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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 148 167 177
Sales growth (%) -15,6 13,1 5,9
EBITDA 6 16 20
EBITDA margin (%) 3,8 9,6 11,5
EBIT adj. 0 10 14
EBIT adj. margin (%) 0 5,9 8,1
Pretax profit -2 6 11
EPS -0,03 0,04 0,07
EPS growth (%) N/A N/A 97,3
EPS adj. -0,03 0,04 0,07
DPS 0,01 0,01 0,03
EV/EBITDA (x) 29,6 10,3 7,9
EV/EBIT adj. (x) -6570,2 16,7 11,2
P/E (x) N/A 38,4 19,5
P/E adj. (x) N/A 38,3 19,5
EV/sales (x) 1,13 0,98 0,9
FCF yield (%) 3,6 3 6
Le. adj. FCF yld. (%) 1,6 1,1 4,3
Dividend yield (%) 0,6 1 2,1
Net IB debt/EBITDA (x) 3,1 0,9 0,5
Le. adj. ND/EBITDA (x) 1,3 0,1 -0,2
EURm 2025 2026e 2027e
Sales 148 167 177
COGS -69 -78 -83
Gross profit 79 89 94
Other operating items -73 -73 -74
EBITDA 6 16 20
Depreciation and amortisation -6 -6 -6
of which leasing depreciation -4 -4 -3
EBITA -1 10 14
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT -1 10 14
Net financial items -2 -3 -3
Pretax profit -2 6 11
Tax -1 -3 -3
Net profit -3 4 8
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -3 4 8
EPS -0,03 0,04 0,07
EPS adj. -0,03 0,04 0,07
Total extraordinary items after tax -1 0 0
Leasing payments -3 -3 -3
Tax rate (%) -40,8 40 30
Gross margin (%) 53,2 53,3 53,2
EBITDA margin (%) 3,8 9,6 11,5
EBITA margin (%) -0,4 5,9 8,1
EBIT margin (%) -0,4 5,9 8,1
Pre-tax margin (%) -1,7 3,9 6,2
Net margin (%) -2,3 2,3 4,3
Sales growth (%) -15,6 13,1 5,9
EBITDA growth (%) -66,1 182,9 26,9
EBITA growth (%) -105,1 -1870,8 45,5
EBIT growth (%) -105,2 -1828,7 45,5
Net profit growth (%) -189,6 -213,2 97,3
EPS growth (%) N/A N/A 97,3
Profitability N/A N/A N/A
ROE (%) -6,2 7,3 13,1
ROE adj. (%) -5,2 7,4 13,1
ROCE (%) -0,4 11,8 16,1
ROCE adj. (%) 0,3 11,8 16,1
ROIC (%) -1,1 8,5 14,1
ROIC adj. (%) 0 8,5 14,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 28 33 N/A
EBITA adj. 0 10 14
EBITDA adj. margin (%) 12,2 13,5 N/A
EBITA adj. margin (%) 0 5,9 8,1
EBITDA lease adj. 24 29 N/A
EBIT adj. 0 10 14
EBITDA lease adj. margin (%) 10,5 11,8 N/A
EBIT adj. margin (%) 0 5,9 8,1
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 6 16 20
Goodwill 29 29 29
Net financial items -2 -3 -3
Other intangible assets 5 5 6
Paid tax -1 -3 -3
Tangible fixed assets 5 5 5
Non-cash items -1 0 0
Right-of-use asset 12 12 11
Cash flow before change in WC 2 10 14
Total other fixed assets 5 5 5
Change in working capital 5 -3 -2
Fixed assets 57 56 56
Operating cash flow 7 7 12
Inventories 30 33 35
Capex tangible fixed assets -1 -1 -1
Receivables 30 33 35
Capex intangible fixed assets -1 -1 -2
Other current assets 3 4 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 15 20
Free cash flow 5 5 9
Total assets 133 143 153
Dividend paid 0 1 -2
Shareholders equity 50 56 62
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -3
Total equity 50 56 62
Other non-cash items 0 0 N/A
Long-term debt 15 15 15
Pension debt 2 2 2
Convertible debt 0 0 N/A
Leasing liability 13 13 14
Total other long-term liabilities 2 2 2
Short-term debt 0 0 0
Accounts payable 19 23 26
Other current liabilities 32 32 34
Total liabilities and equity 133 143 153
Net IB debt 17 14 10
Net IB debt excl. pension debt 15 12 8
Net IB debt excl. leasing 4 1 -4
Capital employed 80 85 92
Capital invested 68 70 72
Working capital 13 15 17
Market cap. diluted (m) 150 150 150
Net IB debt adj. 17 14 10
Market value of minority 0 0 0
EV 167 164 160
Reversal of shares and participations 0 0 N/A
Total assets turnover (%) 105,1 121,3 119,6
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 9,9 8,4 9,2
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 34,6 25,8 16,1
Net debt / market cap (%) 11,6 9,6 6,6
Equity ratio (%) 38 39 40,3
Net IB debt adj. / equity (%) 34,6 25,8 16,1
Current ratio 1,49 1,55 1,63
EBITDA/net interest 2,8 4,9 6,3
Net IB debt/EBITDA (x) 3,1 0,9 0,5
Net IB debt/EBITDA lease adj. (x) 1,3 0,1 -0,2
Interest coverage 0,2 3 4,4
EURm 2025 2026e 2027e
Shares outstanding adj. 107 107 107
Diluted shares adj. 107 107 107
EPS -0,03 0,04 0,07
Dividend per share 0,01 0,01 0,03
EPS adj. -0,03 0,04 0,07
BVPS 0,47 0,52 0,58
BVPS adj. 0,15 0,2 0,25
Net IB debt/share 0,16 0,13 0,09
Share price 15,5 15,5 15,5
Market cap. (m) 150 150 150
P/E (x) N/A 38,4 19,5
EV/sales (x) 1,1 1 0,9
EV/EBITDA (x) 29,6 10,3 7,9
EV/EBITA (x) -301,4 16,7 11,2
EV/EBIT (x) -294,6 16,7 11,2
Dividend yield (%) 0,6 1 2,1
FCF yield (%) 3,6 3 6
Le. adj. FCF yld. (%) 1,6 1,1 4,3
P/BVPS (x) 2,97 2,69 2,42
P/BVPS adj. (x) 9,54 7,18 5,58
P/E adj. (x) N/A 38,3 19,5
EV/EBITDA adj. (x) 5,2 3,9 N/A
EV/EBITA adj. (x) -13317,8 16,7 11,2
EV/EBIT adj. (x) -6570,2 16,7 11,2
EV/CE (x) 2,1 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,7 1,7
Capex/depreciation 0,5 1,1 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 % 23 Dec 2025
Thomas von Koch 23.0 % 23.0 % 23 Dec 2025
Fjärde AP-fonden 5.4 % 5.4 % 23 Dec 2025
Nordea Funds 4.4 % 4.4 % 23 Dec 2025
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2024
Fondita Fund Management 1.5 % 1.5 % 23 Dec 2025
Fredrik Palmstierna 1.4 % 1.4 % 23 Dec 2025
SEB Funds 1.2 % 1.2 % 23 Dec 2025
David Pagels 0.7 % 0.7 % 23 Dec 2025
Nordnet Pensionsförsäkring 0.6 % 0.6 % 23 Dec 2025
Source: Holdings by Modular Finance AB