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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 4566 4720 5077
Sales growth (%) -3,3 3,4 7,6
EBITDA 480 593 674
EBITDA margin (%) 10,5 12,6 13,3
EBIT adj. 105 185 234
EBIT adj. margin (%) 2,3 3,9 4,6
Pretax profit -224 105 162
EPS -13,69 5,7 8,77
EPS growth (%) N/A N/A 53,9
EPS adj. -11,98 5,7 8,77
DPS 0 0 0
EV/EBITDA (x) 5 3,7 2,7
EV/EBIT adj. (x) 22,7 11,8 7,8
P/E (x) N/A 9,2 6
P/E adj. (x) N/A 9,2 6
EV/sales (x) 0,52 0,46 0,36
FCF yield (%) 89,9 29,9 54,8
Le. adj. FCF yld. (%) 84,8 24,6 49,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,4 2,4 1,6
Le. adj. ND/EBITDA (x) 3 2,3 1,4
SEKm 2025 2026e 2027e
Sales 4566 4720 5077
COGS -3774 -3852 -4139
Gross profit 792 868 938
Other operating items -312 -275 -264
EBITDA 480 593 674
Depreciation and amortisation -403 -408 -440
of which leasing depreciation 0 0 0
EBITA 77 185 234
EO Items -28 0 0
Impairment and PPA amortisation 0 0 0
EBIT 77 185 234
Net financial items -301 -80 -72
Pretax profit -224 105 162
Tax 25 -22 -34
Net profit -199 83 127
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 171 0 N/A
EPS -13,69 5,7 8,77
EPS adj. -11,98 5,7 8,77
Total extraordinary items after tax -25 0 0
Leasing payments 0 0 0
Tax rate (%) 11,2 21,1 21,2
Gross margin (%) 17,3 18,4 18,5
EBITDA margin (%) 10,5 12,6 13,3
EBITA margin (%) 1,7 3,9 4,6
EBIT margin (%) 1,7 3,9 4,6
Pre-tax margin (%) -4,9 2,2 3,2
Net margin (%) -4,4 1,8 2,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -3,3 3,4 7,6
EBITDA growth (%) 25,4 23,5 13,6
EBITA growth (%) 272 140,2 26,4
EBIT growth (%) N/A N/A 26,4
Net profit growth (%) 122,8 -141,6 53,9
Profitability N/A N/A N/A
EPS growth (%) N/A N/A 53,9
ROE (%) -14,2 6,1 8,8
ROE adj. (%) -12,4 6,1 8,8
ROCE (%) -3,1 5,9 7,5
ROCE adj. (%) -2,3 5,9 7,5
ROIC (%) 2,1 5,1 6,8
Adj. earnings numbers N/A N/A N/A
ROIC adj. (%) 2,9 5,1 6,8
EBITDA adj. 508 593 674
EBITDA adj. margin (%) 11,1 12,6 13,3
EBITDA lease adj. 508 593 674
EBITDA lease adj. margin (%) 11,1 12,6 13,3
EBITA adj. 105 185 234
EBITA adj. margin (%) 2,3 3,9 4,6
EBIT adj. 105 185 234
EBIT adj. margin (%) 2,3 3,9 4,6
Pretax profit Adj. -196 105 162
Net profit Adj. -174 83 127
Net profit to shareholders adj. -174 83 127
Net adj. margin (%) -3,8 1,8 2,5
SEKm 2025 2026e 2027e
EBITDA 480 593 674
Goodwill 199 199 199
Net financial items -301 -80 -72
Other intangible assets 17 26 37
Paid tax 25 -22 -34
Tangible fixed assets 2067 1739 1386
Non-cash items 394 0 0
Right-of-use asset 69 109 149
Cash flow before change in WC 598 491 567
Total other fixed assets 147 147 147
Change in working capital 103 -173 -53
Fixed assets 2499 2221 1917
Operating cash flow 701 317 514
Inventories 878 1048 1117
Capex tangible fixed assets -15 -80 -86
Receivables 447 472 508
Capex intangible fixed assets 0 -9 -10
Other current assets 17 16 16
Acquisitions and Disposals 0 0 0
Cash and liquid assets 153 351 529
Free cash flow 686 228 418
Total assets 3994 4107 4086
Dividend paid 0 0 0
Shareholders equity 1306 1389 1516
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -39 -40 -40
Total equity 1306 1389 1516
Other non-cash items -238 1 0
Long-term debt 916 891 791
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 83 83 83
Total other long-term liabilities 240 240 240
Short-term debt 771 805 705
Accounts payable 663 684 736
Other current liabilities 15 15 15
Total liabilities and equity 3994 4107 4086
Net IB debt 1617 1429 1051
Net IB debt excl. pension debt 1617 1429 1051
Net IB debt excl. leasing 1534 1345 967
Capital employed 3076 3168 3096
Capital invested 2923 2817 2567
Working capital 664 837 890
Market cap. diluted (m) 763 763 763
Net IB debt adj. 1617 1429 1051
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 2380 2192 1814
Total assets turnover (%) 102,2 116,5 123,9
Working capital/sales (%) 19 15,9 17
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 123,8 102,9 69,3
Net debt / market cap (%) 212 187,2 137,7
Equity ratio (%) 32,7 33,8 37,1
Net IB debt adj. / equity (%) 123,8 102,9 69,3
Current ratio 1,03 1,25 1,49
EBITDA/net interest 4,1 7,4 9,4
Net IB debt/EBITDA (x) 3,4 2,4 1,6
Net IB debt/EBITDA lease adj. (x) 3 2,3 1,4
Interest coverage 0,7 2,3 3,2
SEKm 2025 2026e 2027e
Shares outstanding adj. 15 15 15
Diluted shares adj. 15 15 15
EPS -13,69 5,7 8,77
Dividend per share 0 0 0
EPS adj. -11,98 5,7 8,77
BVPS 89,87 95,57 104,34
BVPS adj. 75 80,05 88,13
Net IB debt/share 111,29 98,3 72,3
Share price 52,5 52,5 52,5
Market cap. (m) 763 763 763
P/E (x) N/A 9,2 6
EV/sales (x) 0,5 0,5 0,4
EV/EBITDA (x) 5 3,7 2,7
EV/EBITA (x) 30,9 11,8 7,8
EV/EBIT (x) 30,9 11,8 7,8
Dividend yield (%) 0 0 0
FCF yield (%) 89,9 29,9 54,8
Le. adj. FCF yld. (%) 84,8 24,6 49,5
P/BVPS (x) 0,58 0,55 0,5
P/BVPS adj. (x) 0,69 0,64 0,58
P/E adj. (x) N/A 9,2 6
EV/EBITDA adj. (x) 4,7 3,7 2,7
EV/EBITA adj. (x) 22,7 11,8 7,8
EV/EBIT adj. (x) 22,7 11,8 7,8
EV/CE (x) 0,8 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 1,9 1,9
Capex/depreciation 0 0,2 0,2
Capex tangibles / tangible fixed assets 0,7 4,6 6,2
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 19,5 23,5 31,8

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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 % 29 Dec 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 Jan 2026
Source: Holdings by Modular Finance AB