Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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.

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.

EURm 2023 2024e 2025e
Sales 181 190 204
Sales growth (%) 22,2 5 7,5
EBITDA 14 18 25
EBITDA margin (%) 8 9,5 12,2
EBIT adj. 8 13 20
EBIT adj. margin (%) 4,3 6,6 9,7
Pretax profit 4 11 19
EPS 0 0,07 0,12
EPS growth (%) -101,3 3349,7 79,5
EPS adj. 0,01 0,07 0,12
DPS 0 0,03 0,05
EV/EBITDA (x) 12,1 9,2 6,4
EV/EBIT adj. (x) 22,3 13,2 8
P/E (x) 730 21,2 11,8
P/E adj. (x) 188,3 21,1 11,8
EV/sales (x) 0,97 0,87 0,78
FCF yield (%) 0,3 7,3 8,6
Le. adj. FCF yld. (%) -1,8 5,9 7,1
Dividend yield (%) 0 1,9 3,4
Net IB debt/EBITDA (x) 1,3 0,6 0,1
Le. adj. ND/EBITDA (x) 0,6 -0,1 -0,4
EURm 2023 2024e 2025e
Sales 181 190 204
COGS -101 -100 -107
Gross profit 80 89 97
Other operating items -65 -71 -72
EBITDA 14 18 25
Depreciation and amortisation -7 -6 -5
of which leasing depreciation -3 -3 -3
EBITA 7 13 20
EO Items -1 0 0
Impairment and PPA amortisation 0 0 0
EBIT 7 13 20
Net financial items -3 -1 -1
Pretax profit 4 11 19
Tax -4 -4 -6
Net profit 0 7 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 0 7 13
EPS 0 0,07 0,12
EPS adj. 0,01 0,07 0,12
Total extraordinary items after tax -1 0 0
Leasing payments -4 -2 -3
Tax rate (%) 95,2 33,9 30
Gross margin (%) 44 47,1 47,6
EBITDA margin (%) 8 9,5 12,2
EBITA margin (%) 4 6,6 9,7
EBIT margin (%) 4 6,6 9,7
Pre-tax margin (%) 2,1 5,8 9,2
Net margin (%) 0,1 3,9 6,5
Sales growth (%) 22,2 5 7,5
EBITDA growth (%) 783,1 25,6 37
EBITA growth (%) -261,4 73,8 56,9
EBIT growth (%) -260,4 74 56,9
Net profit growth (%) -105,7 3973,1 79,9
EPS growth (%) -101,3 3349,7 79,5
Profitability N/A N/A N/A
ROE (%) 0,4 12,2 19,2
ROE adj. (%) 1,6 12,2 19,2
ROCE (%) 8,3 14,4 20,5
ROCE adj. (%) 9 14,4 20,5
ROIC (%) 0,5 11,2 18,3
ROIC adj. (%) 0,5 11,2 18,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 14 20 28
EBITA adj. 8 13 20
EBITDA adj. margin (%) 8 9,7 12,2
EBITA adj. margin (%) 4,3 6,6 9,7
EBITDA lease adj. 11 16 24
EBIT adj. 8 13 20
EBITDA lease adj. margin (%) 6,1 8,1 10,5
EBIT adj. margin (%) 4,3 6,6 9,7
Pretax profit Adj. 4 11 19
Net profit Adj. 0 8 13
Net profit to shareholders adj. 0 8 13
Net adj. margin (%) 0,1 3,8 5,9
EURm 2023 2024e 2025e
EBITDA 14 18 25
Goodwill 30 29 29
Net financial items -3 -1 -1
Other intangible assets 7 8 9
Paid tax -1 -4 -6
Tangible fixed assets 5 5 6
Non-cash items 0 0 0
Right-of-use asset 12 11 12
Cash flow before change in WC 10 13 18
Total other fixed assets 8 9 9
Change in working capital -8 -1 -1
Fixed assets 62 62 64
Operating cash flow 2 12 17
Inventories 37 38 41
Capex tangible fixed assets -1 0 -2
Receivables 33 38 41
Capex intangible fixed assets -1 -1 -2
Other current assets 10 6 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 15 22 31
Free cash flow 0 11 13
Total assets 157 166 182
Dividend paid 0 0 -3
Shareholders equity 57 64 74
Share issues and buybacks 15 0 0
Minority 0 0 0
Leasing liability amortisation -3 -2 -2
Total equity 57 64 74
Other non-cash items -1 0 0
Long-term debt 21 20 20
Pension debt 1 1 1
Convertible debt 0 0 0
Leasing liability 12 12 13
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 26 28 30
Other current liabilities 38 40 42
Total liabilities and equity 157 166 182
Net IB debt 19 10 3
Net IB debt excl. pension debt 18 10 3
Net IB debt excl. leasing 7 -2 -10
Capital employed 90 96 108
Capital invested 75 74 77
Working capital 16 14 16
Market cap. diluted (m) 156 155 155
Net IB debt adj. 19 10 3
Market value of minority 0 0 0
EV 174 166 159
Reversal of shares and participations 0 0 0
Total assets turnover (%) 111,3 117,3 117
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 7,5 8 7,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 33 16,1 4,4
Net debt / market cap (%) 12 6,6 2,1
Equity ratio (%) 36 38,2 40,5
Net IB debt adj. / equity (%) 33 16,1 4,4
Current ratio 1,48 1,55 1,64
EBITDA/net interest 4,2 7,9 12,9
Net IB debt/EBITDA (x) 1,3 0,6 0,1
Net IB debt/EBITDA lease adj. (x) 0,6 -0,1 -0,4
Interest coverage 2,1 5,4 9,7
EURm 2023 2024e 2025e
Shares outstanding adj. 107 106 106
Diluted shares adj. 107 106 106
EPS 0 0,07 0,12
Dividend per share 0 0,03 0,05
EPS adj. 0,01 0,07 0,12
BVPS 0,53 0,6 0,69
BVPS adj. 0,18 0,25 0,34
Net IB debt/share 0,18 0,1 0,03
Share price 17,1 17,1 17,1
Market cap. (m) 156 155 155
P/E (x) 730 21,2 11,8
EV/sales (x) 0,97 0,87 0,78
EV/EBITDA (x) 12,1 9,2 6,4
EV/EBITA (x) 24,1 13,2 8
EV/EBIT (x) 24,1 13,2 8
Dividend yield (%) 0 1,9 3,4
FCF yield (%) 0,3 7,3 8,6
Le. adj. FCF yld. (%) -1,8 5,9 7,1
P/BVPS (x) 2,75 2,45 2,11
P/BVPS adj. (x) 8,09 5,85 4,28
P/E adj. (x) 188,3 21,1 11,8
EV/EBITDA adj. (x) 10,9 7,8 5,2
EV/EBITA adj. (x) 22,2 13,2 8
EV/EBIT adj. (x) 22,3 13,2 8
EV/CE (x) 1,9 1,7 1,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0,8 0,5 1,7
Capex/depreciation 0,4 0,4 1,4
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

Equity research

Read earlier research

Media

Cavotec - Company presentation with CFO Glenn Withers

Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 35.9 % 35.9 % 16 May 2024
Thomas von Koch 17.9 % 17.9 % 26 Apr 2024
Fabio Cannavale 7.1 % 7.1 % 26 Apr 2024
Fjärde AP-fonden 6.4 % 6.4 % 26 Apr 2024
Nordea Funds 4.3 % 4.3 % 26 Apr 2024
Fondita Fund Management 1.9 % 1.9 % 26 Apr 2024
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2023
Fredrik Palmstierna 1.2 % 1.2 % 26 Apr 2024
SEB Fonder 1.2 % 1.2 % 30 Apr 2024
Eric Isaac 1.2 % 1.2 % 25 May 2023
Source: Holdings by Modular Finance AB