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Ferronordic

Ferronordic

Authorised dealer of construction equipment in Russia

Ferronordic is an authorised dealer of Volvo CE, Terex, Dressta, Mecalac and Rottne in Russia and for Volvo CE and Mecalac in Kazakhstan. In parts of Russia, Ferronordic is an appointed aftermarket partner for Volvo and Renault Trucks and dealer for Volvo Penta. As of 2020, Ferronordic is also the authorised dealer for Volvo and Renault Trucks in parts of Germany. It aims to be the leading service and sales company in its markets. It is currently the only dealer in Russia, and one of few in Europe, allowing it to offer the ‘Certified Rebuild’ warranty extension on Volvo equipment following repairs and service. The company, founded in 2010, has ~100 outlets and 1,500 employees.

Russia has historically been notorious for low transparency, poor corporate governance and corruption. Sanctions have also proven to have a significant impact on the Russian economy, which in turn could hamper the recovering market for CE. Approximately 80% of Ferronordic’s sold units are Volvo, which implies a high reliance on that relationship.

SEKm 2022 2023e 2024e
Sales 6162 3507 2653
Sales growth (%) -0,8 -43,1 -24,4
EBITDA 1061 314 213
EBITDA margin (%) 17,2 9 8
EBIT adj. 547 84 63
EBIT adj. margin (%) 8,9 2,4 2,4
Pretax profit 631 49 33
EPS 34,45 2,68 1,77
EPS growth (%) 47,6 -92,2 -33,7
EPS adj. 22,33 2,68 1,77
DPS 0 0 0
EV/EBITDA (x) 1,7 4 5,1
EV/EBIT adj. (x) 3,3 14,8 17,3
P/E (x) 2,1 27 40,7
P/E adj. (x) 3,2 27 40,7
EV/sales (x) 0,29 0,36 0,41
FCF yield (%) -27,5 60,9 21,5
Le. adj. FCF yld. (%) -34,6 54,7 15,8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) 0,7 0,6 0,2
Le. adj. ND/EBITDA (x) 0,7 0 0,9
SEKm 2022 2023e 2024e
Sales 6162 3507 2653
COGS -4864 -2867 -2222
Gross profit 1298 641 431
Other operating items -236 -326 -218
EBITDA 1061 314 213
Depreciation and amortisation -292 -230 -150
of which leasing depreciation -42 -44 -44
EBITA 769 84 63
EO Items 222 0 0
Impairment and PPA amortisation 0 0 0
EBIT 769 84 63
Net financial items -138 -35 -30
Pretax profit 631 49 33
Tax -131 -10 -7
Net profit 501 39 26
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 501 39 26
EPS 34,45 2,68 1,77
EPS adj. 22,33 2,68 1,77
Total extraordinary items after tax 176 0 0
Leasing payments -42 -44 -44
Tax rate (%) 20,7 21,2 21,2
Gross margin (%) 21,1 18,3 16,2
EBITDA margin (%) 17,2 9 8
EBITA margin (%) 12,5 2,4 2,4
EBIT margin (%) 12,5 2,4 2,4
Pre-tax margin (%) 10,2 1,4 1,2
Net margin (%) 8,1 1,1 1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -0,8 -43,1 -24,4
EBITDA growth (%) 51,9 -70,4 -32,3
EBITA growth (%) 59,3 -89 -25,6
EBIT growth (%) 59,3 -89 -25,6
Net profit growth (%) 47,6 -92,2 -33,7
EPS growth (%) 47,6 -92,2 -33,7
Profitability N/A N/A N/A
ROE (%) 37 2,4 1,6
ROE adj. (%) 24 2,4 1,6
ROCE (%) 26,6 2,7 2
ROCE adj. (%) 18 2,7 2
ROIC (%) 50,4 4,8 4,3
ROIC adj. (%) 35,9 4,8 4,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 839 314 213
EBITDA adj. margin (%) 13,6 9 8
EBITDA lease adj. 797 270 169
EBITDA lease adj. margin (%) 12,9 7,7 6,4
EBITA adj. 547 84 63
EBITA adj. margin (%) 8,9 2,4 2,4
EBIT adj. 547 84 63
EBIT adj. margin (%) 8,9 2,4 2,4
Pretax profit Adj. 409 49 33
Net profit Adj. 325 39 26
Net profit to shareholders adj. 325 39 26
Net adj. margin (%) 5,3 1,1 1
SEKm 2022 2023e 2024e
EBITDA 1061 314 213
Goodwill 69 69 69
Net financial items -138 -35 -30
Other intangible assets 15 11 9
Paid tax -131 -10 -7
Tangible fixed assets 898 790 741
Non-cash items 0 0 0
Right-of-use asset 255 276 292
Cash flow before change in WC 793 269 176
Total other fixed assets 283 283 283
Change in working capital -740 442 103
Fixed assets 1521 1428 1394
Operating cash flow 52 711 279
Inventories 1294 701 504
Capex tangible fixed assets -356 -70 -53
Receivables 1107 630 509
Capex intangible fixed assets -3 -3 -2
Other current assets 0 0 0
Acquisitions and Disposals 17 2 2
Cash and liquid assets 740 1315 1481
Free cash flow -289 640 226
Total assets 4661 4075 3888
Dividend paid 0 0 0
Shareholders equity 1602 1641 1666
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -75 -65 -60
Total equity 1602 1641 1666
Other non-cash items -205 -2 -2
Long-term debt 328 332 336
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 189 189 189
Total other long-term liabilities 29 27 25
Short-term debt 989 989 989
Accounts payable 1399 772 557
Other current liabilities 125 125 125
Total liabilities and equity 4661 4075 3888
Net IB debt 767 195 33
Net IB debt excl. pension debt 767 195 33
Net IB debt excl. leasing 578 6 -156
Capital employed 3108 3151 3181
Capital invested 2375 1843 1707
Working capital 877 435 331
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1051 1051 1051
Net IB debt adj. 767 195 33
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 1817 1246 1084
Total assets turnover (%) 142,7 80,3 66,6
Working capital/sales (%) 8,2 18,7 14,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 47,9 11,9 2
Net debt / market cap (%) 73 18,6 3,2
Equity ratio (%) 34,4 40,3 42,9
Net IB debt adj. / equity (%) 47,9 11,9 2
Current ratio 1,25 1,4 1,49
EBITDA/net interest 19 9 7,1
Net IB debt/EBITDA (x) 0,7 0,6 0,2
Net IB debt/EBITDA lease adj. (x) 0,7 0 -0,9
Interest coverage 13,8 2,4 2,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 15 15 15
Diluted shares adj. 15 15 15
EPS 34,45 2,68 1,77
Dividend per share 0 0 0
EPS adj. 22,33 2,68 1,77
BVPS 110,22 112,9 114,67
BVPS adj. 104,42 107,38 109,31
Net IB debt/share 52,76 13,45 2,3
Share price 72,3 72,3 72,3
Market cap. (m) 1051 1051 1051
Valuation N/A N/A N/A
P/E (x) 2,1 27 40,7
EV/sales (x) 0,29 0,36 0,41
EV/EBITDA (x) 1,7 4 5,1
EV/EBITA (x) 2,4 14,8 17,3
EV/EBIT (x) 2,4 14,8 17,3
Dividend yield (%) 0 0 0
FCF yield (%) -27,5 60,9 21,5
Le. adj. FCF yld. (%) -34,6 54,7 15,8
P/BVPS (x) 0,66 0,64 0,63
P/BVPS adj. (x) 0,69 0,67 0,66
P/E adj. (x) 3,2 27 40,7
EV/EBITDA adj. (x) 2,2 4 5,1
EV/EBITA adj. (x) 3,3 14,8 17,3
EV/EBIT adj. (x) 3,3 14,8 17,3
EV/CE (x) 0,6 0,4 0,3
Investment ratios N/A N/A N/A
Capex/sales (%) 5,8 2,1 2,1
Capex/depreciation 1,4 0,4 0,5
Capex tangibles / tangible fixed assets 39,6 8,9 7,2
Capex intangibles / definite intangibles 20,1 25 24
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 27,83 23,56 14,3

Equity research

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Media

Ferronordic - Company presentation with CFO Erik Danemar
Ferronordic - Company presentation with CFO Erik Danemar

Main shareholders - Ferronordic

Main shareholders Share capital % Voting shares % Verified
Håkan Eriksson (Skandinavkonsult) 15.5 % 15.5 % 28 Sep 2022
Avanza Pension 7.8 % 7.8 % 28 Dec 2022
Lars Corneliusson 6.4 % 6.4 % 28 Dec 2022
Per Arwidsson med närstående 4.8 % 4.8 % 28 Sep 2022
Axel Johnson Gruppen 4.6 % 4.6 % 28 Sep 2022
Nordnet Pensionsförsäkring 3.2 % 3.2 % 28 Dec 2022
PEG Capital Partners AB 2.8 % 2.8 % 28 Sep 2022
Handelsbanken Fonder 1.8 % 1.8 % 31 Dec 2022
Janne Pakarinen 1.6 % 1.6 % 28 Dec 2022
Magallanes Value Investors SGIIC 1.5 % 1.5 % 31 Dec 2022
Source: Holdings by Modular Finance AB

Insider list - Ferronordic

Name Quantity Code Date
Erik Eberhardson - 7 000 SELL 16 Jul 2021
Martin Konrad Bauknecht + 1 000 BUY 3 Jun 2021
Carl Erik Mikael Danemar + 15 500 ALTM 28 May 2021
Henrik Carlborg + 15 500 SUBS 28 May 2021
JONATHAN TUBB + 12 000 ALTM 28 May 2021
Ceren Wende + 1 158 ALTM 28 May 2021
JONATHAN TUBB - 694 SELL 12 May 2021
Dan Håkan Ulf Eliasson + 630 BUY 6 Apr 2021
Henrik Carlborg + 2 201 BUY 18 Dec 2020
Dan Håkan Ulf Eliasson + 168 BUY 18 Dec 2020

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