Leading dealerships of construction equipment with strong aftermarket offerings

FERRONORDIC

Ferronordic is an authorized dealer of construction equipment under a number of brands throughout Russia. These brands include Volvo CE, Terex Trucks, Dressta, Mecalac and Rottne. In addition, Ferronordic is an authorized aftermarket dealer for Volvo Trucks and Renault Trucks. The company’s goal is to become the leading service and sales company in the CIS markets.

Key Figures

FERRONORDIC

2017 2018e 2019e
Sales MSEK 2567,2 2837,5 3212,1
Revenue growth 54,8% 10,5% 13,2%
Operating income MSEK 187,3 216,9 258,6
Operating margin 7,3% 7,6% 8,0%
Earnings per share SEK 8,06 11,34 13,83
Dividend per share SEK 1,73 4,00 5,00
Equity MSEK 611,1 677,0 779,9
Solidity 43,2% 46,8% 47,5%
Net debt MSEK -311,8 -320,6 -396,2
No. of shares (m) 10,7 14,5 14,5

Valuation

FERRONORDIC

2016 2017 2018e 2019e
P/E (x) - 16,1 10,4 8,6
P/BV (x) - 2,6 2,6 2,2
EV/S (x) - 0,5 0,5 0,4
EV/EBITDA (x) - 6,1 5,7 4,5
EV/EBIT (x) - 7,0 6,5 5,2
Yield (%) - 1,1% 3,4% 4,2%

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