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Ferronordic

Ferronordic

Authorised dealer of construction equipment in Russia

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.

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.

SEKm 2023 2024e 2025e
Sales 2874 6205 6598
Sales growth (%) -55,6 115,9 6,3
EBITDA 38 426 491
EBITDA margin (%) 1,3 6,9 7,4
EBIT adj. -63 199 255
EBIT adj. margin (%) -2,2 3,2 3,9
Pretax profit -45 159 215
EPS -2,45 8,65 11,64
EPS growth (%) -105,2 -452,5 34,7
EPS adj. -2,45 8,65 11,64
DPS 0,5 0,75 1
EV/EBITDA (x) 53,4 4,5 3,6
EV/EBIT adj. (x) -31,7 9,6 6,9
P/E (x) -29,6 8,4 6,2
P/E adj. (x) -29,6 8,4 6,2
EV/sales (x) 0,7 0,31 0,26
FCF yield (%) -167,8 12 18,2
Le. adj. FCF yld. (%) -169,2 10,6 16,7
Dividend yield (%) 0,7 1 1,4
Net IB debt/EBITDA (x) 25,3 2 1,4
Le. adj. ND/EBITDA (x) 23,4 1,8 1,3
SEKm 2023 2024e 2025e
Sales 2874 6205 6598
COGS -2510 -5320 -5642
Gross profit 364 885 956
Other operating items -326 -459 -465
EBITDA 38 426 491
Depreciation and amortisation -101 -227 -236
of which leasing depreciation 0 0 0
EBITA -63 199 255
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -63 199 255
Net financial items 19 -40 -40
Pretax profit -45 159 215
Tax 9 -34 -46
Net profit -36 126 169
Minority interest 0 0 0
Net profit discontinued 0 0 0
Total extraordinary items after tax 0 0 0
Net profit to shareholders -27 129 171
Leasing payments 0 0 0
EPS -1,88 8,86 11,77
Tax rate (%) 20,3 21,2 21,2
EPS adj. -1,88 8,86 11,77
Gross margin (%) 12,7 14,3 14,5
EBITDA margin (%) 1,3 6,9 7,4
EBITA margin (%) -2,2 3,2 3,9
EBIT margin (%) -2,2 3,2 3,9
Pre-tax margin (%) -1,6 2,6 3,3
Net margin (%) -1,2 2 2,6
Sales growth (%) -55,6 115,9 6,3
EBITDA growth (%) -96,6 1032,5 15,1
EBITA growth (%) -107,6 -414,9 27,7
Growth Rates y-o-y N/A N/A N/A
EBIT growth (%) -107,6 -414,9 27,7
Net profit growth (%) -108,1 -452,5 34,7
EPS growth (%) -105,2 -452,5 34,7
Profitability N/A N/A N/A
ROE (%) -2 7 8,8
ROE adj. (%) -2 7 8,8
ROCE (%) -1 6,8 8,3
ROCE adj. (%) -1 6,8 8,3
ROIC (%) -2,8 5,8 7,4
ROIC adj. (%) -2,8 5,8 7,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 38 426 491
EBITDA adj. margin (%) 1,3 6,9 7,4
EBITDA lease adj. 38 426 491
EBITDA lease adj. margin (%) 1,3 6,9 7,4
EBITA adj. -63 199 255
EBITA adj. margin (%) -2,2 3,2 3,9
EBIT adj. -63 199 255
EBIT adj. margin (%) -2,2 3,2 3,9
Pretax profit Adj. -45 159 215
Net profit Adj. -36 126 169
Net profit to shareholders adj. -36 126 169
Net adj. margin (%) -1,2 2 2,6
SEKm 2023 2024e 2025e
EBITDA 38 426 491
Goodwill 208 208 208
Net financial items 19 -40 -40
Other intangible assets 7 20 33
Paid tax 9 -34 -46
Tangible fixed assets 1636 1551 1480
Non-cash items 0 0 0
Right-of-use asset 158 173 188
Cash flow before change in WC 65 353 405
Total other fixed assets 120 120 120
Change in working capital -388 -70 -35
Fixed assets 2129 2072 2030
Operating cash flow -323 282 370
Inventories 661 993 1056
Capex tangible fixed assets -201 -143 -165
Receivables 316 434 462
Capex intangible fixed assets -6 -12 -13
Other current assets 30 30 30
Acquisitions and Disposals -1243 0 0
Cash and liquid assets 126 231 397
Free cash flow -1773 127 192
Total assets 3262 3760 3974
Dividend paid -109 -7 -11
Shareholders equity 1728 1847 2005
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -15 -15 -15
Total equity 1728 1847 2005
Other non-cash items -5 -4 -4
Long-term debt 732 735 739
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 73 74 74
Total other long-term liabilities 15 15 15
Short-term debt 274 274 274
Accounts payable 431 807 858
Other current liabilities 9 9 9
Total liabilities and equity 3262 3760 3974
Net IB debt 953 852 690
Net IB debt excl. pension debt 953 852 690
Net IB debt excl. leasing 880 778 616
Capital employed 2807 2930 3092
Capital invested 2681 2699 2695
Working capital 567 642 681
Market cap. diluted (m) 1057 1057 1057
Net IB debt adj. 953 852 690
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 2009 1909 1747
Total assets turnover (%) 88,7 176,7 170,6
Working capital/sales (%) 13,6 9,7 10
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 55,1 46,1 34,4
Net debt / market cap (%) 90,2 80,7 65,3
Equity ratio (%) 53 49,1 50,5
Net IB debt adj. / equity (%) 55,1 46,1 34,4
Current ratio 1,59 1,55 1,7
EBITDA/net interest 2,1 11,8 13,6
Net IB debt/EBITDA (x) 25,3 2 1,4
Net IB debt/EBITDA lease adj. (x) 23,4 1,8 1,3
Interest coverage 3,6 5,5 7,1
SEKm 2023 2024e 2025e
Shares outstanding adj. 15 15 15
Diluted shares adj. 15 15 15
EPS -2,45 8,65 11,64
Dividend per share 0,5 0,75 1
EPS adj. -2,45 8,65 11,64
BVPS 118,93 127,08 137,97
BVPS adj. 104,13 111,43 121,41
Net IB debt/share 65,58 58,64 47,5
Share price 72,7 72,7 72,7
Market cap. (m) 1057 1057 1057
P/E (x) -29,6 8,4 6,2
EV/sales (x) 0,7 0,31 0,26
EV/EBITDA (x) 53,4 4,5 3,6
EV/EBITA (x) -31,7 9,6 6,9
EV/EBIT (x) -31,7 9,6 6,9
Dividend yield (%) 0,7 1 1,4
FCF yield (%) -167,8 12 18,2
Le. adj. FCF yld. (%) -169,2 10,6 16,7
P/BVPS (x) 0,61 0,57 0,53
P/BVPS adj. (x) 0,69 0,64 0,59
P/E adj. (x) -29,6 8,4 6,2
EV/EBITDA adj. (x) 53,4 4,5 3,6
EV/EBITA adj. (x) -31,7 9,6 6,9
EV/EBIT adj. (x) -31,7 9,6 6,9
EV/CE (x) 0,7 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 7,2 2,5 2,7
Capex/depreciation 2 0,7 0,8
Capex tangibles / tangible fixed assets 12,3 9,2 11,1
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 6,17 14,63 15,94

Equity research

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Media

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

Main shareholders - Ferronordic

Main shareholders Share capital % Voting shares % Verified
Håkan Eriksson (Skandinavkonsult) 16.9 % 16.9 % 9 Jun 2023
Avanza Pension 9.1 % 9.1 % 27 Dec 2023
Lars Corneliusson 6.8 % 6.8 % 27 Dec 2023
Nordnet Pensionsförsäkring 6.8 % 6.8 % 27 Dec 2023
AltoCumulus 5.4 % 5.4 % 29 Mar 2023
Per Arwidsson med närstående 5.3 % 5.3 % 26 Jan 2024
Spruce Holding AB 3.4 % 3.4 % 27 Dec 2023
Arbona AB (publ) 1.9 % 1.9 % 30 Jun 2023
Janne Pakarinen 1.5 % 1.5 % 27 Dec 2023
Magallanes Value Investors SGIIC 1.5 % 1.5 % 31 Jan 2024
Source: Holdings by Modular Finance AB