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Cavotec

Cavotec

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 Airports & Industry segment offers ground-support equipment (GSE) for aircraft at airports such as power and pre-conditioned air (PCA), while also providing motorised cable reels and radio remote controls (RRC) for mining and general industry.

Cavotec’s product offering enables substantial efficiency improvements in terms of both cost and environmental savings, such as the automated mooring system that greatly reduces mooring time and space for ships in ports. Its ground-support equipment for aircraft greatly reduces the need for fossil-fuel-generated operations by the aircraft themselves. Should sales efforts and penetration of Cavotec’s end markets prove successful, above-market growth is likely. Cavotec is undergoing a large internal transformation project, which, if successful, will significantly improve the company’s profitability and growth prospects.

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.

EURm 2021 2022e 2023e
Lease adj. FCF yield (%) -4 -8,7 5,3
Lease adj. ND/EBITDA 6,2 0,2 -0,2
Sales 142 141 181
Sales growth (%) -10,3 -0,8 28,3
EBITDA 4 13 25
EBITDA margin (%) 2,9 9,5 13,7
EBIT adj -4 7 18
EBIT adj margin (%) -3 5 9,9
Pretax profit -1 10 17
EPS rep -0,39 0,03 0,13
EPS growth (%) -827,4 107,3 349,4
EPS adj -0,39 0,03 0,13
DPS 0 0 0
EV/EBITDA (x) 48,9 10,6 5,5
EV/EBIT adj (x) -47,5 20,2 7,6
P/E (x) -5 46,9 10,4
P/E adj (x) -5 46,9 10,4
EV/sales (x) 1,4 1 0,8
FCF yield (%) -1,9 -5,5 8,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,8 1,2 0,4
EURm 2021 2022e 2023e
Depreciation and amortisation -8 -6 -7
Of which leasing depreciation -4 -3 -4
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 0 10 21
EBITDA lease Adj margin (%) 0,1 7,2 11,7
Sales 142 141 181
COGS 0 0 0
Gross profit 142 141 181
Other operating items -138 -128 -156
EBITDA 4 13 25
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA -4 7 18
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 7 18
Other financial items -5 0 0
Net financial items 4 3 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -1 10 17
Tax -4 -3 -5
Net profit -4 7 12
Minority interest -33 -5 0
Net profit discontinued 0 0 0
Net profit to shareholders -37 3 12
EPS -0,39 0,03 0,13
EPS Adj -0,39 0,03 0,13
Total extraordinary items after tax 0 0 0
Tax rate (%) 690 -26,8 -28
Gross margin (%) 100 100 100
EBITDA margin (%) 2,9 9,5 13,7
EBITA margin (%) -3 5 9,9
EBIT margin (%) -3 5 9,9
Pretax margin (%) -0,4 7,1 9,3
Net margin (%) -3,1 5,2 6,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -10,3 -0,8 28,3
EBITDA growth (%) -69,9 229,3 85,4
EBIT growth (%) -219,7 268,4 152,7
Net profit growth (%) -9 269,1 64,9
EPS growth (%) -827,4 107,3 349,4
Profitability 2021 2022 2023
ROE (%) -43 4 16,1
ROE Adj (%) -43 4 16,1
ROCE (%) 0,5 12,1 18,3
ROCE Adj(%) 0,5 12,1 18,3
ROIC (%) -31,8 6 14,3
ROIC Adj (%) -31,8 6 14,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 4 13 25
EBITDA Adj margin (%) 2,9 9,5 13,7
EBITA Adj -4 7 18
EBITA Adj margin (%) -3 5 9,9
EBIT Adj -4 7 18
EBIT Adj margin (%) -3 5 9,9
Pretax profit Adj -1 10 17
Net profit Adj -4 7 12
Net profit to shareholders Adj -37 3 12
Net Adj margin (%) -3,1 5,2 6,7
Leasing payments -4 -3 -4
EURm 2021 2022e 2023e
Lease liability amortisation -4 -4 -4
Other intangible assets 8 9 11
Right-of-use asset 14 15 16
Total other fixed assets 16 18 18
Leasing liability 14 14 14
Total other long-term liabilities 11 11 11
Net IB debt excl. leasing 1 2 -4
Net IB debt / EBITDA lease Adj (%) 615,8 24,1 -20,1
EBITDA 4 13 25
Net financial items 4 3 -1
Paid tax -4 -3 -5
Non-cash items -3 -14 0
Cash flow before change in WC 1 0 19
Change in WC -2 -9 -4
Operating cash flow -1 -9 15
CAPEX tangible fixed assets 0 -1 -1
CAPEX intangible fixed assets -3 -2 -3
Acquisitions and disposals 0 5 0
Free cash flow -3 -7 11
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -9 29 0
Decrease in net IB debt 8 4 13
Balance Sheet (EURm) 2021 2022 2023
Goodwill 30 30 30
Indefinite intangible assets 0 0 0
Definite intangible assets 52 51 51
Tangible fixed assets 7 6 6
Other fixed assets 17 17 17
Fixed assets 76 79 80
Inventories 30 43 45
Receivables 33 34 42
Other current assets 24 0 0
Cash and liquid assets 12 9 10
Total assets 175 165 177
Shareholders equity 67 69 81
Minority 0 0 0
Total equity 67 69 81
Long-term debt 9 8 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 8 8 8
Short-term debt 4 4 4
Accounts payable 39 42 47
Other current liabilities 32 19 19
Total liabilities and equity 175 165 177
Net IB debt 15 16 9
Net IB debt excl. pension debt 15 16 9
Capital invested 84 87 93
Working capital 17 17 22
EV breakdown 2021 2022 2023
Market cap. diluted (m) 184 127 127
Net IB debt Adj 15 16 9
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 199 143 136
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 75,7 82,9 105,8
Capital invested turnover (%) 114,7 140,8 152,6
Capital employed turnover (%) 110,4 130 133,6
Inventories / sales (%) 24,2 21,4 21,7
Customer advances / sales (%) 12,6 10,6 9,5
Payables / sales (%) 15,7 14,3 15,3
Working capital / sales (%) 16,2 12 10,7
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 23,1 23 11,4
Net debt / market cap (%) 7,1 12,6 7,3
Equity ratio (%) 38,1 42 46,1
Net IB debt adj. / equity (%) 23,1 23 11,4
Current ratio (%) 128,4 129,3 134,1
EBITDA / net interest (%) 356,2 948 2485,4
Net IB debt / EBITDA (%) 377,4 119 37,2
Interest cover (%) -367,2 499,7 1785,4
EURm 2021 2022e 2023e
Lease adj. FCF yield (%) -4 -8,7 5,3
Net IB debt / share 0,2 0,2 0,1
Share price 2,28 1,34 1,34
Market cap. (m) 215 127 127
Valuation 2021 2022 2023
P/E -5 46,9 10,4
EV/sales 1,4 1,01 0,75
EV/EBITDA 48,9 10,6 5,5
EV/EBITA -47,5 20,2 7,6
EV/EBIT -47,5 20,2 7,6
Dividend yield (%) 0 0 0
FCF yield (%) -1,9 -5,5 8,5
P/BVPS 2,76 1,83 1,56
P/BVPS Adj 6,47 4,22 3,12
P/E Adj -5 46,9 10,4
EV/EBITDA Adj 48,9 10,6 5,5
EV/EBITA Adj -47,5 20,2 7,6
EV/EBIT Adj -47,5 20,2 7,6
EV/cap. employed 2,1 1,5 1,4
Investment ratios 2021 2022 2023
Capex / sales 2 2,3 2,2
Capex / depreciation 64,1 104,6 120,6
Capex tangibles / tangible fixed assets -1,4 13,1 19,3
Capex intangibles / definite intangibles 35,3 25,6 26,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 58,9 48,1 58,7
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0,39 0,03 0,13
Dividend per share Adj 0 0 0
EPS Adj -0,39 0,03 0,13
BVPS 0,71 0,74 0,86
BVPS Adj 0,3 0,32 0,43

Equity research

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Media

Cavotec - Company presentation with CFO Glenn Withers

Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 35.4 % 35.4 % 29 Aug 2022
Thomas von Koch 10.5 % 10.5 % 9 Sep 2022
Fabio Cannavale 8.4 % 8.4 % 30 Apr 2021
Fjärde AP-fonden 6.4 % 6.4 % 29 Aug 2022
Nordea Fonder 5.4 % 5.4 % 29 Aug 2022
Lancelot Asset Management AB 2.7 % 2.7 % 30 Jun 2022
Fondita Fonder 2.6 % 2.6 % 29 Aug 2022
Emma Jeppson 2.3 % 2.3 % 31 Mar 2020
PRI Pensionsgaranti 1.5 % 1.5 % 29 Aug 2022
SEB Fonder 1.3 % 1.3 % 31 Aug 2022
Source: Holdings by Modular Finance AB

Insider list - Cavotec

Name Quantity Code Date
Niklas Edling + 4 414 BUY 15 Sep 2022
Niklas Edling + 4 185 BUY 9 Sep 2022
Annette Kumlien + 298 BUY 3 May 2022
Annette Kumlien + 7 481 BUY 3 May 2022
Niklas Edling + 6 845 SUBS 3 May 2022
Annette Kumlien + 5 718 BUY 3 May 2022
Annette Kumlien + 2 968 BUY 3 May 2022
Annette Kumlien + 200 BUY 3 May 2022
Juergen Strommer - 3 616 SELL 30 Jul 2021
Juergen Strommer - 3 994 SELL 30 Jul 2021

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