
Net profit to shareholders adj. 8 13 17
Net adj. margin (%) 3,8 5,9 7,1
EURm 2024 2025e 2026e
EBITDA 17 15 21
Goodwill 30 30 30
Net financial items -3 -2 -3
Other intangible assets 6 5 5
Paid tax -5 -5 -5
Tangible fixed assets 5 5 5
Non-cash items -1 0 0
Right-of-use asset 13 13 12
Cash flow before change in WC 8 8 13
Total other fixed assets 8 9 9
Change in working capital -2 3 -2
Fixed assets 62 62 62
Operating cash flow 6 11 11
Inventories 36 35 36
Capex tangible fixed assets 1 -1 -1
Receivables 36 35 36
Capex intangible fixed assets 0 0 -2
Other current assets 3 3 4
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 15 19
Free cash flow 7 10 8
Total assets 148 149 157
Dividend paid 0 0 -1
Shareholders equity 60 61 67
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -3
Total equity 60 61 67
Other non-cash items 0 0 0
Long-term debt 14 13 13
Pension debt 1 1 1
Convertible debt 0 0 0
Leasing liability 13 13 13
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 22 22 25
Other current liabilities 36 36 35
Total liabilities and equity 148 149 157
Net IB debt 16 12 8
Net IB debt excl. pension debt 15 11 8
Net IB debt excl. leasing 3 -1 -5
Capital employed 87 88 94
Capital invested 76 73 75
Working capital 17 14 17
Market cap. diluted (m) 172 172 172
Net IB debt adj. 16 12 8
Market value of minority 0 0 0
EV 188 183 180
Reversal of shares and participations 0 0 0
Total assets turnover (%) 114,5 113,9 118,1
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 9,3 9,1 8,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 26,3 19,4 12,6
Net debt / market cap (%) 9,2 6,9 4,9
Equity ratio (%) 40,4 41 42,6
Net IB debt adj. / equity (%) 26,3 19,4 12,6
Current ratio 1,48 1,51 1,59
EBITDA/net interest 6,5 7,4 7,1
Net IB debt/EBITDA (x) 0,9 0,8 0,4
Net IB debt/EBITDA lease adj. (x) 0,2 -0,1 -0,3
Interest coverage 4,2 4,2 4,9
EURm 2024 2025e 2026e
Shares outstanding adj. 107 106 106
Diluted shares adj. 107 106 106
EPS 0,04 0,03 0,07
Dividend per share 0 0,01 0,03
EPS adj. 0,04 0,03 0,07
BVPS 0,56 0,58 0,63
BVPS adj. 0,23 0,25 0,3
Net IB debt/share 0,15 0,11 0,08
Share price 18 18 18
Market cap. (m) 172 172 172
P/E (x) 44,8 54,9 24,8
EV/sales (x) 1,1 1,1 1
EV/EBITDA (x) 11,3 12,4 8,7
EV/EBITA (x) 17,2 21,4 12,4
EV/EBIT (x) 17,2 21,4 12,4
Dividend yield (%) 0 0,7 1,6
FCF yield (%) 4,1 5,8 4,5
Le. adj. FCF yld. (%) 2,3 3,9 2,8
P/BVPS (x) 2,87 2,8 2,56
P/BVPS adj. (x) 7,09 6,45 5,4
P/E adj. (x) 43,6 50,7 24,7
EV/EBITDA adj. (x) 7,8 5,2 3,9
EV/EBITA adj. (x) 17 20,8 12,4
EV/EBIT adj. (x) 17,1 20,8 12,4
EV/CE (x) 2,2 2,1 1,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 0,7 1,7
Capex/depreciation -0,3 0,5 1,3
Capex tangibles / tangible fixed assets 31,7 39,6 N/A
Capex intangibles / definite intangibles 19,2 22,5 N/A
Depreciation on intang / def. intang 0 0 N/A
Depreciation on tangibles / tangibles 71,7 67,5 N/A

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Cavotec - Company presentation with CFO Glenn Withers

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 40.7 % 40.7 % 26 Jun 2025
Thomas von Koch 23.0 % 23.0 % 26 Jun 2025
Fjärde AP-fonden 5.4 % 5.4 % 26 Jun 2025
Nordea Funds 4.4 % 4.4 % 26 Jun 2025
Fondita Fund Management 1.7 % 1.7 % 26 Jun 2025
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2024
Fredrik Palmstierna 1.4 % 1.4 % 26 Jun 2025
SEB Funds 1.2 % 1.2 % 30 Jun 2025
Nordnet Pensionsförsäkring 0.7 % 0.7 % 26 Jun 2025
David Pagels 0.7 % 0.7 % 26 Jun 2025
Source: Holdings by Modular Finance AB