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Cavotec

Cavotec

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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.

Financials

EURm 2023 2024e 2025e
Sales 181 178 190
Sales growth (%) 22,2 -1,3 6,6
EBITDA 14 15 21
EBITDA margin (%) 8 8,3 10,9
EBIT adj. 8 12 16
EBIT adj. margin (%) 4,3 6,5 8,4
Pretax profit 4 8 16
EPS 0 0,04 0,1
EPS growth (%) -101,3 N/A N/A
EPS adj. 0,01 0,04 0,1
DPS 0 0,02 0,04
EV/EBITDA (x) 12,3 11,6 7,9
EV/EBIT adj. (x) 22,6 14,8 10,2
P/E (x) 742,3 39,3 14,5
P/E adj. (x) 191,5 34,1 14,4
EV/sales (x) 0,98 0,96 0,86
FCF yield (%) 0,3 4,7 8,3
Le. adj. FCF yld. (%) -1,8 3,1 6,7
Dividend yield (%) 0 1 2,8
Net IB debt/EBITDA (x) 1,3 0,9 0,2
Le. adj. ND/EBITDA (x) 0,6 0,2 -0,4
EURm 2023 2024e 2025e
Sales 181 178 190
COGS -101 -88 -98
Gross profit 80 91 92
Other operating items -65 -76 -71
EBITDA 14 15 21
Depreciation and amortisation -7 -4 -5
of which leasing depreciation -3 -3 -3
EBITA 7 11 16
EO Items -1 -1 0
Impairment and PPA amortisation 0 0 0
EBIT 7 11 16
Net financial items -3 -3 0
Pretax profit 4 8 16
Tax -4 -4 -5
Net profit 0 4 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 0 4 11
EPS 0 0,04 0,1
EPS adj. 0,01 0,04 0,1
Total extraordinary items after tax -1 -1 0
Leasing payments -4 -3 -3
Tax rate (%) 95,2 48,1 30
Gross margin (%) 44 50,9 48,3
EBITDA margin (%) 8 8,3 10,9
EBITA margin (%) 4 6,2 8,5
EBIT margin (%) 4 6,2 8,4
Pre-tax margin (%) 2,1 4,3 8,2
Net margin (%) 0,1 2,2 5,8
Sales growth (%) 22,2 -1,3 6,6
EBITDA growth (%) 783,1 2,8 40,2
EBITA growth (%) -261,4 52 46,1
EBIT growth (%) -260,4 52,2 46
Net profit growth (%) -105,7 2118,4 173,9
EPS growth (%) -101,3 N/A N/A
Profitability N/A N/A N/A
ROE (%) 0,4 6,8 16,9
ROE adj. (%) 1,6 7,9 16,9
ROCE (%) 8,3 12,3 18,9
ROCE adj. (%) 9 13 18,9
ROIC (%) 0,5 7,7 15,2
ROIC adj. (%) 0,5 8,1 15,2
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 14 20 28
EBITA adj. 8 12 16
EBITDA adj. margin (%) 8 9,7 12,2
EBITA adj. margin (%) 4,3 6,5 8,5
EBITDA lease adj. 11 16 24
EBIT adj. 8 12 16
EBITDA lease adj. margin (%) 6,1 8,1 10,5
EBIT adj. margin (%) 4,3 6,5 8,4
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 15 21
Goodwill 30 29 29
Net financial items -3 -3 0
Other intangible assets 7 7 7
Paid tax -1 -5 -5
Tangible fixed assets 5 5 6
Non-cash items 0 3 0
Right-of-use asset 12 10 11
Cash flow before change in WC 10 9 16
Total other fixed assets 8 9 9
Change in working capital -8 -2 1
Fixed assets 62 61 63
Operating cash flow 2 7 16
Inventories 37 37 38
Capex tangible fixed assets -1 1 -2
Receivables 33 40 38
Capex intangible fixed assets -1 0 -2
Other current assets 10 2 6
Acquisitions and Disposals 0 0 0
Cash and liquid assets 15 12 21
Free cash flow 0 7 13
Total assets 157 152 165
Dividend paid 0 0 -2
Shareholders equity 57 60 69
Share issues and buybacks 15 0 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -2
Total equity 57 60 69
Other non-cash items -1 0 0
Long-term debt 21 13 13
Pension debt 1 1 1
Convertible debt 0 0 0
Leasing liability 12 11 12
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 26 23 28
Other current liabilities 38 41 39
Total liabilities and equity 157 152 165
Net IB debt 19 13 5
Net IB debt excl. pension debt 18 13 4
Net IB debt excl. leasing 7 2 -7
Capital employed 90 85 95
Capital invested 75 73 75
Working capital 16 15 15
Market cap. diluted (m) 158 158 158
Net IB debt adj. 19 13 5
Market value of minority 0 0 0
EV 177 171 163
Reversal of shares and participations 0 0 0
Total assets turnover (%) 111,3 115,3 119,8
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 7,5 8,8 8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 33 22,1 7,3
Net debt / market cap (%) 11,8 8,4 3,2
Equity ratio (%) 36 39,5 42,1
Net IB debt adj. / equity (%) 33 22,1 7,3
Current ratio 1,48 1,42 1,53
EBITDA/net interest 4,2 4,8 14,9
Net IB debt/EBITDA (x) 1,3 0,9 0,2
Net IB debt/EBITDA lease adj. (x) 0,6 0,2 -0,4
Interest coverage 2,1 3,5 11,1
EURm 2023 2024e 2025e
Shares outstanding adj. 107 106 106
Diluted shares adj. 107 106 106
EPS 0 0,04 0,1
Dividend per share 0 0,02 0,04
EPS adj. 0,01 0,04 0,1
BVPS 0,53 0,56 0,65
BVPS adj. 0,18 0,23 0,31
Net IB debt/share 0,18 0,12 0,05
Share price 17,3 17,3 17,3
Market cap. (m) 158 158 158
P/E (x) 742,3 39,3 14,5
EV/sales (x) 0,98 0,96 0,86
EV/EBITDA (x) 12,3 11,6 7,9
EV/EBITA (x) 24,4 15,6 10,1
EV/EBIT (x) 24,5 15,6 10,2
Dividend yield (%) 0 1 2,8
FCF yield (%) 0,3 4,7 8,3
Le. adj. FCF yld. (%) -1,8 3,1 6,7
P/BVPS (x) 2,8 2,63 2,27
P/BVPS adj. (x) 8,23 6,59 4,83
P/E adj. (x) 191,5 34,1 14,4
EV/EBITDA adj. (x) 10,9 7,8 5,2
EV/EBITA adj. (x) 22,5 14,8 10,1
EV/EBIT adj. (x) 22,6 14,8 10,2
EV/CE (x) 2 2 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,8 0,2 1,7
Capex/depreciation 0,4 -0,5 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

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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 35.9 % 35.9 % 29 Oct 2024
Thomas von Koch 19.8 % 19.8 % 29 Oct 2024
Fabio Cannavale 7.1 % 7.1 % 29 Oct 2024
Fjärde AP-fonden 5.4 % 5.4 % 29 Oct 2024
Nordea Funds 4.4 % 4.4 % 29 Oct 2024
Fondita Fund Management 1.9 % 1.9 % 29 Oct 2024
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2023
Fredrik Palmstierna 1.4 % 1.4 % 29 Oct 2024
SEB Investment Management 1.2 % 1.2 % 29 Oct 2024
Eric Isaac 1.2 % 1.2 % 24 May 2024
Source: Holdings by Modular Finance AB