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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 4415 4633 4931
Sales growth (%) -6,5 4,9 6,4
EBITDA 466 612 651
EBITDA margin (%) 10,5 13,2 13,2
EBIT adj. 72 160 195
EBIT adj. margin (%) 1,6 3,4 4
Pretax profit -215 76 111
EPS -15 4,11 6,05
EPS growth (%) N/A N/A 47,1
EPS adj. -14,65 4,11 6,05
DPS 0 0 0
EV/EBITDA (x) 4,9 3,1 2,3
EV/EBIT adj. (x) 31,6 11,9 7,8
P/E (x) N/A 10,7 7,2
P/E adj. (x) N/A 10,7 7,2
EV/sales (x) 0,51 0,41 0,31
FCF yield (%) 92,9 62,8 65
Le. adj. FCF yld. (%) 88,2 58,1 60,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 3,5 2,1 1,4
Le. adj. ND/EBITDA (x) 3,3 2 1,3
SEKm 2025 2026e 2027e
Sales 4415 4633 4931
COGS -3647 -3781 -4025
Gross profit 768 852 905
Other operating items -303 -240 -254
EBITDA 466 612 651
Depreciation and amortisation -399 -452 -456
of which leasing depreciation 0 0 0
EBITA 67 160 195
EO Items -5 0 0
Impairment and PPA amortisation 0 0 0
EBIT 67 160 195
Net financial items -282 -84 -84
Pretax profit -215 76 111
Tax -3 -16 -24
Net profit -218 60 88
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 171 0 N/A
Total extraordinary items after tax -5 0 0
EPS 11,77 N/A N/A
Leasing payments 0 0 0
EPS adj. 11,77 N/A N/A
Tax rate (%) -1,3 21,2 21,2
Gross margin (%) 17,4 18,4 18,4
EBITDA margin (%) 10,5 13,2 13,2
EBITA margin (%) 1,5 3,4 4
EBIT margin (%) 1,5 3,4 4
Pre-tax margin (%) -4,9 1,6 2,3
Net margin (%) -4,9 1,3 1,8
Sales growth (%) -6,5 4,9 6,4
EBITDA growth (%) 21,7 31,4 6,5
Growth Rates y-o-y N/A N/A N/A
EBITA growth (%) 222 139,8 22,3
EBIT growth (%) N/A N/A 22,3
Net profit growth (%) 144,1 -127,4 47,1
EPS growth (%) N/A N/A 47,1
Profitability N/A N/A N/A
ROE (%) -15,7 4,6 6,3
ROE adj. (%) -15,3 4,6 6,3
ROCE (%) -2,6 4 4,9
ROCE adj. (%) -2,5 4 4,9
ROIC (%) 2,1 4,6 6,3
ROIC adj. (%) 2,3 4,6 6,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 471 612 651
EBITDA adj. margin (%) 10,7 13,2 13,2
EBITDA lease adj. 471 612 651
EBITDA lease adj. margin (%) 10,7 13,2 13,2
EBITA adj. 72 160 195
EBITA adj. margin (%) 1,6 3,4 4
EBIT adj. 72 160 195
EBIT adj. margin (%) 1,6 3,4 4
Pretax profit Adj. -210 76 111
Net profit Adj. -213 60 88
Net profit to shareholders adj. -213 60 88
Net adj. margin (%) -4,8 1,3 1,8
SEKm 2025 2026e 2027e
EBITDA 466 612 651
Goodwill 231 231 231
Net financial items -282 -84 -84
Other intangible assets 26 35 45
Paid tax -3 -16 -24
Tangible fixed assets 1920 1538 1156
Non-cash items 0 0 0
Right-of-use asset 94 124 154
Cash flow before change in WC 181 512 544
Total other fixed assets 128 128 128
Change in working capital 477 -33 -47
Fixed assets 2399 2056 1714
Operating cash flow 658 479 497
Inventories 971 1019 1085
Capex tangible fixed assets -58 -69 -74
Receivables 486 510 542
Capex intangible fixed assets -9 -9 -10
Other current assets 16 16 16
Acquisitions and Disposals 0 0 0
Cash and liquid assets 924 1294 1678
Free cash flow 591 400 414
Total assets 4796 4895 5035
Dividend paid 0 0 0
Shareholders equity 1281 1341 1429
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -30 -30 -30
Total equity 1281 1341 1429
Other non-cash items -171 -4 -4
Long-term debt 1518 1522 1526
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 978 978 978
Accounts payable 706 741 789
Other current liabilities 9 9 9
Total liabilities and equity 4796 4895 5035
Net IB debt 1626 1260 880
Net IB debt excl. pension debt 1626 1260 880
Net IB debt excl. leasing 1572 1206 826
Capital employed 3831 3895 3987
Capital invested 2907 2600 2309
Working capital 758 795 845
Market cap. diluted (m) 637 637 637
Net IB debt adj. 1626 1260 880
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 2262 1896 1517
Total assets turnover (%) 90,7 95,6 99,3
Working capital/sales (%) 20,7 16,8 16,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 126,9 94 61,6
Net debt / market cap (%) 255,4 197,9 138,3
Equity ratio (%) 26,7 27,4 28,4
Net IB debt adj. / equity (%) 126,9 94 61,6
Current ratio 1,42 1,64 1,87
EBITDA/net interest 4,1 7,6 8,1
Net IB debt/EBITDA (x) 3,5 2,1 1,4
Net IB debt/EBITDA lease adj. (x) 3,3 2 1,3
Interest coverage 0,6 2 2,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 15 15 15
Diluted shares adj. 15 15 15
EPS -15 4,11 6,05
Dividend per share 0 0 0
EPS adj. -14,65 4,11 6,05
BVPS 88,15 92,26 98,31
BVPS adj. 70,48 73,95 79,32
Net IB debt/share 111,86 86,68 60,57
Share price 43,8 43,8 43,8
Market cap. (m) 637 637 637
P/E (x) N/A 10,7 7,2
EV/sales (x) 0,5 0,4 0,3
EV/EBITDA (x) 4,9 3,1 2,3
EV/EBITA (x) 33,9 11,9 7,8
EV/EBIT (x) 33,9 11,9 7,8
Dividend yield (%) 0 0 0
FCF yield (%) 92,9 62,8 65
Le. adj. FCF yld. (%) 88,2 58,1 60,3
P/BVPS (x) 0,5 0,47 0,45
P/BVPS adj. (x) 0,61 0,57 0,53
P/E adj. (x) N/A 10,7 7,2
EV/EBITDA adj. (x) 4,8 3,1 2,3
EV/EBITA adj. (x) 31,6 11,9 7,8
EV/EBIT adj. (x) 31,6 11,9 7,8
EV/CE (x) 0,6 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 1,5 1,7 1,7
Capex/depreciation 0,2 0,2 0,2
Capex tangibles / tangible fixed assets 3 4,5 6,4
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 29,4 39,5

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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