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Eolus Vind

Eolus Vind

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 ~28 GW.

Sustainability information

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

SEKm 2023 2024e 2025e
Sales 2301 852 3261
Sales growth (%) -2,3 -63 282,5
EBITDA 772 368 659
EBITDA margin (%) 33,6 43,2 20,2
EBIT adj. 763 399 648
EBIT adj. margin (%) 33,2 46,8 19,9
Pretax profit 719 352 639
EPS 22,94 10,51 19,76
EPS growth (%) -10303,6 -54,2 88,1
EPS adj. 22,94 11,88 19,76
DPS 2,25 2,25 2,5
EV/EBITDA (x) 1,7 8 2,3
EV/EBIT adj. (x) 1,7 7,4 2,4
P/E (x) 2 4,4 2,3
P/E adj. (x) 2 3,9 2,3
EV/sales (x) 0,57 3,46 0,47
FCF yield (%) -13 -142,1 127
Le. adj. FCF yld. (%) -13 -142,1 127
Dividend yield (%) 4,9 4,9 5,4
Net IB debt/EBITDA (x) 0,2 4,8 0,5
Le. adj. ND/EBITDA (x) 0,2 4,3 0,5
SEKm 2023 2024e 2025e
Sales 2301 852 3261
COGS -1464 -154 -2266
Gross profit 837 698 995
Other operating items -65 -331 -336
EBITDA 772 368 659
Depreciation and amortisation -9 -9 -11
of which leasing depreciation 0 0 0
EBITA 763 359 648
EO Items N/A N/A N/A
Operating EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 763 359 648
Net financial items -44 -7 -9
Pretax profit 719 352 639
Tax -147 -50 -147
Net profit 571 302 492
Minority interest 0 -40 0
Net profit to shareholders 571 262 492
Net profit discontinued 0 0 0
EPS 22,94 10,51 19,76
EPS adj. 22,94 11,88 19,76
Leasing payments 0 0 0
Tax rate (%) 20,5 14,3 23
Total extraordinary items after tax 0 0 0
Gross margin (%) 36,4 81,9 30,5
EBITDA margin (%) 33,6 43,2 20,2
EBITA margin (%) 33,2 42,1 19,9
EBIT margin (%) 33,2 42,1 19,9
Pre-tax margin (%) 31,2 41,3 19,6
Net margin (%) 24,8 35,4 15,1
Sales growth (%) -2,3 -63 282,5
EBITDA growth (%) 718,2 -52,4 79,1
EBITA growth (%) 849,1 -53 80,5
EBIT growth (%) N/A -53 80,5
Net profit growth (%) 390,9 -47,2 63,2
EPS growth (%) -10303,6 -54,2 88,1
Profitability N/A N/A N/A
ROE (%) 45,8 16 24,8
ROE adj. (%) 45,8 18,1 24,8
ROCE (%) 42,1 14,7 22,9
ROCE adj. (%) 42,1 16,3 22,9
ROIC (%) 48,9 11,6 16,1
ROIC adj. (%) 48,9 12,9 16,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 772 408 659
EBITDA adj. margin (%) 33,6 47,9 20,2
EBITDA lease adj. 772 408 659
EBITDA lease adj. margin (%) 33,6 47,9 20,2
EBITA adj. 763 399 648
EBITA adj. margin (%) 33,2 46,8 19,9
EBIT adj. 763 399 648
EBIT adj. margin (%) 33,2 46,8 19,9
Pretax profit Adj. 719 392 639
Net profit Adj. 571 336 492
Net profit to shareholders adj. 571 296 492
Net adj. margin (%) 24,8 39,4 15,1
SEKm 2023 2024e 2025e
EBITDA 772 368 659
Goodwill 0 0 0
Net financial items -44 -7 -9
Other intangible assets 0 0 0
Paid tax -147 -50 -147
Tangible fixed assets 258 261 254
Non-cash items 70 -111 0
Right-of-use asset 0 0 0
Cash flow before change in WC 651 200 503
Total other fixed assets 47 44 44
Change in working capital -801 -1841 967
Fixed assets 305 305 298
Operating cash flow -151 -1641 1470
Inventories 1202 3413 2313
Capex tangible fixed assets 0 0 -4
Receivables 39 43 163
Acquisitions and Disposals 0 0 0
Capex intangible fixed assets 0 0 0
Free cash flow -151 -1641 1466
Other current assets 688 170 652
Dividend paid -37 -56 -56
Cash and liquid assets 575 -993 417
Other non-cash items -222 132 0
Total assets 2808 2938 3843
Shareholders equity 1510 1767 2203
Share issues and buybacks 0 0 0
Minority 69 74 74
Leasing liability amortisation 0 0 0
Total equity 1579 1841 2277
Long-term debt 528 -782 -782
Pension debt 0 0 0
Total other long-term liabilities 112 44 44
Convertible debt 0 0 0
Short-term debt 164 1554 1554
Leasing liability 0 0 0
Accounts payable 112 128 326
Other current liabilities 313 153 424
Total liabilities and equity 2808 2938 3843
Net IB debt 118 1751 341
Net IB debt excl. pension debt 118 1751 341
Net IB debt excl. leasing 118 1751 341
Capital employed 2272 2613 3049
Capital invested 1697 3592 2618
Working capital 1504 3345 2378
Market cap. diluted (m) 1154 1154 1154
Net IB debt adj. 118 1751 341
Market value of minority 69 74 74
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1313 2949 1540
Total assets turnover (%) 97,4 29,7 96,2
Reversal of shares and participations -30 -30 -30
Working capital/sales (%) 47,9 284,4 87,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 7,5 95,1 15
Net debt / market cap (%) 10,2 151,6 29,6
Equity ratio (%) 56,2 62,7 59,3
Net IB debt adj. / equity (%) 7,5 95,1 15
Current ratio 4,25 1,43 1,54
EBITDA/net interest 17,4 52,6 73,2
Net IB debt/EBITDA (x) 0,2 4,8 0,5
Net IB debt/EBITDA lease adj. (x) 0,2 4,3 0,5
Interest coverage 17,2 51,3 72
SEKm 2023 2024e 2025e
Shares outstanding adj. 25 25 25
Diluted shares adj. 25 25 25
EPS 22,94 10,51 19,76
Dividend per share 2,25 2,25 2,5
EPS adj. 22,94 11,88 19,76
BVPS 60,63 70,95 88,45
BVPS adj. 60,63 70,95 88,45
Net IB debt/share 4,74 70,29 13,7
Share price 46,35 46,35 46,35
Market cap. (m) 1154 1154 1154
P/E (x) 2 4,4 2,3
EV/sales (x) 0,57 3,46 0,47
EV/EBITDA (x) 1,7 8 2,3
EV/EBITA (x) 1,7 8,2 2,4
EV/EBIT (x) 1,7 8,2 2,4
Dividend yield (%) 4,9 4,9 5,4
FCF yield (%) -13 -142,1 127
Le. adj. FCF yld. (%) -13 -142,1 127
P/BVPS (x) 0,76 0,65 0,52
P/BVPS adj. (x) 0,76 0,65 0,52
P/E adj. (x) 2 3,9 2,3
EV/EBITDA adj. (x) 1,7 7,2 2,3
EV/EBITA adj. (x) 1,7 7,4 2,4
EV/EBIT adj. (x) 1,7 7,4 2,4
EV/CE (x) 0,6 1,1 0,5
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0 0,1
Capex/depreciation 0 0 0,4
Capex tangibles / tangible fixed assets 0 0,1 1,6
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 3,6 3,45 4,33
Depreciation on intang / def. intang N/A N/A N/A

Equity research

Read earlier research

Media

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

Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.6 % 27 Nov 2024
Hans-Göran Stennert 4.0 % 12.1 % 31 Dec 2023
Åke Johansson 2.4 % 6.6 % 27 Nov 2024
Avanza Pension 5.7 % 3.9 % 27 Nov 2024
Nordnet Pensionsförsäkring 3.4 % 2.3 % 27 Nov 2024
MediumInvest A/S 1.7 % 1.2 % 27 Nov 2024
Johan Unger med närstående 1.6 % 1.1 % 27 Nov 2024
Andra AP-fonden 1.6 % 1.1 % 27 Nov 2024
Swedbank Robur Fonder 1.5 % 1.0 % 30 Nov 2024
Swedbank Försäkring 1.3 % 0.9 % 27 Nov 2024
Source: Holdings by Modular Finance AB