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CTT Systems

CTT Systems

CTT Systems develops climate control products for aircraft, including dehumidification systems to prevent condensation and humidifiers for crew and passenger wellbeing. CTT’s products are offered on the Boeing 787 and 777X as well as the Airbus A380 and A350. The company holds a majority market share within both dehumidification and humidification products and is a tier-1 supplier to the Boeing 787 and 777X.

Sustainability information

The high profitability in CTT’s systems could attract new competitors, or result in the OEM suppliers providing their own solutions. While CTT’s relationships with Airbus and Boeing are highly valuable, they have little influence over pricing and therefore are sensitive to contract renegotiations. Almost all revenues are dollar-based, implying a strong currency sensitivity. The main risks entail a lack of market penetration due to low willingness among airliners to have dehumidifiers and humidifiers installed.

SEKm 2024 2025e 2026e
Sales 300 396 580
Sales growth (%) -2,8 31,8 46,6
EBITDA 120 143 211
EBITDA margin (%) 40 36 36,4
EBIT adj. 112 133 195
EBIT adj. margin (%) 37,5 33,5 33,6
Pretax profit 108 135 199
EPS 6,81 8,58 12,6
EPS growth (%) -10,7 26 46,9
EPS adj. 6,81 8,58 12,6
DPS 5,35 6,85 10
EV/EBITDA (x) 23,1 19,3 12,9
EV/EBIT adj. (x) 24,6 20,7 14
P/E (x) 32,8 26 17,7
P/E adj. (x) 32,8 26 17,7
EV/sales (x) 9,23 6,94 4,71
FCF yield (%) 2,2 3,2 3,7
Le. adj. FCF yld. (%) 2,2 3,2 3,7
Dividend yield (%) 2,4 3,1 4,5
Net IB debt/EBITDA (x) -0,2 -0,3 -0,3
Le. adj. ND/EBITDA (x) -0,2 -0,3 -0,3
SEKm 2024 2025e 2026e
Sales 300 396 580
COGS 0 0 0
Gross profit 300 396 580
Other operating items -180 -253 -369
EBITDA 120 143 211
Depreciation and amortisation -8 -10 -16
of which leasing depreciation 0 0 0
EBITA 112 133 195
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 112 133 195
Net financial items -5 3 4
Pretax profit 108 135 199
Tax -22 -28 -41
Net profit 85 107 158
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 85 107 158
EPS 6,81 8,58 12,6
EPS adj. 6,81 8,58 12,6
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 20,7 20,5 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 40 36 36,4
EBITA margin (%) 37,5 33,5 33,6
EBIT margin (%) 37,5 33,5 33,6
Pre-tax margin (%) 35,8 34,2 34,3
Net margin (%) 28,4 27,2 27,2
Sales growth (%) -2,8 31,8 46,6
EBITDA growth (%) -5,9 18,7 47,8
EBITA growth (%) -5 17,9 46,9
EBIT growth (%) -5 17,9 46,9
Net profit growth (%) -10,7 26 46,9
EPS growth (%) -10,7 26 46,9
Profitability N/A N/A N/A
ROE (%) 28,2 34,6 43
ROE adj. (%) 28,2 34,6 43
ROCE (%) 32,6 39,7 51,9
ROCE adj. (%) 32,6 38,2 49,8
ROIC (%) 35,4 38,4 49,8
ROIC adj. (%) 35,4 38,4 49,8
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 120 143 211
EBITDA adj. margin (%) 40 36 36,4
EBITDA lease adj. 120 143 211
EBITDA lease adj. margin (%) 40 36 36,4
EBITA adj. 112 133 195
EBITA adj. margin (%) 37,5 33,5 33,6
EBIT adj. 112 133 195
EBIT adj. margin (%) 37,5 33,5 33,6
Pretax profit Adj. 108 135 199
Net profit Adj. 85 107 158
Net profit to shareholders adj. 85 107 158
Net adj. margin (%) 28,4 27,2 27,2
SEKm 2024 2025e 2026e
EBITDA 120 143 211
Goodwill 0 0 0
Net financial items -5 3 4
Other intangible assets 81 82 85
Paid tax -29 -28 -41
Tangible fixed assets 39 38 37
Non-cash items 3 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 89 117 174
Total other fixed assets 2 2 2
Change in working capital -23 -16 -52
Fixed assets 121 123 125
Operating cash flow 66 101 121
Inventories 125 146 197
Capex tangible fixed assets -2 -5 -7
Receivables 78 91 130
Capex intangible fixed assets -2 -7 -11
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 69 76 84
Free cash flow 62 90 104
Total assets 393 437 536
Dividend paid -109 -67 -86
Shareholders equity 291 331 403
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 291 331 403
Leasing liability amortisation 0 0 0
Long-term debt 43 28 18
Other non-cash items -3 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 1 1 1
Short-term debt 2 2 2
Accounts payable 57 75 113
Other current liabilities 0 0 0
Total liabilities and equity 393 437 536
Net IB debt -25 -47 -65
Net IB debt excl. pension debt -25 -47 -65
Net IB debt excl. leasing -25 -47 -65
Capital employed 335 360 422
Capital invested 266 284 338
Working capital 146 162 215
Market cap. diluted (m) 2794 2794 2794
Net IB debt adj. -25 -47 -65
Market value of minority 0 0 0
EV 2769 2747 2729
Reversal of shares and participations 0 0 0
Total assets turnover (%) 74,1 95,3 119,2
Reversal of conv. debt assumed equity N/A N/A N/A
Working capital/sales (%) 43,8 39 32,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -8,5 -14,3 -16,1
Net debt / market cap (%) -0,9 -1,7 -2,3
Equity ratio (%) 73,9 75,8 75,1
Net IB debt adj. / equity (%) -8,5 -14,3 -16,1
Current ratio 4,62 4,09 3,59
EBITDA/net interest 24,3 54,8 52,7
Net IB debt/EBITDA (x) -0,2 -0,3 -0,3
Net IB debt/EBITDA lease adj. (x) -0,2 -0,3 -0,3
Interest coverage 22,7 51 48,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 13 13 13
Diluted shares adj. 13 13 13
EPS 6,81 8,58 12,6
Dividend per share 5,35 6,85 10
EPS adj. 6,81 8,58 12,6
BVPS 23,19 26,41 32,16
BVPS adj. 16,75 19,83 25,34
Net IB debt/share -1,96 -3,78 -5,19
Share price 223 223 223
Market cap. (m) 2794 2794 2794
P/E (x) 32,8 26 17,7
EV/sales (x) 9,23 6,94 4,71
EV/EBITDA (x) 23,1 19,3 12,9
EV/EBITA (x) 24,6 20,7 14
EV/EBIT (x) 24,6 20,7 14
Dividend yield (%) 2,4 3,1 4,5
FCF yield (%) 2,2 3,2 3,7
Le. adj. FCF yld. (%) 2,2 3,2 3,7
P/BVPS (x) 9,62 8,44 6,93
P/BVPS adj. (x) 13,32 11,24 8,8
P/E adj. (x) 32,8 26 17,7
EV/EBITDA adj. (x) 23,1 19,3 12,9
EV/EBITA adj. (x) 24,6 20,7 14
EV/EBIT adj. (x) 24,6 20,7 14
EV/CE (x) 8,3 7,6 6,5
Investment ratios N/A N/A N/A
Capex/sales (%) 1,4 2,9 3,1
Capex/depreciation 0,6 1,1 1,1
Capex tangibles / tangible fixed assets 16,2 20,3 N/A
Capex intangibles / definite intangibles 13,3 15,7 N/A
Depreciation on intang / def. intang 8 9 N/A
Depreciation on tangibles / tangibles 16,03 18,7 N/A

Equity research

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Media

CTT Systems - Fireside chat with CEO Henrik Höjer
CTT Systems - Company presentation with CEO Henrik Höjer & CFO Markus Berg

Main shareholders - CTT Systems

Main shareholders Share capital % Voting shares % Verified
Tomas Torlöf 14.2 % 14.2 % 10 Feb 2025
SEB Investment Management 9.0 % 9.0 % 29 Jan 2025
ODIN Fonder 6.6 % 6.6 % 31 Jan 2025
Första AP-fonden 4.9 % 4.9 % 29 Jan 2025
Nya Jorame Holding AB 4.4 % 4.4 % 29 Jan 2025
If Skadeförsäkring AB 4.1 % 4.1 % 29 Jan 2025
Andra AP-fonden 3.7 % 3.7 % 29 Jan 2025
Handelsbanken Fonder 3.4 % 3.4 % 29 Jan 2025
Deka Investments 3.0 % 3.0 % 31 Oct 2024
Tredje AP-fonden 2.7 % 2.7 % 29 Jan 2025
Source: Holdings by Modular Finance AB