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Eolus Vind

Eolus Vind

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Nordic wind power developer

Eolus is one of Sweden’s leading Nordic wind power developers. The core business is to construct wind power facilities in favourable wind locations and transfer them to customers as turnkey solutions. This has been Eolus's mission since its inception, in 1990. It has gained extensive experience and expertise in the construction of wind power facilities and has a broad network of landowners, authorities, investors, sub-contractors, and wind turbine manufacturers.

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

Financials

SEKm 2021 2022e 2023e
Sales 2614 2459 1043
Sales growth (%) 5,9 -5,9 -57,6
EBITDA -20 183 415
EBITDA margin (%) -0,8 7,4 39,8
EBIT adj. -25 175 400
EBIT adj. margin (%) -1 7,1 38,3
Pretax profit -40 171 393
EPS -0,75 2 12,62
EPS growth (%) -109,4 -367,4 529,6
EPS adj. -0,75 2 12,62
DPS 1,5 0,5 2,52
EV/EBITDA (x) -186,9 21 10,1
EV/EBIT adj. (x) -148,2 21,9 10,5
P/E (x) -150,8 56,4 9
P/E adj. (x) -150,8 56,4 9
EV/sales (x) 1,42 1,56 4,02
FCF yield (%) 5,4 9,8 13,1
Le. adj. FCF yld. (%) 5,4 9,8 13,1
Dividend yield (%) 1,3 0,4 2,2
Net IB debt/EBITDA (x) 3,6 -0,4 -0,1
Le. adj. ND/EBITDA (x) 3,6 0,4 0,1
SEKm 2021 2022e 2023e
Sales 2614 2459 1043
COGS -2539 -2176 -482
Gross profit 75 282 560
Other operating items -95 -100 -145
EBITDA -20 183 415
Depreciation and amortisation -5 -8 -15
of which leasing depreciation 0 -1 -3
EBITA -25 175 400
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -25 175 400
Net financial items -15 -4 -7
Pretax profit -40 171 393
Tax 16 1 -79
Net profit -24 172 314
Minority interest 5 -122 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 50 314
EPS -0,75 2 12,62
EPS adj. -0,75 2 12,62
Total extraordinary items after tax 0 0 0
Leasing payments 0 -1 -3
Tax rate (%) 40,3 -0,6 20
Gross margin (%) 2,9 11,5 53,7
EBITDA margin (%) -0,8 7,4 39,8
EBITA margin (%) -1 7,1 38,3
EBIT margin (%) -1 7,1 38,3
Pre-tax margin (%) -1,5 6,9 37,7
Net margin (%) -0,9 7 30,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 5,9 -5,9 -57,6
EBITDA growth (%) -106,9 -1022 127,1
EBITA growth (%) -108,9 -800 128,6
EBIT growth (%) -108,9 -800 N/A
Net profit growth (%) -111,9 -827,7 82,8
EPS growth (%) -109,4 -367,4 529,6
Profitability N/A N/A N/A
ROE (%) N/A N/A N/A
ROE adj. (%) N/A N/A N/A
ROCE (%) -2,5 16,6 31,5
ROCE adj. (%) -2,5 16,6 31,5
ROIC (%) -1,4 10,4 73,6
ROIC adj. (%) -1,4 10,4 73,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -20 183 415
EBITDA adj. margin (%) -0,8 7,4 39,8
EBITDA lease adj. -20 182 412
EBITDA lease adj. margin (%) -0,8 7,4 39,5
EBITA adj. -25 175 400
EBITA adj. margin (%) -1 7,1 38,3
EBIT adj. -25 175 400
EBIT adj. margin (%) -1 7,1 38,3
Pretax profit Adj. -40 171 393
Net profit Adj. -24 172 314
Net profit to shareholders adj. -19 50 314
Net adj. margin (%) -0,9 7 30,1
SEKm 2021 2022e 2023e
EBITDA -20 183 415
Goodwill 0 0 0
Net financial items -15 -4 -7
Other intangible assets 2021 10 7
Paid tax 16 1 -79
Tangible fixed assets 11 10 7
Non-cash items 336 113 28
Right-of-use asset 0 0 0
Cash flow before change in WC 317 292 358
Total other fixed assets 32 32 23
Change in working capital -163 -9 14
Fixed assets 2064 52 37
Operating cash flow 154 284 371
Inventories 0 0 0
Capex tangible fixed assets -3 -7 -3
Receivables 287 492 313
Capex intangible fixed assets 0 0 0
Other current assets 843 616 626
Acquisitions and Disposals 0 0 0
Cash and liquid assets 71 74 31
Free cash flow 151 276 368
Total assets 3265 1233 1006
Dividend paid -50 -37 -12
Shareholders equity 0 0 0
Share issues and buybacks 0 0 0
Minority 984 1119 1420
Leasing liability amortisation 0 0 0
Total equity 984 1119 1420
Other non-cash items 70 -236 -398
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 40 40 40
Short-term debt 0 0 0
Accounts payable 165 165 165
Other current liabilities 321 290 134
Total liabilities and equity 1509 1612 1758
Net IB debt -71 -74 -31
Net IB debt excl. pension debt -71 -74 -31
Net IB debt excl. leasing -71 -74 -31
Capital employed 984 1119 1420
Capital invested 2669 666 637
Working capital 645 654 640
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2814 2814 2814
Net IB debt adj. -71 -74 -31
Market value of minority 984 1119 1420
Reversal of shares and participations -25 -26 -17
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3702 3834 4187
Total assets turnover (%) 81,9 109,3 93,1
Working capital/sales (%) 21,6 26,4 62,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -7,2 -6,6 -2,2
Net debt / market cap (%) -2,5 -2,6 -1,1
Equity ratio (%) 30,1 90,7 141,1
Net IB debt adj. / equity (%) -7,2 -6,6 -2,2
Current ratio 2,48 2,6 3,25
EBITDA/net interest 1,4 45,7 59,3
Net IB debt/EBITDA (x) 3,6 -0,4 -0,1
Net IB debt/EBITDA lease adj. (x) 3,6 -0,4 -0,1
Interest coverage 1,7 43,7 57,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Diluted shares adj. 25 25 25
EPS -0,75 2 12,62
Dividend per share 1,5 0,5 2,52
EPS adj. -0,75 2 12,62
BVPS 0 0 0
BVPS adj. -81,14 45,9 62,71
Net IB debt/share -2,85 -2,96 -1,26
Share price 113 113 113
Market cap. (m) 2814 2814 2814
Valuation N/A N/A N/A
P/E (x) -150,8 56,4 9
EV/sales (x) 1,42 1,56 4,02
EV/EBITDA (x) -186,9 21 10,1
EV/EBITA (x) -148,2 21,9 10,5
EV/EBIT (x) -148,2 21,9 10,5
Dividend yield (%) 1,3 0,4 2,2
FCF yield (%) 5,4 9,8 13,1
Le. adj. FCF yld. (%) 5,4 9,8 13,1
P/BVPS (x) N/A N/A N/A
P/BVPS adj. (x) N/A N/A N/A
P/E adj. (x) -150,8 56,4 9
EV/EBITDA adj. (x) -186,9 21 10,1
EV/EBITA adj. (x) -148,2 21,9 10,5
EV/EBIT adj. (x) -148,2 21,9 10,5
EV/CE (x) 3,8 3,4 2,9
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,3 0,3
Capex/depreciation 0,6 1,1 0,3
Capex tangibles / tangible fixed assets 27,3 72 43,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 47,03 68,29 165,52

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Media

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

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Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.6 % 28 Sep 2022
Hans-Göran Stennert 3.8 % 12.0 % 17 Oct 2022
Åke Johansson 2.4 % 6.6 % 28 Sep 2022
Avanza Pension 4.4 % 3.0 % 28 Sep 2022
Länsförsäkringar Fonder 2.4 % 1.6 % 31 Oct 2022
Fondita Fund Management 1.7 % 1.2 % 31 Oct 2022
Lannebo Fonder 1.7 % 1.2 % 31 Oct 2022
Andra AP-fonden 1.6 % 1.1 % 28 Sep 2022
BG Fund Management Luxembourg 1.5 % 1.0 % 31 Oct 2022
Swedbank Försäkring 1.4 % 0.9 % 28 Sep 2022
Source: Holdings by Modular Finance AB

Insider list - Eolus Vind

Name Quantity Code Date
Per Witalisson + 755 BUY 17 Mar 2021
Anna Catarina Persson + 594 ALTM 17 Mar 2021
Karl Sven Daniel Olsson + 594 ALTM 17 Mar 2021
Hans Johansson + 20 000 BUY 20 Mar 2020
Hans-Göran Stennert + 1 000 BUY 13 Mar 2020
Hans Johansson - 18 750 SELL 9 Mar 2020
Per Witalisson - 4 375 SELL 13 Feb 2020
Anna Catarina Persson + 506 ALTM 6 Feb 2020
Per Witalisson + 410 BUY 6 Feb 2020
Per Witalisson - 3 225 SELL 30 Oct 2019

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