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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 2976 5358
Sales growth (%) 5,9 13,8 80,1
EBITDA -20 64 533
EBITDA margin (%) -0,8 2,2 9,9
EBIT adj -25 54 518
EBIT adj margin (%) -1 1,8 9,7
Pretax profit -40 50 511
EPS rep -0,75 1,18 16,41
EPS growth (%) -109,4 257 1294,8
EPS adj -0,75 1,18 16,41
DPS 0,25 0,25 0,2
EV/EBITDA (x) -133,4 21,8 2,3
EV/EBIT adj (x) -105,7 26 2,4
P/E (x) -165,1 66 4,7
P/E adj (x) -165,1 66 4,7
EV/sales (x) 1 0,5 0,2
FCF yield (%) 4,9 6,5 8,5
Dividend yield (%) 0,2 0,3 0,3
Net IB debt/EBITDA 22,2 -8,2 -1,3
Lease adj. FCF yield (%) 4,9 6,5 8,5
Lease adj. ND/EBITDA 22,2 -8,2 -1,3
SEKm 2021 2022e 2023e
Sales 2614 2976 5358
COGS -2539 -2839 -4754
Gross profit 75 137 604
Other operating items -95 -72 -72
EBITDA -20 64 533
Depreciation on tangibles -8 -4 -4
Depreciation on intangibles 0 0 0
EBITA -25 54 518
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -25 54 518
Other financial items 0 0 0
Net financial items -15 -4 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -40 50 511
Tax 16 -21 -102
Net profit -24 29 409
Minority interest 5 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -19 29 409
EPS -0,75 1,18 16,41
EPS Adj -0,75 1,18 16,41
Total extraordinary items after tax 0 0 0
Tax rate (%) -40,3 -41,5 -20
Gross margin (%) 2,9 4,6 11,3
EBITDA margin (%) -0,8 2,2 9,9
EBITA margin (%) -1 1,8 9,7
EBIT margin (%) -1 1,8 9,7
Pretax margin (%) -1,5 1,7 9,5
Net margin (%) -0,9 1 7,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 5,9 13,8 80,1
EBITDA growth (%) -106,9 424,8 728
EBIT growth (%) -108,9 316,5 857,2
Net profit growth (%) -111,9 224 1294,8
EPS growth (%) -109,4 257 1294,8
Profitability 2021 2022 2023
ROE (%) -1,8 3 34,7
ROE Adj (%) -1,8 3 34,7
ROCE (%) -1,7 3,7 31,5
ROCE Adj(%) -1,7 3,7 31,5
ROIC (%) -1,9 4 47,6
ROIC Adj (%) -1,9 4 47,6
Adj earnings numbers 2021 2022 2023
EBITDA Adj -20 64 533
EBITDA Adj margin (%) -0,8 2,2 9,9
EBITA Adj -25 54 518
EBITA Adj margin (%) -1 1,8 9,7
EBIT Adj -25 54 518
EBIT Adj margin (%) -1 1,8 9,7
Pretax profit Adj -40 50 511
Net profit Adj -24 29 409
Net profit to shareholders Adj -19 29 409
Net Adj margin (%) -0,9 1 7,6
Depreciation and amortisation -5 -10 -15
Of which leasing depreciation 0 -2 -3
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj -20 64 533
EBITDA lease Adj margin (%) -0,8 2,2 9,9
Leasing payments 0 0 0
SEKm 2021 2022e 2023e
EBITDA -20 64 533
Net financial items -15 -4 -7
Paid tax 16 -21 -102
Non-cash items 281 0 0
Cash flow before change in WC 263 40 424
Change in WC -108 95 -244
Operating cash flow 154 134 179
CAPEX tangible fixed assets -3 -9 -16
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 151 125 163
Dividend paid -50 -37 -7
Share issues and buybacks 0 0 0
Other non cash items 7 -2 -119
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 26 30
Other fixed assets 28 28 28
Fixed assets 59 58 59
Inventories 843 714 1072
Receivables 71 89 161
Other current assets 287 327 589
Cash and liquid assets 625 713 869
Total assets 1885 1902 2749
Shareholders equity 984 976 1377
Minority 280 280 280
Total equity 1264 1256 1657
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 186 208 536
Other current liabilities 166 168 287
Total liabilities and equity 1885 1902 2749
Net IB debt -439 -527 -683
Net IB debt excl. pension debt -439 -527 -683
Capital invested 843 747 992
Working capital 850 755 999
EV breakdown 2021 2022 2023
Market cap. diluted (m) 3081 1932 1932
Net IB debt Adj -439 -527 -683
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 1405 1249
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 141,6 157,2 230,4
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 27 16,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -34,8 -42 -41,2
Net debt / market cap (%) -9,4 -27,3 -35,4
Equity ratio (%) 67,1 66 60,3
Net IB debt adj. / equity (%) -34,8 -42 -41,2
Current ratio (%) 353,9 341,1 272,5
EBITDA / net interest (%) -135,9 1608,6 7610,8
Net IB debt / EBITDA (%) 2217,8 -819,2 -128,2
Interest cover (%) -171,4 1352,3 7396,5
Lease liability amortisation 0 0 0
Other intangible assets 11 9 6
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 -527 -683
Net IB debt / EBITDA lease Adj (%) 2217,8 -819,2 -128,2
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS -0,75 1,18 16,41
Dividend per share Adj 0,3 0,3 0,2
EPS Adj -0,75 1,18 16,41
BVPS 39,51 39,18 55,29
BVPS Adj 39,51 39,18 55,29
Net IB debt / share -17,6 -21,2 -27,4
Share price 187,19 77,58 77,58
Market cap. (m) 4662 1932 1932
Valuation 2021 2022 2023
P/E -165,1 66 4,7
EV/sales 1,01 0,47 0,23
EV/EBITDA -133,4 21,8 2,3
EV/EBITA -105,7 26 2,4
EV/EBIT -105,7 26 2,4
Dividend yield (%) 0,2 0,3 0,3
FCF yield (%) 4,9 6,5 8,5
P/BVPS 3,13 1,98 1,4
P/BVPS Adj 3,13 1,98 1,4
P/E Adj -165,1 66 4,7
EV/EBITDA Adj -133,4 21,8 2,3
EV/EBITA Adj -105,7 26 2,4
EV/EBIT Adj -105,7 26 2,4
EV/cap. employed 1,8 1 0,7
Investment ratios 2021 2022 2023
Capex / sales 0,1 0,3 0,3
Capex / depreciation 58 111,6 134
Capex tangibles / tangible fixed assets 11,9 34,2 53,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,5 30,6 39,7
Lease adj. FCF yield (%) 4,9 6,5 8,5

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
Hans-Göran Stennert 3.6 % 11.9 % 9 Mar 2022
Domneåns Kraft AB 9.5 % 1.6 % 31 Mar 2022
Lannebo Fonder 1.7 % 1.2 % 31 May 2022
BG Fund Management Luxembourg 1.6 % 1.1 % 31 Mar 2022
Åke Johansson 2.4 % 0.7 % 31 Mar 2022
Avanza Pension 4.6 % 0.3 % 31 Mar 2022
Länsförsäkringar Fonder 3.1 % 0.2 % 31 May 2022
Fondita Fonder 1.6 % 0.1 % 31 May 2022
Andra AP-fonden 1.6 % 0.1 % 31 Mar 2022
Swedbank Försäkring 1.4 % 0.1 % 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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