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Ferronordic

Ferronordic

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Ferronordic is an authorised dealer and aftermarket service partner of and Volvo and Renault Trucks in parts of Germany. It is also a dealer of Sandvik mobile crushers and screens in Germany and Kazakhstan, and of Mecalac in solely Kazakhstan. The company has a strategy of building its workshop network in Germany and growing its market share within aftermarket services.

Sustainability information

Risks include general economic risks stemming from the cyclical nature of the truck and construction equipment markets, which is mitigated by Ferronordic having a track-record of absorbing lost new vehicle volumes with higher aftermarket sales. Other risks include price pressure on the highly competitive German market and difficulties in expanding the German workshop network.

Financials

SEKm 2025 2026e 2027e
Sales 4435 4818 5143
Sales growth (%) -6 8,6 6,7
EBITDA 510 702 750
EBITDA margin (%) 11,5 14,6 14,6
EBIT adj. 76 176 214
EBIT adj. margin (%) 1,7 3,7 4,2
Pretax profit -210 91 138
EPS -14,67 4,95 7,46
EPS growth (%) N/A N/A 50,7
EPS adj. -14,32 4,95 7,46
DPS 0 0 0
EV/EBITDA (x) 4,5 2,8 2,1
EV/EBIT adj. (x) 30,3 11,1 7,2
P/E (x) N/A 9,6 6,4
P/E adj. (x) N/A 9,6 6,4
EV/sales (x) 0,52 0,41 0,3
FCF yield (%) 85,9 56,9 67,6
Le. adj. FCF yld. (%) 81,5 51,7 62,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,2 1,8 1,1
Le. adj. ND/EBITDA (x) 3,3 1,8 1,1
SEKm 2025 2026e 2027e
Sales 4435 4818 5143
COGS -3663 -3925 -4184
Gross profit 772 893 959
Other operating items -262 -191 -210
EBITDA 510 702 750
Depreciation and amortisation -439 -526 -536
of which leasing depreciation -40 -40 -40
EBITA 71 176 214
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 71 176 214
Net financial items -282 -85 -76
Pretax profit -210 91 138
Tax -3 -19 -29
Net profit -213 72 108
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 171 0 N/A
EPS -14,67 4,95 7,46
EPS adj. -14,32 4,95 7,46
Total extraordinary items after tax -5 0 0
Leasing payments -40 -40 -40
Tax rate (%) -1,3 21,1 21,2
Gross margin (%) 17,4 18,5 18,7
EBITDA margin (%) 11,5 14,6 14,6
EBITA margin (%) 1,6 3,7 4,2
EBIT margin (%) 1,6 3,7 4,2
Pre-tax margin (%) -4,7 1,9 2,7
Net margin (%) -4,8 1,5 2,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -6 8,6 6,7
EBITDA growth (%) 20,8 37,6 6,8
EBITA growth (%) 245,1 146,7 21,2
EBIT growth (%) N/A N/A 21,2
Net profit growth (%) 138,7 -133,8 50,7
Profitability N/A N/A N/A
EPS growth (%) N/A N/A 50,7
ROE (%) -15,3 5,4 7,7
ROE adj. (%) -14,9 5,4 7,7
ROCE (%) -2,5 4,3 5,1
ROCE adj. (%) -2,4 4,3 5,1
ROIC (%) 2,3 5 6,8
Adj. earnings numbers N/A N/A N/A
ROIC adj. (%) 2,4 5 6,8
EBITDA adj. 515 702 750
EBITDA adj. margin (%) 11,6 14,6 14,6
EBITDA lease adj. 475 662 710
EBITDA lease adj. margin (%) 10,7 13,7 13,8
EBITA adj. 76 176 214
EBITA adj. margin (%) 1,7 3,7 4,2
EBIT adj. 76 176 214
EBIT adj. margin (%) 1,7 3,7 4,2
Pretax profit Adj. -205 91 138
Net profit Adj. -208 72 108
Net profit to shareholders adj. -208 72 108
Net adj. margin (%) -4,7 1,5 2,1
SEKm 2025 2026e 2027e
EBITDA 510 702 750
Goodwill 231 231 231
Net financial items -282 -85 -76
Other intangible assets 26 36 46
Paid tax -3 -19 -29
Tangible fixed assets 1921 1531 1112
Non-cash items -40 -40 -40
Right-of-use asset 94 130 166
Cash flow before change in WC 186 558 604
Total other fixed assets 128 128 128
Change in working capital 474 -60 -51
Fixed assets 2400 2055 1683
Operating cash flow 660 498 553
Inventories 976 1060 1131
Capex tangible fixed assets -59 -96 -77
Receivables 488 530 566
Capex intangible fixed assets -9 -10 -10
Other current assets 16 16 16
Acquisitions and Disposals 0 0 0
Cash and liquid assets 925 1437 1863
Free cash flow 592 392 466
Total assets 4804 5098 5259
Dividend paid 0 0 0
Shareholders equity 1286 1358 1466
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -30 -36 -36
Total equity 1286 1358 1466
Other non-cash items -171 -5 -4
Long-term debt 1491 1652 1652
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 54 54 54
Total other long-term liabilities 250 250 250
Short-term debt 1005 1005 1005
Accounts payable 710 771 823
Other current liabilities 9 9 9
Total liabilities and equity 4804 5098 5259
Net IB debt 1625 1274 848
Net IB debt excl. pension debt 1625 1274 848
Net IB debt excl. leasing 1571 1220 794
Capital employed 3836 4069 4177
Capital invested 2911 2632 2314
Working capital 761 826 881
Market cap. diluted (m) 689 689 689
Net IB debt adj. 1625 1274 848
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2314 1963 1537
Total assets turnover (%) 91 97,3 99,3
Working capital/sales (%) 20,6 16,5 16,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 126,4 93,8 57,8
Net debt / market cap (%) 235,9 184,9 123,1
Equity ratio (%) 26,8 26,6 27,9
Net IB debt adj. / equity (%) 126,4 93,8 57,8
Current ratio 1,39 1,7 1,95
EBITDA/net interest 4,4 8,8 10,4
Net IB debt/EBITDA (x) 3,2 1,8 1,1
Net IB debt/EBITDA lease adj. (x) 3,3 1,8 1,1
Interest coverage 0,6 2,2 3
SEKm 2025 2026e 2027e
Shares outstanding adj. 15 15 15
Diluted shares adj. 15 15 15
EPS -14,67 4,95 7,46
Dividend per share 0 0 0
EPS adj. -14,32 4,95 7,46
BVPS 88,48 93,43 100,9
BVPS adj. 70,78 75,07 81,83
Net IB debt/share 111,82 87,65 58,35
Share price 47,4 47,4 47,4
Market cap. (m) 689 689 689
P/E (x) N/A 9,6 6,4
EV/sales (x) 0,5 0,4 0,3
EV/EBITDA (x) 4,5 2,8 2,1
EV/EBITA (x) 32,4 11,1 7,2
EV/EBIT (x) 32,4 11,1 7,2
Dividend yield (%) 0 0 0
FCF yield (%) 85,9 56,9 67,6
Le. adj. FCF yld. (%) 81,5 51,7 62,4
P/BVPS (x) 0,54 0,51 0,47
P/BVPS adj. (x) 0,65 0,61 0,56
P/E adj. (x) N/A 9,6 6,4
EV/EBITDA adj. (x) 4,5 2,8 2,1
EV/EBITA adj. (x) 30,3 11,1 7,2
EV/EBIT adj. (x) 30,3 11,1 7,2
EV/CE (x) 0,6 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 2,2 1,7
Capex/depreciation 0,2 0,2 0,2
Capex tangibles / tangible fixed assets 3,1 6,3 6,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 20,8 31,8 44,6

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Media

Ferronordic - Company presentation with Group CFO & Head of IR Erik Danemar
Ferronordic - Company presentation with CFO & Head of IR Erik Danemar

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Main shareholders - Ferronordic

Main shareholders Share capital % Voting shares % Verified
Per Arwidsson med närstående 24.6 % 24.6 % 23 Dec 2025
Skandinavkonsult i Stockholm AB 17.5 % 17.5 % 30 Sep 2025
Arbona AB (publ) 11.1 % 11.1 % 23 Dec 2025
Lars Corneliusson 6.8 % 6.8 % 23 Dec 2025
Avanza Pension 6.4 % 6.4 % 23 Dec 2025
AltoCumulus 4.9 % 4.9 % 10 Oct 2025
Nordnet Pensionsförsäkring 2.3 % 2.3 % 23 Dec 2025
Per Ragnarsson 1.6 % 1.6 % 23 Dec 2025
Janne Pakarinen 1.5 % 1.5 % 23 Dec 2025
Magallanes Value Investors SGIIC 1.5 % 1.5 % 31 Dec 2025
Source: Holdings by Modular Finance AB