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Eolus Vind

Eolus Vind

Nordic wind power developer

Founded in 1990, Eolus is one of the leading developers of renewable energy in the Nordics and the company 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 Nordic, European countries, and the United States. Eolus has a project portfolio of ~27 GW.

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

SEKm 2023 2024e 2025e
Sales 2301 1043 1226
Sales growth (%) -2,3 -54,7 17,5
EBITDA 772 437 473
EBITDA margin (%) 33,6 41,9 38,6
EBIT adj. 763 421 457
EBIT adj. margin (%) 33,2 40,4 37,3
Pretax profit 719 401 441
EPS 22,94 12,09 13,28
EPS growth (%) -10303,6 -47,3 9,9
EPS adj. 22,94 12,09 13,28
DPS 2,25 2,5 2,75
EV/EBITDA (x) 2,7 3,3 2,6
EV/EBIT adj. (x) 2,7 3,4 2,7
P/E (x) 3,3 6,3 5,8
P/E adj. (x) 3,3 6,3 5,8
EV/sales (x) 0,9 1,38 1,02
FCF yield (%) -7,9 35,5 13,7
Le. adj. FCF yld. (%) -7,9 35,5 13,7
Dividend yield (%) 2,9 3,3 3,6
Net IB debt/EBITDA (x) 0,2 -1,1 -1,5
Le. adj. ND/EBITDA (x) 0,2 -1,1 -1,5
SEKm 2023 2024e 2025e
Sales 2301 1043 1226
COGS -1464 -400 -533
Gross profit 837 642 693
Other operating items -65 -205 -220
EBITDA 772 437 473
Depreciation and amortisation -9 -16 -16
of which leasing depreciation 0 0 0
EBITA 763 421 457
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 763 421 457
Net financial items -44 -20 -16
Pretax profit 719 401 441
Tax -147 -100 -110
Net profit 571 301 331
Minority interest 0 0 0
Net profit to shareholders 571 301 331
Net profit discontinued 0 0 0
EPS 22,94 12,09 13,28
EPS adj. 22,94 12,09 13,28
Leasing payments 0 0 0
Tax rate (%) 20,5 25 25
Total extraordinary items after tax 0 0 0
Gross margin (%) 36,4 61,6 56,5
EBITDA margin (%) 33,6 41,9 38,6
EBITA margin (%) 33,2 40,4 37,3
EBIT margin (%) 33,2 40,4 37,3
Pre-tax margin (%) 31,2 38,5 36
Net margin (%) 24,8 28,9 27
Sales growth (%) -2,3 -54,7 17,5
EBITDA growth (%) 718,2 -43,4 8,1
EBITA growth (%) 849,1 -44,8 8,4
EBIT growth (%) N/A -44,8 8,4
Net profit growth (%) 390,9 -47,3 9,9
EPS growth (%) -10303,6 -47,3 9,9
Profitability N/A N/A N/A
ROE (%) 45,8 18,4 17,5
ROE adj. (%) 45,8 18,4 17,5
ROCE (%) 42,1 17,6 17,2
ROCE adj. (%) 42,1 17,6 17,2
ROIC (%) 48,9 20,9 25,3
ROIC adj. (%) 48,9 20,9 25,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 772 437 473
EBITDA adj. margin (%) 33,6 41,9 38,6
EBITDA lease adj. 772 437 473
EBITDA lease adj. margin (%) 33,6 41,9 38,6
EBITA adj. 763 421 457
EBITA adj. margin (%) 33,2 40,4 37,3
EBIT adj. 763 421 457
EBIT adj. margin (%) 33,2 40,4 37,3
Pretax profit Adj. 719 401 441
Net profit Adj. 571 301 331
Net profit to shareholders adj. 571 301 331
Net adj. margin (%) 24,8 28,9 27
SEKm 2023 2024e 2025e
EBITDA 772 437 473
Goodwill 0 0 0
Net financial items -44 -20 -16
Other intangible assets 0 0 0
Paid tax -147 -100 -110
Tangible fixed assets 258 244 231
Non-cash items 70 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 651 317 347
Total other fixed assets 47 84 84
Change in working capital -801 361 -84
Fixed assets 305 328 315
Operating cash flow -151 678 263
Inventories 1202 834 858
Capex tangible fixed assets 0 -2 -2
Receivables 39 31 37
Acquisitions and Disposals 0 0 0
Capex intangible fixed assets 0 0 0
Free cash flow -151 676 260
Other current assets 688 417 490
Dividend paid -37 -56 -62
Cash and liquid assets 575 1194 1392
Other non-cash items -222 -38 0
Total assets 2808 2806 3092
Shareholders equity 1510 1755 2024
Share issues and buybacks 0 0 0
Minority 69 69 69
Leasing liability amortisation 0 0 0
Total equity 1579 1824 2093
Long-term debt 528 528 528
Pension debt 0 0 0
Total other long-term liabilities 112 149 149
Convertible debt 0 0 0
Short-term debt 164 164 164
Leasing liability 0 0 0
Accounts payable 112 52 61
Other current liabilities 313 88 97
Total liabilities and equity 2808 2806 3092
Net IB debt 118 -502 -700
Net IB debt excl. pension debt 118 -502 -700
Net IB debt excl. leasing 118 -502 -700
Capital employed 2272 2517 2785
Capital invested 1697 1322 1393
Working capital 1504 1143 1227
Market cap. diluted (m) 1904 1904 1904
Net IB debt adj. 118 -502 -700
Market value of minority 69 69 69
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2063 1443 1245
Total assets turnover (%) 97,4 37,2 41,6
Reversal of shares and participations -30 -30 -30
Working capital/sales (%) 47,9 126,9 96,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 7,5 -27,5 -33,5
Net debt / market cap (%) 6,2 -26,4 -36,8
Equity ratio (%) 56,2 65 67,7
Net IB debt adj. / equity (%) 7,5 -27,5 -33,5
Current ratio 4,25 8,15 8,62
EBITDA/net interest 17,4 21,9 29,6
Net IB debt/EBITDA (x) 0,2 -1,1 -1,5
Net IB debt/EBITDA lease adj. (x) 0,2 -1,1 -1,5
Interest coverage 17,2 21,1 28,6
SEKm 2023 2024e 2025e
Shares outstanding adj. 25 25 25
Diluted shares adj. 25 25 25
EPS 22,94 12,09 13,28
Dividend per share 2,25 2,5 2,75
EPS adj. 22,94 12,09 13,28
BVPS 60,63 70,46 81,24
BVPS adj. 60,63 70,46 81,24
Net IB debt/share 4,74 -20,15 -28,1
Share price 76,45 76,45 76,45
Market cap. (m) 1904 1904 1904
P/E (x) 3,3 6,3 5,8
EV/sales (x) 0,9 1,38 1,02
EV/EBITDA (x) 2,7 3,3 2,6
EV/EBITA (x) 2,7 3,4 2,7
EV/EBIT (x) 2,7 3,4 2,7
Dividend yield (%) 2,9 3,3 3,6
FCF yield (%) -7,9 35,5 13,7
Le. adj. FCF yld. (%) -7,9 35,5 13,7
P/BVPS (x) 1,26 1,08 0,94
P/BVPS adj. (x) 1,26 1,08 0,94
P/E adj. (x) 3,3 6,3 5,8
EV/EBITDA adj. (x) 2,7 3,3 2,6
EV/EBITA adj. (x) 2,7 3,4 2,7
EV/EBIT adj. (x) 2,7 3,4 2,7
EV/CE (x) 0,9 0,6 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0,2 0,2
Capex/depreciation 0 0,1 0,2
Capex tangibles / tangible fixed assets 0 0,9 1,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 3,6 6,56 6,94
Depreciation on intang / def. intang N/A N/A N/A

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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 % 27 Dec 2023
Hans-Göran Stennert 4.0 % 12.1 % 28 Jun 2023
Åke Johansson 2.4 % 6.6 % 27 Dec 2023
Avanza Pension 5.0 % 3.4 % 27 Dec 2023
Swedbank Robur Fonder 2.0 % 1.3 % 31 Jan 2024
Fondita Fund Management 1.8 % 1.2 % 27 Dec 2023
Lannebo Fonder 1.8 % 1.2 % 31 Dec 2023
Nordnet Pensionsförsäkring 1.6 % 1.1 % 27 Dec 2023
Andra AP-fonden 1.6 % 1.1 % 31 Dec 2023
Swedbank Försäkring 1.2 % 0.8 % 27 Dec 2023
Source: Holdings by Modular Finance AB