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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.

Faster realisation of priority projects than expected. De-risked operation through the release of its own windfarms and lower impairment risks. Potential expansion to new areas of sustainable energy.

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

Financials

SEKm 2021 2022e 2023e
Sales 2614 3792 4763
Sales growth (%) 5,9 45 25,6
EBITDA -20 251 454
EBITDA margin (%) -0,8 6,6 9,5
EBIT adj -25 242 439
EBIT adj margin (%) -1 6,4 9,2
Pretax profit -40 240 432
EPS rep -0,75 4,31 13,86
EPS growth (%) -109,4 675,9 221,3
EPS adj -0,75 4,31 13,86
DPS 0,25 0,25 0,2
EV/EBITDA (x) -133,4 9,2 4,5
EV/EBIT adj (x) -105,7 9,5 4,7
P/E (x) -165,1 27,4 8,5
P/E adj (x) -165,1 27,4 8,5
EV/sales (x) 1 0,6 0,4
FCF yield (%) 4,9 7,8 9,7
Dividend yield (%) 0,2 0,2 0,2
Net IB debt/EBITDA 22,2 -2,5 -2
Lease adj. FCF yield (%) 4,9 7,8 9,7
Lease adj. ND/EBITDA 22,2 -2,5 -2
SEKm 2021 2022e 2023e
Sales 2614 3792 4763
COGS -2539 -3465 -4238
Gross profit 75 327 525
Other operating items -95 -76 -72
EBITDA -20 251 454
Depreciation on tangibles -8 -4 -4
Depreciation on intangibles 0 0 0
EBITA -25 242 439
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -25 242 439
Other financial items 0 0 0
Net financial items -15 -2 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -40 240 432
Tax 16 -11 -86
Net profit -24 229 345
Minority interest 5 -122 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 107 345
EPS -0,75 4,31 13,86
EPS Adj -0,75 4,31 13,86
Total extraordinary items after tax 0 0 0
Tax rate (%) -40,3 -4,4 -20
Gross margin (%) 2,9 8,6 11
EBITDA margin (%) -0,8 6,6 9,5
EBITA margin (%) -1 6,4 9,2
EBIT margin (%) -1 6,4 9,2
Pretax margin (%) -1,5 6,3 9,1
Net margin (%) -0,9 6,1 7,2
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 5,9 45 25,6
EBITDA growth (%) -106,9 1365 81
EBIT growth (%) -108,9 1069 81,2
Net profit growth (%) -111,9 1071,4 50,5
EPS growth (%) -109,4 675,9 221,3
Profitability 2021 2022 2023
ROE (%) -1,8 10 25,9
ROE Adj (%) -1,8 10 25,9
ROCE (%) -1,7 15,1 22,8
ROCE Adj(%) -1,7 15,1 22,8
ROIC (%) -1,9 25,6 35,3
ROIC Adj (%) -1,9 25,6 35,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj -20 251 454
EBITDA Adj margin (%) -0,8 6,6 9,5
EBITA Adj -25 242 439
EBITA Adj margin (%) -1 6,4 9,2
EBIT Adj -25 242 439
EBIT Adj margin (%) -1 6,4 9,2
Pretax profit Adj -40 240 432
Net profit Adj -24 229 345
Net profit to shareholders Adj -19 107 345
Net Adj margin (%) -0,9 6,1 7,2
Depreciation and amortisation -5 -9 -15
Of which leasing depreciation 0 -2 -3
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -20 251 454
EBITDA lease Adj margin (%) -0,8 6,6 9,5
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -20 251 454
Net financial items -15 -2 -7
Paid tax 16 -11 -86
Non-cash items 281 122 0
Cash flow before change in WC 263 360 360
Change in WC -108 -118 -61
Operating cash flow 154 242 299
CAPEX tangible fixed assets -3 -11 -14
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 151 231 285
Dividend paid -50 -37 -27
Share issues and buybacks 0 0 0
Other non cash items 7 -43 -48
Decrease in net IB debt -496 232 32
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 0 0 0
Indefinite intangible assets 25 25 25
Definite intangible assets 0 0 0
Tangible fixed assets 25 30 32
Other fixed assets 28 28 28
Fixed assets 59 62 61
Inventories 843 910 953
Receivables 71 114 143
Other current assets 287 417 524
Cash and liquid assets 625 818 1076
Total assets 1885 2322 2757
Shareholders equity 984 1176 1495
Minority 280 402 402
Total equity 1264 1578 1897
Long-term debt 21 21 21
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 93 110 110
Short-term debt 165 165 165
Accounts payable 186 265 333
Other current liabilities 166 209 257
Total liabilities and equity 1885 2322 2757
Net IB debt -439 -633 -890
Net IB debt excl. pension debt -439 -633 -890
Capital invested 843 964 1025
Working capital 850 967 1029
EV breakdown 2021 2022 2023
Market cap. diluted (m) 3081 2944 2944
Net IB debt Adj -439 -633 -890
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2642 2311 2054
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 141,6 180,3 187,6
Capital invested turnover (%) 557,3 588,9 139,7
Capital employed turnover (%) 188,8 312 67,2
Inventories / sales (%) 24,8 10 42,1
Customer advances / sales (%) 6 0 0
Payables / sales (%) 8,1 3,6 16,2
Working capital / sales (%) 30,4 24 21
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -34,8 -40,1 -46,9
Net debt / market cap (%) -9,4 -21,5 -30,2
Equity ratio (%) 67,1 68 68,8
Net IB debt adj. / equity (%) -34,8 -40,1 -46,9
Current ratio (%) 353,9 353,9 357
EBITDA / net interest (%) -135,9 12528,3 6480
Net IB debt / EBITDA (%) 2217,8 -252,5 -196,3
Interest cover (%) -171,4 12103,3 6265,8
Lease liability amortisation 0 0 0
Other intangible assets 11 10 7
Right-of-use asset 0 0 0
Total other fixed assets 23 23 23
Leasing liability 0 0 0
Total other long-term liabilities 84 84 84
Net IB debt excl. leasing -439 -633 -890
Net IB debt / EBITDA lease Adj (%) 2217,8 -252,5 -196,3
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS -0,75 4,31 13,86
Dividend per share Adj 0,3 0,3 0,2
EPS Adj -0,75 4,31 13,86
BVPS 39,51 47,22 60
BVPS Adj 39,51 47,22 60
Net IB debt / share -17,6 -25,4 -35,7
Share price 187,19 118,2 118,2
Market cap. (m) 4662 2944 2944
Valuation 2021 2022 2023
P/E -165,1 27,4 8,5
EV/sales 1,01 0,61 0,43
EV/EBITDA -133,4 9,2 4,5
EV/EBITA -105,7 9,5 4,7
EV/EBIT -105,7 9,5 4,7
Dividend yield (%) 0,2 0,2 0,2
FCF yield (%) 4,9 7,8 9,7
P/BVPS 3,13 2,5 1,97
P/BVPS Adj 3,13 2,5 1,97
P/E Adj -165,1 27,4 8,5
EV/EBITDA Adj -133,4 9,2 4,5
EV/EBITA Adj -105,7 9,5 4,7
EV/EBIT Adj -105,7 9,5 4,7
EV/cap. employed 1,8 1,3 1
Investment ratios 2021 2022 2023
Capex / sales 0,1 0,3 0,3
Capex / depreciation 58 162,5 119,1
Capex tangibles / tangible fixed assets 11,9 38,5 44,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 23,7 37,7
Lease adj. FCF yield (%) 4,9 7,8 9,7

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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 Jun 2022
Hans-Göran Stennert 3.6 % 11.9 % 9 Mar 2022
Åke Johansson 2.4 % 6.6 % 28 Jun 2022
Avanza Pension 4.0 % 2.7 % 28 Jun 2022
Länsförsäkringar Fonder 3.1 % 2.1 % 31 Aug 2022
Fondita Fonder 1.7 % 1.2 % 31 Aug 2022
Lannebo Fonder 1.7 % 1.2 % 31 Aug 2022
Andra AP-fonden 1.6 % 1.1 % 28 Jun 2022
BG Fund Management Luxembourg 1.6 % 1.1 % 31 Mar 2022
Swedbank Försäkring 1.4 % 1.0 % 28 Jun 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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