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Cavotec

Cavotec

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International engineering group

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.

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 2022 2023e 2024e
Sales 148 176 209
Sales growth (%) 4 18,8 19
EBITDA 2 12 27
EBITDA margin (%) 1,1 6,9 12,7
EBIT adj. -4 6 19
EBIT adj. margin (%) -2,4 3,3 9,2
Pretax profit 0 3 17
EPS -0,15 0,02 0,11
EPS growth (%) -61,9 -114,8 401,6
EPS adj. -0,03 0,02 0,11
DPS 0 0 0
EV/EBITDA (x) 88,7 11,7 5,1
EV/EBIT adj. (x) -41,3 24,6 7
P/E (x) -8,1 54,5 10,9
P/E adj. (x) -40,6 54,5 10,9
EV/sales (x) 0,98 0,81 0,65
FCF yield (%) -11,2 2,9 8,7
Le. adj. FCF yld. (%) -13,9 0,5 6,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 18,1 1,1 0,2
Le. adj. ND/EBITDA (x) 29,3 0 0,4
EURm 2022 2023e 2024e
Sales 148 176 209
COGS 0 0 0
Gross profit 148 176 209
Other operating items -146 -164 -183
EBITDA 2 12 27
Depreciation and amortisation -6 -6 -7
of which leasing depreciation -3 -3 -3
EBITA -5 6 19
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT -5 6 19
Net financial items 4 -2 -2
Pretax profit 0 3 17
Tax -3 -1 -5
Net profit -3 2 12
Minority interest -11 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -14 2 12
EPS -0,15 0,02 0,11
EPS adj. -0,03 0,02 0,11
Total extraordinary items after tax -11 0 0
Leasing payments -3 -3 -3
Tax rate (%) -1032,5 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 1,1 6,9 12,7
EBITA margin (%) -3 3,3 9,2
EBIT margin (%) -3 3,3 9,2
Pre-tax margin (%) -0,2 1,9 8,1
Net margin (%) -2,1 1,4 5,7
Sales growth (%) 4 18,8 19
EBITDA growth (%) -59,9 647,3 118,4
EBITA growth (%) 7,4 -228,6 233,6
EBIT growth (%) 7,4 -228,6 N/A
Net profit growth (%) -27,1 -175 401,6
EPS growth (%) -61,9 -114,8 401,6
Profitability N/A N/A N/A
ROE (%) -25,5 4,5 17,6
ROE adj. (%) -5,1 4,5 17,6
ROCE (%) 1,1 6,9 21,8
ROCE adj. (%) 2,2 6,9 21,8
ROIC (%) -65,5 5,5 17,6
ROIC adj. (%) -51 5,5 17,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 3 12 27
EBITDA adj. margin (%) 1,8 6,9 12,7
EBITDA lease adj. -1 9 23
EBITDA lease adj. margin (%) -0,4 5,1 11,1
EBITA adj. -4 6 19
EBITA adj. margin (%) -2,4 3,3 9,2
EBIT adj. -4 6 19
EBIT adj. margin (%) -2,4 3,3 9,2
Pretax profit Adj. 1 3 17
Net profit Adj. 8 2 12
Net profit to shareholders adj. -3 2 12
Net adj. margin (%) 5,5 1,4 5,7
EURm 2022 2023e 2024e
EBITDA 2 12 27
Goodwill 31 30 30
Net financial items 4 -2 -2
Other intangible assets 8 9 9
Paid tax -5 -1 -5
Tangible fixed assets 6 5 5
Non-cash items -22 0 0
Right-of-use asset 13 13 13
Cash flow before change in WC -21 9 19
Total other fixed assets 8 8 8
Change in working capital 0 -2 -4
Fixed assets 66 66 65
Operating cash flow -21 7 15
Inventories 43 47 50
Capex tangible fixed assets 0 -1 -2
Receivables 47 50 53
Capex intangible fixed assets -1 -2 -2
Other current assets 2 2 2
Acquisitions and Disposals 10 0 0
Cash and liquid assets 10 10 13
Free cash flow -13 4 11
Total assets 168 174 183
Dividend paid 0 0 0
Shareholders equity 44 62 74
Share issues and buybacks 0 15 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -3
Total equity 44 62 74
Other non-cash items 9 1 0
Long-term debt 21 5 1
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 13 14 14
Total other long-term liabilities 3 3 3
Short-term debt 5 5 4
Accounts payable 36 39 39
Other current liabilities 45 47 49
Total liabilities and equity 168 174 183
Net IB debt 30 13 5
Net IB debt excl. pension debt 30 13 5
Net IB debt excl. leasing 16 0 -8
Capital employed 84 85 92
Capital invested 74 75 79
Working capital 11 13 17
Market cap. diluted (m) 114 130 130
Net IB debt adj. 30 13 5
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 145 143 135
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 86,1 102,6 116,9
Working capital/sales (%) 9,4 6,8 7,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 66,4 21,5 7,3
Net debt / market cap (%) 25,8 10,2 4,1
Equity ratio (%) 26,4 35,4 40,1
Net IB debt adj. / equity (%) 68,3 21,5 7,3
Current ratio 1,18 1,2 1,28
EBITDA/net interest 1,3 5,1 11,6
Net IB debt/EBITDA (x) 18,1 1,1 0,2
Net IB debt/EBITDA lease adj. (x) -29,3 0 -0,4
Interest coverage 3,6 2,4 8,4
EURm 2022 2023e 2024e
Shares outstanding adj. 94 107 107
Diluted shares adj. 94 107 107
EPS -0,15 0,02 0,11
Dividend per share 0 0 0
EPS adj. -0,03 0,02 0,11
BVPS 0,47 0,58 0,69
BVPS adj. 0,06 0,21 0,32
Net IB debt/share 0,32 0,12 0,05
Share price 13,4 13,4 13,4
Market cap. (m) 114 130 130
P/E (x) -8,1 54,5 10,9
EV/sales (x) 0,98 0,81 0,65
EV/EBITDA (x) 88,7 11,7 5,1
EV/EBITA (x) -32,1 24,6 7
EV/EBIT (x) -32,1 24,6 7
Dividend yield (%) 0 0 0
FCF yield (%) -11,2 2,9 8,7
Le. adj. FCF yld. (%) -13,9 0,5 6,1
P/BVPS (x) 2,58 2,1 1,76
P/BVPS adj. (x) 20,88 5,71 3,79
P/E adj. (x) -40,6 54,5 10,9
EV/EBITDA adj. (x) 55 11,7 5,1
EV/EBITA adj. (x) -41,3 24,6 7
EV/EBIT adj. (x) -41,3 24,6 7
EV/CE (x) 1,7 1,7 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1 1,8 1,7
Capex/depreciation 0,5 1 0,9
Capex tangibles / tangible fixed assets 4,8 13,2 24,8
Capex intangibles / definite intangibles 20 25,8 24
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 47,16 53,17 85,48

Equity research

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Media

Cavotec - Company presentation with CFO Glenn Withers

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 35.2 % 35.2 % 8 Mar 2023
Thomas von Koch 17.4 % 17.4 % 17 Mar 2023
Fabio Cannavale 8.4 % 8.4 % 31 Dec 2021
Fjärde AP-fonden 6.4 % 6.4 % 31 Dec 2022
Nordea Fonder 5.0 % 5.0 % 14 Mar 2023
Lancelot Asset Management AB 2.5 % 2.5 % 31 Dec 2022
Fondita Fund Management 2.1 % 2.1 % 31 Dec 2022
Patrik Tigerschiöld med familj 1.7 % 1.7 % 13 Mar 2023
SEB Fonder 1.3 % 1.3 % 28 Feb 2023
Eric Isaac 1.3 % 1.3 % 25 May 2022
Source: Holdings by Modular Finance AB

Insider list - Cavotec

Name Quantity Code Date
Patrik Tigerschiöld + 400 000 BUY 13 Mar 2023
Patrik Tigerschiöld - 100 000 SELL 8 Mar 2023
Bure Equity AB - 200 000 SELL 8 Mar 2023
Patrik Tigerschiöld - 200 000 SELL 8 Mar 2023
Max Jonson - 50 000 SELL 8 Mar 2023
Bure Equity AB - 350 000 SELL 8 Mar 2023
Max Jonson - 100 000 SELL 8 Mar 2023
Niklas Edling + 4 414 BUY 15 Sep 2022
Niklas Edling + 4 185 BUY 9 Sep 2022
Annette Kumlien + 298 BUY 3 May 2022

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