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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Eolus Vind

Eolus Vind

Founded in 1990, Eolus is one of the leading developers of renewable energy in the Nordics and is active in the whole value chain from development of green field projects to construction of renewable projects in wind, solar and battery storage. The company offers attractive and competitive investments in the Nordics, European countries, and the United States. Eolus has a project portfolio of ~26 GW.

Sustainability information

Lower investment activity in wind power facilities. Political risks and dependence on electricity prices. Construction risk.

SEKm 2024 2025e 2026e
Sales 851 3545 2039
Sales growth (%) -63 316,6 -42,5
EBITDA 298 440 484
EBITDA margin (%) 35 12,4 23,7
EBIT adj. 328 428 464
EBIT adj. margin (%) 38,5 12,1 22,8
Pretax profit 272 378 444
EPS 6,18 11,29 13,73
EPS growth (%) -73 82,6 21,6
EPS adj. 7,09 11,29 13,73
DPS 2,25 2,5 2,75
EV/EBITDA (x) 11,8 2,7 0,8
EV/EBIT adj. (x) 10,7 2,8 0,8
P/E (x) 9,3 5,1 4,2
P/E adj. (x) 8,1 5,1 4,2
EV/sales (x) 4,14 0,33 0,18
FCF yield (%) -125,4 148,9 60,9
Le. adj. FCF yld. (%) -125,4 148,9 60,9
Dividend yield (%) 3,9 4,3 4,8
Net IB debt/EBITDA (x) 6,8 -0,7 -2,3
Le. adj. ND/EBITDA (x) 6 -0,7 -2,3
SEKm 2024 2025e 2026e
Sales 851 3545 2039
COGS -199 -2829 -1195
Gross profit 652 716 844
Other operating items -354 -276 -360
EBITDA 298 440 484
Depreciation and amortisation -10 -12 -20
of which leasing depreciation 0 0 0
EBITA 288 428 464
EO Items N/A N/A N/A
Operating EO items 0 0 N/A
Impairment and PPA amortisation 0 0 0
EBIT 288 428 464
Net financial items -16 -50 -20
Pretax profit 272 378 444
Tax -118 -97 -102
Net profit 154 281 342
Minority interest 0 0 0
Net profit to shareholders 154 281 342
Net profit discontinued 0 0 N/A
EPS 6,18 11,29 13,73
EPS adj. 7,09 11,29 13,73
Leasing payments 0 0 0
Tax rate (%) 43,4 25,7 23
Total extraordinary items after tax 0 0 0
Gross margin (%) 76,6 20,2 41,4
EBITDA margin (%) 35 12,4 23,7
EBITA margin (%) 33,8 12,1 22,8
EBIT margin (%) 33,8 12,1 22,8
Pre-tax margin (%) 32 10,7 21,8
Net margin (%) 18,1 7,9 16,8
Sales growth (%) -63 316,6 -42,5
EBITDA growth (%) -61,4 47,6 10
EBITA growth (%) -62,3 48,6 8,4
EBIT growth (%) -62,3 48,6 8,4
Net profit growth (%) -73 82,4 21,7
EPS growth (%) -73 82,6 21,6
Profitability N/A N/A N/A
ROE (%) 9,7 16,2 17,6
ROE adj. (%) 11,1 16,2 17,6
ROCE (%) 9 13 17,9
ROCE adj. (%) 10,2 13 17,9
ROIC (%) 5,9 11,9 27,1
ROIC adj. (%) 6,8 11,9 27,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 338 440 484
EBITDA adj. margin (%) 39,7 12,4 23,7
EBITDA lease adj. 338 440 484
EBITDA lease adj. margin (%) 39,7 12,4 23,7
EBITA adj. 328 428 464
EBITA adj. margin (%) 38,5 12,1 22,8
EBIT adj. 328 428 464
EBIT adj. margin (%) 38,5 12,1 22,8
Pretax profit Adj. 312 378 444
Net profit Adj. 177 281 342
Net profit to shareholders adj. 177 281 342
Net adj. margin (%) 20,8 7,9 16,8
SEKm 2024 2025e 2026e
EBITDA 298 440 484
Goodwill 0 0 0
Net financial items -16 -50 -20
Other intangible assets 0 0 0
Paid tax -118 -97 -102
Tangible fixed assets 280 39 23
Non-cash items 52 -115 0
Right-of-use asset 0 0 0
Cash flow before change in WC 216 178 362
Total other fixed assets 40 37 37
Change in working capital -2012 1959 514
Fixed assets 320 76 60
Operating cash flow -1796 2136 876
Inventories 3407 1664 1145
Capex tangible fixed assets 1 -3 -4
Receivables 7 177 102
Capex intangible fixed assets 0 0 N/A
Acquisitions and Disposals 0 0 0
Free cash flow -1795 2133 872
Other current assets 472 532 306
Dividend paid -56 -56 -62
Cash and liquid assets 356 866 1676
Other non-cash items 1 257 0
Total assets 4562 3314 3288
Shareholders equity 1666 1802 2081
Share issues and buybacks 0 0 0
Minority 79 78 78
Leasing liability amortisation 0 0 N/A
Total equity 1745 1880 2159
Long-term debt 808 568 568
Pension debt 0 0 N/A
Total other long-term liabilities 40 43 43
Convertible debt 0 0 N/A
Short-term debt 1598 8 8
Leasing liability 0 0 0
Accounts payable 128 354 204
Other current liabilities 242 461 306
Total liabilities and equity 4562 3314 3288
Net IB debt 2040 -297 -1106
Net IB debt excl. pension debt 2040 -297 -1106
Net IB debt excl. leasing 2040 -297 -1106
Capital employed 4151 2456 2735
Capital invested 3785 1583 1053
Working capital 3516 1557 1043
Market cap. diluted (m) 1432 1432 1432
Net IB debt adj. 2040 -297 -1106
Market value of minority 79 78 78
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3521 1183 374
Total assets turnover (%) 23,1 90 61,7
Reversal of shares and participations -30 -30 0
Working capital/sales (%) 294,9 71,6 63,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 116,9 -15,8 -51,2
Net debt / market cap (%) 142,5 -20,7 -77,2
Equity ratio (%) 38,3 56,7 65,7
Net IB debt adj. / equity (%) 116,9 -15,8 -51,2
Current ratio 2,15 3,93 6,23
EBITDA/net interest 18,6 8,8 24,2
Net IB debt/EBITDA (x) 6,8 -0,7 -2,3
Net IB debt/EBITDA lease adj. (x) 6 -0,7 -2,3
Interest coverage 18 8,6 23,2
SEKm 2024 2025e 2026e
Shares outstanding adj. 25 25 25
Diluted shares adj. 25 25 25
EPS 6,18 11,29 13,73
Dividend per share 2,25 2,5 2,75
EPS adj. 7,09 11,29 13,73
BVPS 66,89 72,33 83,56
BVPS adj. 66,89 72,33 83,56
Net IB debt/share 81,91 -11,92 -44,42
Share price 57,5 57,5 57,5
Market cap. (m) 1432 1432 1432
P/E (x) 9,3 5,1 4,2
EV/sales (x) 4,1 0,3 0,2
EV/EBITDA (x) 11,8 2,7 0,8
EV/EBITA (x) 12,2 2,8 0,8
EV/EBIT (x) 12,2 2,8 0,8
Dividend yield (%) 3,9 4,3 4,8
FCF yield (%) -125,4 148,9 60,9
Le. adj. FCF yld. (%) -125,4 148,9 60,9
P/BVPS (x) 0,86 0,79 0,69
P/BVPS adj. (x) 0,86 0,79 0,69
P/E adj. (x) 8,1 5,1 4,2
EV/EBITDA adj. (x) 10,4 2,7 0,8
EV/EBITA adj. (x) 10,7 2,8 0,8
EV/EBIT adj. (x) 10,7 2,8 0,8
EV/CE (x) 0,8 0,5 0,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,1 0,2
Capex/depreciation -0,1 0,3 0,2
Capex tangibles / tangible fixed assets 0,3 7,7 17,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 3,6 30,8 87
Depreciation on intang / def. intang N/A N/A N/A

Equity research

Read earlier research

Media

Eolus Vind - Company presentation with CEO Per Witalisson
Eolus Vind - Company presentation with CEO Per Witalisson

Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.6 % 29 Jul 2025
Hans-Göran Stennert 4.0 % 12.1 % 31 Dec 2024
Åke Johansson 2.4 % 6.6 % 29 Jul 2025
Avanza Pension 8.0 % 5.5 % 29 Jul 2025
Nordnet Pensionsförsäkring 3.7 % 2.6 % 29 Jul 2025
Storebrand Asset Management 1.9 % 1.3 % 31 Jul 2025
Swedbank Robur Fonder 1.8 % 1.2 % 31 Jul 2025
Handelsbanken Fonder 1.7 % 1.2 % 31 Jul 2025
Johan Unger med närstående 1.7 % 1.1 % 29 Jul 2025
MediumInvest A/S 1.6 % 1.1 % 29 Jul 2025
Source: Holdings by Modular Finance AB