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Eolus Vind

Eolus Vind

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.

SEKm 2021 2022e 2023e
Sales 2614 3674 7063
Sales growth (%) 5,9 40,5 92,2
EBITDA -20 293 536
EBITDA margin (%) -0,8 8 7,6
EBIT adj -25 281 521
EBIT adj margin (%) -1 7,6 7,4
Pretax profit -40 269 505
EPS rep -0,75 8,63 16,23
EPS growth (%) -109,4 1251,5 88,1
EPS adj -0,75 8,63 16,23
DPS 0,25 0,25 0,2
EV/EBITDA (x) -133,4 7,5 4,2
EV/EBIT adj (x) -105,7 7,8 4,3
P/E (x) -165,1 12,7 6,7
P/E adj (x) -165,1 12,7 6,7
EV/sales (x) 1 0,6 0,3
FCF yield (%) 4,9 4,7 0,4
Dividend yield (%) 0,2 0,2 0,2
Net IB debt/EBITDA 22,2 -1,8 -0,9
Lease adj. FCF yield (%) 4,9 4,7 0,4
Lease adj. ND/EBITDA 22,2 -1,8 -0,9
SEKm 2021 2022e 2023e
Sales 2614 3674 7063
COGS -2539 -3312 -6455
Gross profit 75 362 608
Other operating items -95 -69 -72
EBITDA -20 293 536
Depreciation on tangibles -8 -4 -4
Depreciation on intangibles 0 0 0
EBITA -25 281 521
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -25 281 521
Other financial items 0 0 0
Net financial items -15 -12 -16
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -40 269 505
Tax 16 -54 -101
Net profit -24 215 404
Minority interest 5 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 215 404
EPS -0,75 8,63 16,23
EPS Adj -0,75 8,63 16,23
Total extraordinary items after tax 0 0 0
Tax rate (%) -40,3 -20 -20
Gross margin (%) 2,9 9,8 8,6
EBITDA margin (%) -0,8 8 7,6
EBITA margin (%) -1 7,6 7,4
EBIT margin (%) -1 7,6 7,4
Pretax margin (%) -1,5 7,3 7,2
Net margin (%) -0,9 5,8 5,7
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 5,9 40,5 92,2
EBITDA growth (%) -106,9 1577,3 83,2
EBIT growth (%) -108,9 1223,4 85,7
Net profit growth (%) -111,9 1009,7 88,1
EPS growth (%) -109,4 1251,5 88,1
Profitability 2021 2022 2023
ROE (%) -1,8 20 30,2
ROE Adj (%) -1,8 20 30,2
ROCE (%) -1,7 18,2 28,9
ROCE Adj(%) -1,7 18,2 28,9
ROIC (%) -1,9 25,3 37,1
ROIC Adj (%) -1,9 25,3 37,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj -20 293 536
EBITDA Adj margin (%) -0,8 8 7,6
EBITA Adj -25 281 521
EBITA Adj margin (%) -1 7,6 7,4
EBIT Adj -25 281 521
EBIT Adj margin (%) -1 7,6 7,4
Pretax profit Adj -40 269 505
Net profit Adj -24 215 404
Net profit to shareholders Adj -19 215 404
Net Adj margin (%) -0,9 5,8 5,7
Depreciation and amortisation -5 -12 -15
Of which leasing depreciation 0 -3 -3
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -20 293 536
EBITDA lease Adj margin (%) -0,8 8 7,6
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -20 293 536
Net financial items -15 -12 -16
Paid tax 16 -54 -101
Non-cash items 281 0 0
Cash flow before change in WC 263 227 419
Change in WC -108 -87 -387
Operating cash flow 154 140 32
CAPEX tangible fixed assets -3 -11 -21
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 151 129 11
Dividend paid -50 -37 -54
Share issues and buybacks 0 0 0
Other non cash items 7 -37 -169
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 27 36
Other fixed assets 28 28 28
Fixed assets 59 58 64
Inventories 843 882 1413
Receivables 71 110 212
Other current assets 287 404 777
Cash and liquid assets 625 717 674
Total assets 1885 2171 3140
Shareholders equity 984 1162 1512
Minority 280 280 280
Total equity 1264 1442 1792
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 186 257 706
Other current liabilities 166 203 372
Total liabilities and equity 1885 2171 3140
Net IB debt -439 -531 -489
Net IB debt excl. pension debt -439 -531 -489
Capital invested 843 929 1322
Working capital 850 936 1323
EV breakdown 2021 2022 2023
Market cap. diluted (m) 3081 2727 2727
Net IB debt Adj -439 -531 -489
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 2196 2239
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 141,6 181,2 266
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 24,3 16
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -34,8 -36,8 -27,3
Net debt / market cap (%) -9,4 -19,5 -17,9
Equity ratio (%) 67,1 66,4 57,1
Net IB debt adj. / equity (%) -34,8 -36,8 -27,3
Current ratio (%) 353,9 338,4 247,5
EBITDA / net interest (%) -135,9 2438,6 3351,1
Net IB debt / EBITDA (%) 2217,8 -181,5 -91,1
Interest cover (%) -171,4 2338,6 3257,4
Lease liability amortisation 0 0 0
Other intangible assets 11 8 5
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 -531 -489
Net IB debt / EBITDA lease Adj (%) 2217,8 -181,5 -91,1
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS -0,75 8,63 16,23
Dividend per share Adj 0,3 0,3 0,2
EPS Adj -0,75 8,63 16,23
BVPS 39,51 46,64 60,7
BVPS Adj 39,51 46,64 60,7
Net IB debt / share -17,6 -21,3 -19,6
Share price 187,19 109,5 109,5
Market cap. (m) 4662 2727 2727
Valuation 2021 2022 2023
P/E -165,1 12,7 6,7
EV/sales 1,01 0,6 0,32
EV/EBITDA -133,4 7,5 4,2
EV/EBITA -105,7 7,8 4,3
EV/EBIT -105,7 7,8 4,3
Dividend yield (%) 0,2 0,2 0,2
FCF yield (%) 4,9 4,7 0,4
P/BVPS 3,13 2,35 1,8
P/BVPS Adj 3,13 2,35 1,8
P/E Adj -165,1 12,7 6,7
EV/EBITDA Adj -133,4 7,5 4,2
EV/EBITA Adj -105,7 7,8 4,3
EV/EBIT Adj -105,7 7,8 4,3
EV/cap. employed 1,8 1,3 1,1
Investment ratios 2021 2022 2023
Capex / sales 0,1 0,3 0,3
Capex / depreciation 58 122,5 176,6
Capex tangibles / tangible fixed assets 11,9 40,5 58,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 33,1 33
Lease adj. FCF yield (%) 4,9 4,7 0,4

Equity research

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Media

Eolus Vind - Company presentation with CEO Per Witalisson
Eolus Vind - Interview with CEO Per Witalisson (in Swedish)

Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.6 % 31 Mar 2022
Hans-Göran Stennert 3.6 % 11.9 % 9 Mar 2022
Åke Johansson 2.4 % 6.6 % 31 Mar 2022
Avanza Pension 4.6 % 3.1 % 31 Mar 2022
Länsförsäkringar Fonder 3.1 % 2.1 % 30 Apr 2022
Lannebo Fonder 1.7 % 1.2 % 31 Mar 2022
Fondita Fonder 1.6 % 1.1 % 30 Apr 2022
Andra AP-fonden 1.6 % 1.1 % 31 Mar 2022
BG Fund Management Luxembourg 1.6 % 1.1 % 31 Mar 2022
Swedbank Försäkring 1.4 % 1.0 % 31 Mar 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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