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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 2863 6218 6754
Sales growth (%) -55,7 117,2 8,6
EBITDA -6 438 550
EBITDA margin (%) -0,2 7 8,1
EBIT adj. -68 178 270
EBIT adj. margin (%) -2,4 2,9 4
Pretax profit -153 114 214
EPS -7,39 6,16 11,58
EPS growth (%) -115,7 -183,3 88
EPS adj. -5,13 6,16 11,58
DPS 0 0,75 1
EV/EBITDA (x) -365,6 4,9 3,7
EV/EBIT adj. (x) -34,2 12 7,5
P/E (x) -9,2 11,1 5,9
P/E adj. (x) -13,3 11,1 5,9
EV/sales (x) 0,82 0,34 0,3
FCF yield (%) -125,5 22,7 15,2
Le. adj. FCF yld. (%) -127,2 21,2 13,7
Dividend yield (%) 0 1,1 1,5
Net IB debt/EBITDA (x) -210,9 2,6 1,9
Le. adj. ND/EBITDA (x) 31,3 2,4 1,7
SEKm 2023 2024e 2025e
Sales 2863 6218 6754
COGS -2486 -5342 -5758
Gross profit 377 876 996
Other operating items -383 -439 -446
EBITDA -6 438 550
Depreciation and amortisation -109 -260 -280
of which leasing depreciation 0 0 0
EBITA -115 178 270
EO Items -47 0 0
Impairment and PPA amortisation 0 0 0
EBIT -115 178 270
Net financial items -38 -64 -56
Pretax profit -153 114 214
Tax 46 -24 -45
Net profit -107 89 168
Minority interest 0 0 0
Net profit discontinued 0 0 0
Total extraordinary items after tax -33 0 0
Net profit to shareholders -27 129 171
Leasing payments 0 0 0
EPS -1,88 8,86 11,77
Tax rate (%) 30 21,2 21,2
EPS adj. -1,88 8,86 11,77
Gross margin (%) 13,2 14,1 14,7
EBITDA margin (%) -0,2 7 8,1
EBITA margin (%) -4 2,9 4
EBIT margin (%) -4 2,9 4
Pre-tax margin (%) -5,4 1,8 3,2
Net margin (%) -3,8 1,4 2,5
Sales growth (%) -55,7 117,2 8,6
EBITDA growth (%) -100,6 -6937,1 25,6
EBITA growth (%) -113,8 -253,9 51,8
Growth Rates y-o-y N/A N/A N/A
EBIT growth (%) -113,8 -253,9 51,8
Net profit growth (%) -124,4 -183,3 88
EPS growth (%) -115,7 -183,3 88
Profitability N/A N/A N/A
ROE (%) -6,1 5,4 9,4
ROE adj. (%) -4,3 5,4 9,4
ROCE (%) -4,5 5 7,6
ROCE adj. (%) -3 5 7,6
ROIC (%) -4,2 4,8 7,4
ROIC adj. (%) -2,5 4,8 7,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 41 438 550
EBITDA adj. margin (%) 1,4 7 8,1
EBITDA lease adj. 41 438 550
EBITDA lease adj. margin (%) 1,4 7 8,1
EBITA adj. -68 178 270
EBITA adj. margin (%) -2,4 2,9 4
EBIT adj. -68 178 270
EBIT adj. margin (%) -2,4 2,9 4
Pretax profit Adj. -106 114 214
Net profit Adj. -74 89 168
Net profit to shareholders adj. -74 89 168
Net adj. margin (%) -2,6 1,4 2,5
SEKm 2023 2024e 2025e
EBITDA -6 438 550
Goodwill 234 234 234
Net financial items -38 -64 -56
Other intangible assets 11 23 36
Paid tax -6 -24 -45
Tangible fixed assets 1685 1611 1534
Non-cash items -2 0 0
Right-of-use asset 143 158 173
Cash flow before change in WC -52 349 448
Total other fixed assets 127 127 127
Change in working capital 25 74 -82
Fixed assets 2199 2153 2104
Operating cash flow -27 424 367
Inventories 1443 1368 1486
Capex tangible fixed assets -149 -187 -203
Receivables 630 622 675
Capex intangible fixed assets 27 -12 -14
Other current assets 6 6 6
Acquisitions and Disposals -1093 0 0
Cash and liquid assets 426 636 610
Free cash flow -1242 225 150
Total assets 4705 4785 4882
Dividend paid -109 0 -11
Shareholders equity 1622 1711 1869
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -17 -15 -15
Total equity 1622 1711 1869
Other non-cash items -1207 -4 -4
Long-term debt 671 675 529
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 81 81 81
Total other long-term liabilities 291 291 291
Short-term debt 1024 1024 1024
Accounts payable 997 995 1081
Other current liabilities 19 8 8
Total liabilities and equity 4705 4785 4882
Net IB debt 1350 1144 1023
Net IB debt excl. pension debt 1350 1144 1023
Net IB debt excl. leasing 1269 1063 942
Capital employed 3398 3491 3503
Capital invested 2972 2855 2892
Working capital 1064 993 1079
Market cap. diluted (m) 990 990 990
Net IB debt adj. 1350 1144 1023
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 2340 2134 2013
Total assets turnover (%) 72,3 131 139,7
Working capital/sales (%) 22,3 16,5 15,3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 83,2 66,8 54,8
Net debt / market cap (%) 136,4 115,6 103,4
Equity ratio (%) 34,5 35,8 38,3
Net IB debt adj. / equity (%) 83,2 66,8 54,8
Current ratio 1,23 1,3 1,32
EBITDA/net interest 0,4 7,3 10,6
Net IB debt/EBITDA (x) -210,9 2,6 1,9
Net IB debt/EBITDA lease adj. (x) 31,3 2,4 1,7
Interest coverage 6,8 3 5,2
SEKm 2023 2024e 2025e
Shares outstanding adj. 15 15 15
Diluted shares adj. 15 15 15
EPS -7,39 6,16 11,58
Dividend per share 0 0,75 1
EPS adj. -5,13 6,16 11,58
BVPS 111,61 117,77 128,6
BVPS adj. 94,82 100,13 110,02
Net IB debt/share 92,9 78,72 70,42
Share price 68,1 68,1 68,1
Market cap. (m) 990 990 990
P/E (x) -9,2 11,1 5,9
EV/sales (x) 0,82 0,34 0,3
EV/EBITDA (x) -365,6 4,9 3,7
EV/EBITA (x) -20,3 12 7,5
EV/EBIT (x) -20,3 12 7,5
Dividend yield (%) 0 1,1 1,5
FCF yield (%) -125,5 22,7 15,2
Le. adj. FCF yld. (%) -127,2 21,2 13,7
P/BVPS (x) 0,61 0,58 0,53
P/BVPS adj. (x) 0,71 0,67 0,61
P/E adj. (x) -13,3 11,1 5,9
EV/EBITDA adj. (x) 57,6 4,9 3,7
EV/EBITA adj. (x) -34,2 12 7,5
EV/EBIT adj. (x) -34,2 12 7,5
EV/CE (x) 0,7 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 4,3 3,2 3,2
Capex/depreciation 1,1 0,8 0,8
Capex tangibles / tangible fixed assets 8,8 11,6 13,2
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 6,47 16,14 18,26

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