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.

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 181 202 226
Sales growth (%) 22,2 11,6 12,2
EBITDA 14 20 28
EBITDA margin (%) 8 9,7 12,2
EBIT adj. 7 13 21
EBIT adj. margin (%) 4 6,5 9,2
Pretax profit 4 11 19
EPS 0 0,07 0,13
EPS growth (%) -101,3 3552,3 77
EPS adj. 0 0,07 0,13
DPS 0 0 0
EV/EBITDA (x) 10,9 7,8 5,2
EV/EBIT adj. (x) 21,7 11,6 7
P/E (x) 663,5 18,2 10,3
P/E adj. (x) 663,5 18,2 10,3
EV/sales (x) 0,87 0,76 0,64
FCF yield (%) 0,3 5,5 9
Le. adj. FCF yld. (%) -2 3,1 6,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 1,3 0,7 0,2
Le. adj. ND/EBITDA (x) 0,6 0,2 -0,2
EURm 2023 2024e 2025e
Sales 181 202 226
COGS 0 0 0
Gross profit 181 202 226
Other operating items -166 -182 -199
EBITDA 14 20 28
Depreciation and amortisation -7 -7 -7
of which leasing depreciation -3 -3 -4
EBITA 7 13 21
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 7 13 21
Net financial items -3 -2 -2
Pretax profit 4 11 19
Tax -4 -3 -6
Net profit 0 8 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 0 8 13
EPS 0 0,07 0,13
EPS adj. 0 0,07 0,13
Total extraordinary items after tax 0 0 0
Leasing payments -3 -3 -4
Tax rate (%) 94,5 30 30
Gross margin (%) 100 100 100
EBITDA margin (%) 8 9,7 12,2
EBITA margin (%) 4 6,5 9,2
EBIT margin (%) 4 6,5 9,2
Pre-tax margin (%) 2,1 5,4 8,5
Net margin (%) 0,1 3,8 5,9
Sales growth (%) 22,2 11,6 12,2
EBITDA growth (%) 782,5 36,3 40,1
EBITA growth (%) -260,3 81,8 57,7
EBIT growth (%) -260,3 81,8 57,7
Net profit growth (%) -106,6 3552,3 77
EPS growth (%) -101,3 3552,3 77
Profitability N/A N/A N/A
ROE (%) 0,4 12,6 19
ROE adj. (%) 0,4 12,6 19
ROCE (%) 8,3 14,3 21,7
ROCE adj. (%) 8,3 14,3 21,7
ROIC (%) 0,5 12 17,9
ROIC adj. (%) 0,5 12 17,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 14 20 28
EBITDA adj. margin (%) 8 9,7 12,2
EBITDA lease adj. 11 16 24
EBITDA lease adj. margin (%) 6,1 8,1 10,5
EBITA adj. 7 13 21
EBITA adj. margin (%) 4 6,5 9,2
EBIT adj. 7 13 21
EBIT adj. margin (%) 4 6,5 9,2
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 20 28
Goodwill 31 31 31
Net financial items -3 -2 -2
Other intangible assets 7 7 8
Paid tax -1 -3 -6
Tangible fixed assets 5 5 5
Non-cash items 0 0 0
Right-of-use asset 12 12 12
Cash flow before change in WC 10 14 20
Total other fixed assets 8 8 8
Change in working capital -8 -3 -4
Fixed assets 62 62 63
Operating cash flow 2 11 16
Inventories 37 42 49
Capex tangible fixed assets -1 -1 -2
Receivables 40 45 49
Capex intangible fixed assets -1 -2 -2
Other current assets 2 2 2
Acquisitions and Disposals 0 0 0
Cash and liquid assets 15 14 15
Free cash flow 0 8 12
Total assets 157 166 177
Dividend paid 0 0 0
Shareholders equity 57 64 78
Share issues and buybacks 14 0 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -4
Total equity 57 64 78
Other non-cash items -1 0 0
Long-term debt 22 17 9
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 0 0 0
Accounts payable 26 30 35
Other current liabilities 38 39 41
Total liabilities and equity 157 166 177
Net IB debt 19 14 6
Net IB debt excl. pension debt 19 14 6
Net IB debt excl. leasing 7 3 -6
Capital employed 90 93 98
Capital invested 75 79 84
Working capital 16 19 23
Market cap. diluted (m) 138 138 138
Net IB debt adj. 19 14 6
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 157 152 144
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 111,1 125 131,9
Working capital/sales (%) 7,5 8,7 9,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 33 22,4 7,6
Net debt / market cap (%) 13,5 10,4 4,3
Equity ratio (%) 36 38,8 43,7
Net IB debt adj. / equity (%) 32,9 22,4 7,6
Current ratio 1,48 1,48 1,5
EBITDA/net interest 4,2 8,6 18,3
Net IB debt/EBITDA (x) 1,3 0,7 0,2
Net IB debt/EBITDA lease adj. (x) 0,6 0,2 -0,2
Interest coverage 2,1 5,8 13,8
EURm 2023 2024e 2025e
Shares outstanding adj. 104 104 104
Diluted shares adj. 104 104 104
EPS 0 0,07 0,13
Dividend per share 0 0 0
EPS adj. 0 0,07 0,13
BVPS 0,54 0,62 0,75
BVPS adj. 0,18 0,25 0,38
Net IB debt/share 0,18 0,14 0,06
Share price 14,8 14,8 14,8
Market cap. (m) 138 138 138
P/E (x) 663,5 18,2 10,3
EV/sales (x) 0,87 0,76 0,64
EV/EBITDA (x) 10,9 7,8 5,2
EV/EBITA (x) 21,7 11,6 7
EV/EBIT (x) 21,7 11,6 7
Dividend yield (%) 0 0 0
FCF yield (%) 0,3 5,5 9
Le. adj. FCF yld. (%) -2 3,1 6,1
P/BVPS (x) 2,44 2,15 1,78
P/BVPS adj. (x) 7,17 5,2 3,51
P/E adj. (x) 663,5 18,2 10,3
EV/EBITDA adj. (x) 10,9 7,8 5,2
EV/EBITA adj. (x) 21,7 11,6 7
EV/EBIT adj. (x) 21,7 11,6 7
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 0,4 0,9 1,3
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 35.2 % 35.2 % 26 Mar 2024
Thomas von Koch 17.9 % 17.9 % 26 Mar 2024
Fabio Cannavale 7.1 % 7.1 % 26 Mar 2024
Fjärde AP-fonden 6.4 % 6.4 % 26 Mar 2024
Nordea Funds 4.3 % 4.3 % 26 Mar 2024
Fondita Fund Management 1.9 % 1.9 % 26 Mar 2024
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2023
Fredrik Palmstierna 1.2 % 1.2 % 26 Mar 2024
SEB Fonder 1.2 % 1.2 % 31 Mar 2024
Eric Isaac 1.2 % 1.2 % 25 May 2023
Source: Holdings by Modular Finance AB