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CTT Systems

CTT Systems

Systems for climate control in airplanes

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.

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 2021 2022e 2023e
Sales 151 244 330
Sales growth (%) -24,7 61,2 35,4
EBITDA 38 107 141
EBITDA margin (%) 25,1 44 42,8
EBIT adj. 22 99 129
EBIT adj. margin (%) 14,5 40,7 39,1
Pretax profit 18 86 121
EPS 1,13 5,49 7,69
EPS growth (%) -54,7 386,9 40,1
EPS adj. 0,82 5,49 7,69
DPS N/A N/A N/A
EV/EBITDA (x) 73 25,6 19
EV/EBIT adj. (x) 126,5 27,7 20,8
P/E (x) 194,8 40 28,6
P/E adj. (x) 266,6 40 28,6
EV/sales (x) 18,34 11,27 8,13
FCF yield (%) 0,8 1,7 4
Le. adj. FCF yld. (%) 0,8 1,7 4
Dividend yield (%) 0,4 1,7 2,5
Net IB debt/EBITDA (x) 0,6 0 -0,5
Le. adj. ND/EBITDA (x) 0,7 0 0,5
SEKm 2021 2022e 2023e
Sales 151 244 330
COGS 0 0 0
Gross profit 151 244 330
Other operating items -113 -137 -189
EBITDA 38 107 141
Depreciation and amortisation -11 -8 -12
of which leasing depreciation 0 0 0
EBITA 27 99 129
EO Items 5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 27 99 129
Net financial items -9 -13 -8
Pretax profit 18 86 121
Tax -4 -18 -25
Net profit 14 69 96
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 14 69 96
EPS 1,13 5,49 7,69
EPS adj. 0,82 5,49 7,69
Total extraordinary items after tax 4 0 0
Leasing payments 0 0 0
Tax rate (%) 20,8 20,5 20,5
Gross margin (%) 100 100 100
EBITDA margin (%) 25,1 44 42,8
EBITA margin (%) 17,7 40,7 39,1
EBIT margin (%) 17,7 40,7 39,1
Pre-tax margin (%) 11,8 35,5 36,7
Net margin (%) 9,3 28,2 29,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -24,7 61,2 35,4
EBITDA growth (%) -16 182,5 31,6
EBITA growth (%) -30,4 271,5 30,1
EBIT growth (%) -30,4 N/A 30,1
Net profit growth (%) -54,7 386,9 40,1
EPS growth (%) -54,7 386,9 40,1
Profitability N/A N/A N/A
ROE (%) 6,5 28,4 32,6
ROE adj. (%) 4,8 28,4 32,6
ROCE (%) 9,9 32,9 40,3
ROCE adj. (%) 8,1 32,9 40,3
ROIC (%) 13,7 47,5 59,5
ROIC adj. (%) 11,2 47,5 59,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 33 107 141
EBITDA adj. margin (%) 21,9 44 42,8
EBITDA lease adj. 33 107 141
EBITDA lease adj. margin (%) 21,9 44 42,8
EBITA adj. 22 99 129
EBITA adj. margin (%) 14,5 40,7 39,1
EBIT adj. 22 99 129
EBIT adj. margin (%) 14,5 40,7 39,1
Pretax profit Adj. 13 86 121
Net profit Adj. 10 69 96
Net profit to shareholders adj. 10 69 96
Net adj. margin (%) 6,8 28,2 29,2
SEKm 2021 2022e 2023e
EBITDA 38 107 141
Goodwill 0 0 0
Net financial items -9 -13 -8
Other intangible assets 76 81 87
Paid tax -7 -18 -25
Tangible fixed assets 48 45 44
Non-cash items 8 10 0
Right-of-use asset 0 0 0
Cash flow before change in WC 31 87 108
Total other fixed assets 2 2 2
Change in working capital 0 -30 18
Fixed assets 126 128 133
Operating cash flow 30 57 127
Inventories 77 122 116
Capex tangible fixed assets 0 -1 -4
Receivables 77 85 92
Capex intangible fixed assets -8 -9 -13
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 49 51 68
Free cash flow 22 46 110
Total assets 329 386 408
Dividend paid -22 -10 -48
Shareholders equity 213 272 320
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 213 272 320
Other non-cash items -5 -10 0
Long-term debt 71 46 1
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 4 4 4
Short-term debt 1 1 1
Accounts payable 40 63 83
Other current liabilities 0 0 0
Total liabilities and equity 329 386 408
Net IB debt 23 -4 -65
Net IB debt excl. pension debt 23 -4 -65
Net IB debt excl. leasing 23 -4 -65
Capital employed 285 319 322
Capital invested 236 268 255
Working capital 114 144 125
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2750 2750 2750
Net IB debt adj. 23 -4 -65
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2773 2747 2685
Total assets turnover (%) 47,5 68,2 83,1
Working capital/sales (%) 75,1 52,8 40,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 10,8 -1,3 -20,4
Net debt / market cap (%) 0,8 -0,1 -2,4
Equity ratio (%) 64,8 70,4 78,3
Net IB debt adj. / equity (%) 10,8 -1,3 -20,4
Current ratio 4,94 3,98 3,28
EBITDA/net interest 4,3 8,4 17,6
Net IB debt/EBITDA (x) 0,6 0 -0,5
Net IB debt/EBITDA lease adj. (x) 0,7 0 -0,5
Interest coverage 3 7,8 16,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 13 13 13
Diluted shares adj. 13 13 13
EPS 1,13 5,49 7,69
Dividend per share N/A N/A N/A
EPS adj. 0,82 5,49 7,69
BVPS 16,99 21,69 25,54
BVPS adj. 10,93 15,24 18,57
Net IB debt/share 1,83 -0,29 -5,21
Share price 219,5 219,5 219,5
Market cap. (m) 2750 2750 2750
Valuation N/A N/A N/A
P/E (x) 194,8 40 28,6
EV/sales (x) 18,34 11,27 8,13
EV/EBITDA (x) 73 25,6 19
EV/EBITA (x) 103,8 27,7 20,8
EV/EBIT (x) 103,8 27,7 20,8
Dividend yield (%) 0,4 1,7 2,5
FCF yield (%) 0,8 1,7 4
Le. adj. FCF yld. (%) 0,8 1,7 4
P/BVPS (x) 12,92 10,12 8,6
P/BVPS adj. (x) 20,07 14,4 11,82
P/E adj. (x) 266,6 40 28,6
EV/EBITDA adj. (x) 83,6 25,6 19
EV/EBITA adj. (x) 126,5 27,7 20,8
EV/EBIT adj. (x) 126,5 27,7 20,8
EV/CE (x) 9,7 8,6 8,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,7 4,2 5,1
Capex/depreciation 0,8 1,3 1,4
Capex tangibles / tangible fixed assets 0,3 2,1 9,8
Capex intangibles / definite intangibles 11,1 11,5 14,4
Depreciation on intang / def. intang 7 5 7
Depreciation on tangibles / tangibles 12,06 7,92 13,71

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Media

CTT Systems - Company presentation with CEO Henrik Höjer
CTT Systems - Company presentation with CEO Torbjörn Johansson

Main shareholders - CTT Systems

Main shareholders Share capital % Voting shares % Verified
Tomas Torlöf 13.4 % 13.4 % 28 Nov 2022
SEB Fonder 9.4 % 9.4 % 28 Nov 2022
Rockwell Collins / Collins Aerospace 9.0 % 9.0 % 30 Sep 2022
ODIN Fonder 8.8 % 8.8 % 30 Nov 2022
Tredje AP-fonden 4.5 % 4.5 % 28 Nov 2022
Nya Jorame Holding AB 4.3 % 4.3 % 28 Nov 2022
If Skadeförsäkring AB 4.1 % 4.1 % 28 Nov 2022
Andra AP-fonden 3.7 % 3.7 % 28 Nov 2022
Danske Invest 3.0 % 3.0 % 31 Oct 2022
Lannebo Fonder 2.1 % 2.1 % 28 Nov 2022
Source: Holdings by Modular Finance AB

Insider list - CTT Systems

Name Quantity Code Date
Henrik Höjer + 2 400 BUY 3 Nov 2022
Henrik Höjer + 140 BUY 2 Nov 2022
Henrik Höjer + 60 BUY 2 Nov 2022
Henrik Höjer + 300 BUY 31 Oct 2022
Henrik Höjer + 200 BUY 31 Oct 2022
Tony Rosendal + 450 BUY 28 Jul 2022
Henrik Höjer + 3 000 BUY 28 Jul 2022
Tony Rosendal + 225 BUY 27 Jul 2022
Henrik Höjer + 500 BUY 25 Jul 2022
Henrik Höjer + 500 BUY 22 Jul 2022

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