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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 -0,1 6,2
Lease adj. ND/EBITDA 6,2 0 -0,3
Sales 142 140 188
Sales growth (%) -10,3 -1,5 34,3
EBITDA 4 14 27
EBITDA margin (%) 2,9 10,1 14,6
EBIT adj -4 7 20
EBIT adj margin (%) -3 5 10,4
Pretax profit -1 7 19
EPS rep -0,39 0 0,14
EPS growth (%) -827,4 100,3 10436,4
EPS adj -0,39 0 0,14
DPS 0 0 0
EV/EBITDA (x) 48,9 10,7 5,2
EV/EBIT adj (x) -47,5 21,9 7,3
P/E (x) -5 1078,5 10,2
P/E adj (x) -5 1078,5 10,2
EV/sales (x) 1,4 1,1 0,8
FCF yield (%) -1,9 2,5 8,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 3,8 1 0,2
EURm 2021 2022e 2023e
Depreciation and amortisation -8 -7 -8
Of which leasing depreciation -4 -4 -4
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 0 11 24
EBITDA lease Adj margin (%) 0,1 7,6 12,6
Sales 142 140 188
COGS 0 0 0
Gross profit 142 140 188
Other operating items -138 -126 -161
EBITDA 4 14 27
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA -4 7 20
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 7 20
Other financial items -5 0 0
Net financial items 4 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -1 7 19
Tax -4 -2 -5
Net profit -4 5 13
Minority interest -33 -5 0
Net profit discontinued 0 0 0
Net profit to shareholders -37 0 13
EPS -0,39 0 0,14
EPS Adj -0,39 0 0,14
Total extraordinary items after tax 0 0 0
Tax rate (%) 690 -29,2 -28
Gross margin (%) 100 100 100
EBITDA margin (%) 2,9 10,1 14,6
EBITA margin (%) -3 5 10,4
EBIT margin (%) -3 5 10,4
Pretax margin (%) -0,4 5,1 9,9
Net margin (%) -3,1 3,6 7,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -10,3 -1,5 34,3
EBITDA growth (%) -69,9 247,9 93,6
EBIT growth (%) -219,7 265,5 182,4
Net profit growth (%) -9 216,2 165,1
EPS growth (%) -827,4 100,3 10436,4
Profitability 2021 2022 2023
ROE (%) -43 0,2 18,3
ROE Adj (%) -43 0,2 18,3
ROCE (%) 0,5 8,3 18,6
ROCE Adj(%) 0,5 8,3 18,6
ROIC (%) -31,8 5,7 15,5
ROIC Adj (%) -31,8 5,7 15,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 4 14 27
EBITDA Adj margin (%) 2,9 10,1 14,6
EBITA Adj -4 7 20
EBITA Adj margin (%) -3 5 10,4
EBIT Adj -4 7 20
EBIT Adj margin (%) -3 5 10,4
Pretax profit Adj -1 7 19
Net profit Adj -4 5 13
Net profit to shareholders Adj -37 0 13
Net Adj margin (%) -3,1 3,6 7,1
Leasing payments -4 -4 -4
EURm 2021 2022e 2023e
Lease liability amortisation -4 -4 -4
Other intangible assets 8 9 11
Right-of-use asset 14 14 14
Total other fixed assets 16 16 16
Leasing liability 14 14 14
Total other long-term liabilities 11 11 11
Net IB debt excl. leasing 1 0 -8
Net IB debt / EBITDA lease Adj (%) 615,8 4,7 -33,6
EBITDA 4 14 27
Net financial items 4 0 -1
Paid tax -4 -2 -5
Non-cash items -3 1 0
Cash flow before change in WC 1 13 21
Change in WC -2 -14 -5
Operating cash flow -1 -1 16
CAPEX tangible fixed assets 0 -1 -1
CAPEX intangible fixed assets -3 -3 -3
Acquisitions and disposals 0 8 0
Free cash flow -3 3 12
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -9 17 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 5 3
Other fixed assets 17 17 17
Fixed assets 76 75 75
Inventories 30 34 43
Receivables 33 39 46
Other current assets 24 0 0
Cash and liquid assets 12 12 21
Total assets 175 160 185
Shareholders equity 67 67 80
Minority 0 5 5
Total equity 67 72 85
Long-term debt 9 8 8
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 35 47
Other current liabilities 32 16 16
Total liabilities and equity 175 160 185
Net IB debt 15 15 6
Net IB debt excl. pension debt 15 15 6
Capital invested 84 89 94
Working capital 17 22 27
EV breakdown 2021 2022 2023
Market cap. diluted (m) 184 137 137
Net IB debt Adj 15 15 6
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 199 152 144
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 75,7 83,6 109
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 13,9 13,2
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 23,1 20,6 7,4
Net debt / market cap (%) 7,1 10,8 4,6
Equity ratio (%) 38,1 44,9 46
Net IB debt adj. / equity (%) 23,1 20,6 7,4
Current ratio (%) 128,4 147,7 158,7
EBITDA / net interest (%) 356,2 1616,9 2741,8
Net IB debt / EBITDA (%) 377,4 104,3 23
Interest cover (%) -367,2 793,1 1961,8
EURm 2021 2022e 2023e
Lease adj. FCF yield (%) -4 -0,1 6,2
Net IB debt / share 0,2 0,2 0,1
Share price 2,28 1,46 1,46
Market cap. (m) 215 137 137
Valuation 2021 2022 2023
P/E -5 1078,5 10,2
EV/sales 1,4 1,09 0,76
EV/EBITDA 48,9 10,7 5,2
EV/EBITA -47,5 21,9 7,3
EV/EBIT -47,5 21,9 7,3
Dividend yield (%) 0 0 0
FCF yield (%) -1,9 2,5 8,9
P/BVPS 2,76 2,06 1,71
P/BVPS Adj 6,47 5,02 3,49
P/E Adj -5 1078,5 10,2
EV/EBITDA Adj 48,9 10,7 5,2
EV/EBITA Adj -47,5 21,9 7,3
EV/EBIT Adj -47,5 21,9 7,3
EV/cap. employed 2,1 1,5 1,3
Investment ratios 2021 2022 2023
Capex / sales 2 2,4 2,2
Capex / depreciation 64,1 91,3 100,8
Capex tangibles / tangible fixed assets -1,4 14,3 32,4
Capex intangibles / definite intangibles 35,3 28,1 27,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 58,9 75,3 117,9
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0,39 0 0,14
Dividend per share Adj 0 0 0
EPS Adj -0,39 0 0,14
BVPS 0,71 0,71 0,85
BVPS Adj 0,3 0,29 0,42

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 35.4 % 35.4 % 3 May 2022
Fjärde AP-fonden 9.8 % 9.8 % 31 Dec 2021
Fabio Cannavale 8.4 % 8.4 % 30 Apr 2021
Thomas von Koch 7.2 % 7.2 % 4 May 2022
Nordea Fonder 5.3 % 5.3 % 4 Apr 2022
SEB Fonder 3.7 % 3.7 % 31 May 2022
Lannebo Fonder 3.6 % 3.6 % 4 May 2022
Lancelot Asset Management AB 2.7 % 2.7 % 31 Mar 2022
Fondita Fonder 2.6 % 2.6 % 31 Mar 2022
Emma Jeppson 2.3 % 2.3 % 31 Mar 2020
Source: Holdings by Modular Finance AB

Insider list - Cavotec

Name Quantity Code Date
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
Juergen Strommer - 1 676 SELL 30 Jul 2021
Juergen Strommer - 2 784 SELL 30 Jul 2021

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