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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 2025 2026e 2027e
Sales 160 169 179
Sales growth (%) -8,7 6,1 5,9
EBITDA 9 14 19
EBITDA margin (%) 5,9 8,1 10,7
EBIT adj. 4 7 13
EBIT adj. margin (%) 2,5 4,4 7,2
Pretax profit 1 5 11
EPS -0,01 0,03 0,07
EPS growth (%) N/A N/A N/A
EPS adj. -0,01 0,03 0,07
DPS 0 0,01 0,03
EV/EBITDA (x) 15,1 10,4 7,2
EV/EBIT adj. (x) 36 19,1 10,8
P/E (x) N/A 40,2 17,5
P/E adj. (x) N/A 40,1 17,4
EV/sales (x) 0,89 0,84 0,77
FCF yield (%) 9,5 1,5 7,1
Le. adj. FCF yld. (%) 7,2 -0,9 4,8
Dividend yield (%) 0 1 2,3
Net IB debt/EBITDA (x) 1 0,8 0,3
Le. adj. ND/EBITDA (x) -0,6 -0,3 -0,5
EURm 2025 2026e 2027e
Sales 160 169 179
COGS -78 -81 -84
Gross profit 82 89 95
Other operating items -72 -75 -76
EBITDA 9 14 19
Depreciation and amortisation -6 -6 -6
of which leasing depreciation -4 -4 -4
EBITA 3 8 13
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT 3 7 13
Net financial items -2 -2 -2
Pretax profit 1 5 11
Tax -3 -2 -3
Net profit -1 3 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 3 8
EPS -0,01 0,03 0,07
EPS adj. -0,01 0,03 0,07
Total extraordinary items after tax -1 0 0
Leasing payments -3 -4 -4
Tax rate (%) 205,9 40 30
Gross margin (%) 51,3 52,3 53,1
EBITDA margin (%) 5,9 8,1 10,7
EBITA margin (%) 2 4,4 7,2
EBIT margin (%) 2 4,4 7,2
Pre-tax margin (%) 0,8 3,2 6
Net margin (%) -0,9 1,9 4,2
Sales growth (%) -8,7 6,1 5,9
EBITDA growth (%) -43,6 46,7 39,1
EBITA growth (%) -70,9 136,4 71,1
EBIT growth (%) -71 N/A 71,2
Net profit growth (%) -136,3 -335,8 130,3
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
ROE (%) -2,5 6 12,8
ROE adj. (%) -1,1 6,1 12,8
ROCE (%) 4,2 9,4 15,2
ROCE adj. (%) 5,2 9,4 15,2
ROIC (%) -4,9 7 13,2
ROIC adj. (%) -6,1 7 13,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 28 33 N/A
EBITA adj. 4 8 13
EBITDA adj. margin (%) 12,2 13,5 N/A
EBITA adj. margin (%) 2,5 4,4 7,2
EBITDA lease adj. 24 29 N/A
EBIT adj. 4 7 13
EBITDA lease adj. margin (%) 10,5 11,8 N/A
EBIT adj. margin (%) 2,5 4,4 7,2
Pretax profit Adj. 19 25 N/A
Net profit Adj. 13 17 N/A
Net profit to shareholders adj. 13 17 N/A
Net adj. margin (%) 5,9 7,1 N/A
EURm 2025 2026e 2027e
EBITDA 9 14 19
Goodwill 30 30 30
Net financial items -2 -2 -2
Other intangible assets 5 5 5
Paid tax -1 -3 -3
Tangible fixed assets 5 5 5
Non-cash items -2 0 0
Right-of-use asset 13 13 12
Cash flow before change in WC 4 9 14
Total other fixed assets 6 6 6
Change in working capital 10 -5 -2
Fixed assets 59 58 58
Operating cash flow 14 4 12
Inventories 31 35 36
Capex tangible fixed assets -1 -1 -1
Receivables 32 35 36
Capex intangible fixed assets -1 -1 -2
Other current assets 11 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 15 14 19
Free cash flow 13 2 9
Total assets 148 147 154
Dividend paid 0 0 -1
Shareholders equity 53 56 62
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -3
Total equity 53 56 62
Other non-cash items 0 0 N/A
Long-term debt 10 10 10
Pension debt 1 1 1
Convertible debt 0 0 N/A
Leasing liability 14 14 14
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 21 22 26
Other current liabilities 46 41 38
Total liabilities and equity 148 147 154
Net IB debt 10 11 6
Net IB debt excl. pension debt 9 10 5
Net IB debt excl. leasing -4 -3 -8
Capital employed 77 81 87
Capital invested 62 67 69
Working capital 7 12 13
Market cap. diluted (m) 132 132 132
Net IB debt adj. 10 11 6
Market value of minority 0 0 0
EV 142 143 138
Reversal of shares and participations 0 0 N/A
Total assets turnover (%) 107,9 115,1 119,3
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 7,3 5,5 7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 18,3 19,9 10,1
Net debt / market cap (%) 7,3 8,4 4,8
Equity ratio (%) 35,7 38,2 40,4
Net IB debt adj. / equity (%) 18,3 19,9 10,1
Current ratio 1,32 1,41 1,5
EBITDA/net interest 4,8 7,1 9,9
Net IB debt/EBITDA (x) 1 0,8 0,3
Net IB debt/EBITDA lease adj. (x) -0,6 -0,3 -0,5
Interest coverage 1,6 3,8 6,4
EURm 2025 2026e 2027e
Shares outstanding adj. 107 107 107
Diluted shares adj. 107 107 107
EPS -0,01 0,03 0,07
Dividend per share 0 0,01 0,03
EPS adj. -0,01 0,03 0,07
BVPS 0,49 0,52 0,58
BVPS adj. 0,17 0,2 0,26
Net IB debt/share 0,09 0,1 0,06
Share price 13,2 13,2 13,2
Market cap. (m) 132 132 132
P/E (x) N/A 40,2 17,5
EV/sales (x) 0,9 0,8 0,8
EV/EBITDA (x) 15,1 10,4 7,2
EV/EBITA (x) 44,7 19,1 10,8
EV/EBIT (x) 44,9 19,1 10,8
Dividend yield (%) 0 1 2,3
FCF yield (%) 9,5 1,5 7,1
Le. adj. FCF yld. (%) 7,2 -0,9 4,8
P/BVPS (x) 2,51 2,36 2,12
P/BVPS adj. (x) 7,45 6,11 4,77
P/E adj. (x) N/A 40,1 17,4
EV/EBITDA adj. (x) 5,2 3,9 N/A
EV/EBITA adj. (x) 35,8 19,1 10,8
EV/EBIT adj. (x) 36 19,1 10,8
EV/CE (x) 1,8 1,8 1,6
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1 1,7
Capex/depreciation 0,6 0,7 1,2
Capex tangibles / tangible fixed assets 39,6 N/A N/A
Capex intangibles / definite intangibles 22,5 N/A N/A
Depreciation on intang / def. intang 0 N/A N/A
Depreciation on tangibles / tangibles 67,5 N/A N/A

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Media

Cavotec - Company presentation with CEO David Pagels and CFO Joakim Wahlquist
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 % 28 Jan 2026
Thomas von Koch 23.0 % 23.0 % 28 Jan 2026
Fjärde AP-fonden 5.4 % 5.4 % 28 Jan 2026
Nordea Funds 4.4 % 4.4 % 28 Jan 2026
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2024
Fondita Fund Management 1.5 % 1.5 % 28 Jan 2026
Fredrik Palmstierna 1.4 % 1.4 % 28 Jan 2026
SEB Funds 1.2 % 1.2 % 31 Jan 2026
David Pagels 0.7 % 0.7 % 28 Jan 2026
Nordnet Pensionsförsäkring 0.6 % 0.6 % 28 Jan 2026
Source: Holdings by Modular Finance AB