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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 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.

EURm 2023 2024e 2025e
Sales 176 196 220
Sales growth (%) 18,8 11,6 12,3
EBITDA 12 18 27
EBITDA margin (%) 6,8 9,3 12,2
EBIT adj. 6 12 20
EBIT adj. margin (%) 3,4 6 9,1
Pretax profit 2 9 18
EPS -0,01 0,06 0,12
EPS growth (%) -94,5 -844,6 93,7
EPS adj. -0,01 0,06 0,12
DPS 0 0 0
EV/EBITDA (x) 12,7 8 5,1
EV/EBIT adj. (x) 25,8 12,4 6,9
P/E (x) -152,5 20,5 10,6
P/E adj. (x) -152,5 20,5 10,6
EV/sales (x) 0,86 0,75 0,63
FCF yield (%) -1,3 6,7 9,5
Le. adj. FCF yld. (%) -3,3 4,1 6,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,6 0,7 0,2
Le. adj. ND/EBITDA (x) 0,8 0,1 -0,3
EURm 2023 2024e 2025e
Sales 176 196 220
COGS 0 0 0
Gross profit 176 196 220
Other operating items -164 -178 -193
EBITDA 12 18 27
Depreciation and amortisation -6 -7 -7
of which leasing depreciation -3 -3 -4
EBITA 6 12 20
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 6 12 20
Net financial items -3 -3 -2
Pretax profit 2 9 18
Tax -3 -3 -5
Net profit -1 7 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 7 13
EPS -0,01 0,06 0,12
EPS adj. -0,01 0,06 0,12
Total extraordinary items after tax 0 0 0
Leasing payments -3 -3 -4
Tax rate (%) 135,2 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 6,8 9,3 12,2
EBITA margin (%) 3,4 6 9,1
EBIT margin (%) 3,4 6 9,1
Pre-tax margin (%) 1,4 4,7 8,2
Net margin (%) -0,5 3,3 5,7
Sales growth (%) 18,8 11,6 12,3
EBITDA growth (%) 635,6 52,3 46,5
EBITA growth (%) -230,9 99,9 69,6
EBIT growth (%) -230,9 99,9 69,6
Net profit growth (%) -72,5 -844,6 93,7
EPS growth (%) -94,5 -844,6 93,7
Profitability N/A N/A N/A
ROE (%) -1,7 10,6 17,8
ROE adj. (%) -1,7 10,6 17,8
ROCE (%) 6,9 13,2 21,6
ROCE adj. (%) 6,9 13,2 21,6
ROIC (%) -2,8 10,7 17,6
ROIC adj. (%) -2,8 10,7 17,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 12 18 27
EBITDA adj. margin (%) 6,8 9,3 12,2
EBITDA lease adj. 9 15 23
EBITDA lease adj. margin (%) 5 7,6 10,4
EBITA adj. 6 12 20
EBITA adj. margin (%) 3,4 6 9,1
EBIT adj. 6 12 20
EBIT adj. margin (%) 3,4 6 9,1
Pretax profit Adj. 2 9 18
Net profit Adj. -1 7 13
Net profit to shareholders adj. -1 7 13
Net adj. margin (%) -0,5 3,3 5,7
EURm 2023 2024e 2025e
EBITDA 12 18 27
Goodwill 30 30 30
Net financial items -3 -3 -2
Other intangible assets 8 8 9
Paid tax -3 -3 -5
Tangible fixed assets 5 4 4
Non-cash items 0 0 0
Right-of-use asset 13 13 13
Cash flow before change in WC 5 13 19
Total other fixed assets 8 8 8
Change in working capital -6 -1 -3
Fixed assets 63 63 64
Operating cash flow 0 12 16
Inventories 44 47 52
Capex tangible fixed assets -1 -1 -2
Receivables 41 44 48
Capex intangible fixed assets -1 -2 -2
Other current assets 2 2 2
Acquisitions and Disposals 0 0 0
Cash and liquid assets 12 13 13
Free cash flow -2 9 13
Total assets 162 169 179
Dividend paid 0 0 0
Shareholders equity 58 64 77
Share issues and buybacks 14 0 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -4
Total equity 58 64 77
Other non-cash items 1 0 0
Long-term debt 18 13 5
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 12 12 12
Total other long-term liabilities 3 3 3
Short-term debt 1 1 1
Accounts payable 30 33 37
Other current liabilities 40 42 44
Total liabilities and equity 162 169 179
Net IB debt 19 13 4
Net IB debt excl. pension debt 19 13 4
Net IB debt excl. leasing 7 1 -8
Capital employed 89 90 95
Capital invested 77 78 82
Working capital 17 18 21
Market cap. diluted (m) 133 133 133
Net IB debt adj. 19 13 4
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 152 146 138
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 106,4 118,5 126,6
Working capital/sales (%) 7,9 8,8 8,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 32,2 20,4 5,8
Net debt / market cap (%) 14 9,9 3,4
Equity ratio (%) 35,8 38,2 43,1
Net IB debt adj. / equity (%) 32,2 20,4 5,8
Current ratio 1,39 1,39 1,41
EBITDA/net interest 3,4 7,3 13,4
Net IB debt/EBITDA (x) 1,6 0,7 0,2
Net IB debt/EBITDA lease adj. (x) 0,8 0,1 -0,3
Interest coverage 1,7 4,7 10
EURm 2023 2024e 2025e
Shares outstanding adj. 107 107 107
Diluted shares adj. 107 107 107
EPS -0,01 0,06 0,12
Dividend per share 0 0 0
EPS adj. -0,01 0,06 0,12
BVPS 0,54 0,6 0,72
BVPS adj. 0,19 0,24 0,36
Net IB debt/share 0,17 0,12 0,04
Share price 13,95 13,95 13,95
Market cap. (m) 133 133 133
P/E (x) -152,5 20,5 10,6
EV/sales (x) 0,86 0,75 0,63
EV/EBITDA (x) 12,7 8 5,1
EV/EBITA (x) 25,8 12,4 6,9
EV/EBIT (x) 25,8 12,4 6,9
Dividend yield (%) 0 0 0
FCF yield (%) -1,3 6,7 9,5
Le. adj. FCF yld. (%) -3,3 4,1 6,5
P/BVPS (x) 2,3 2,07 1,73
P/BVPS adj. (x) 6,74 5,12 3,51
P/E adj. (x) -152,5 20,5 10,6
EV/EBITDA adj. (x) 12,7 8 5,1
EV/EBITA adj. (x) 25,8 12,4 6,9
EV/EBIT adj. (x) 25,8 12,4 6,9
EV/CE (x) 1,7 1,6 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,8 1,5 1,7
Capex/depreciation 0,5 0,9 1,2
Capex tangibles / tangible fixed assets 11,1 31,7 39,6
Capex intangibles / definite intangibles 11,1 19,2 22,5
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 61,83 71,7 67,5

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Media

Cavotec - Company presentation with CFO Glenn Withers

Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 35.3 % 35.3 % 29 Jan 2024
Thomas von Koch 17.5 % 17.5 % 29 Jan 2024
Fabio Cannavale 7.1 % 7.1 % 29 Jan 2024
Fjärde AP-fonden 6.4 % 6.4 % 29 Jan 2024
Nordea Funds 4.4 % 4.4 % 29 Jan 2024
Fondita Fund Management 1.9 % 1.9 % 29 Jan 2024
Patrik Tigerschiöld med familj 1.7 % 1.7 % 13 Mar 2023
SEB Fonder 1.2 % 1.2 % 31 Jan 2024
Eric Isaac 1.2 % 1.2 % 25 May 2023
Fredrik Palmstierna 1.1 % 1.1 % 29 Jan 2024
Source: Holdings by Modular Finance AB