Systems for climate control in airplanes

CTT Systems

CTT Systems develops climate control products for aircraft, including dehumidification systems to prevent condensation and humidifiers for crew and passenger wellbeing. CTT’s products are offered on the Boeing 787 and 777X as well as the Airbus A380 and A350. The company holds a majority market share within both dehumidification and humidification products and is a tier-1 supplier to the Boeing 787 and 777X.

Financials

CTT SYSTEMS

SEKm 2017 2018 2019
Sales 273 322 350
Sales growth (%) 8,7 17,9 8,6
EBITDA 66 104 110
EBITDA margin (%) 24 32,2 31,5
EBIT adj 58 101 102
EBIT adj margin (%) 21,2 31,3 29,2
Pretax profit 61 97 101
EPS rep 3,8 6,05 6,28
EPS growth (%) 26,3 59,4 3,9
EPS adj 3,8 6,23 6,28
DPS 2,75 4,2 4,3
EV/EBITDA (x) 31,4 14,3 13,5
EV/EBIT adj (x) 35,5 14,8 14,5
P/E (x) 44 20 19,3
P/E adj (x) 44 19,4 19,3
EV/sales (x) 7,5 4,6 4,2
FCF yield (%) 3,6 1,9 3,6
Dividend yield (%) 1,6 3,5 3,5
Net IB debt/EBITDA -0,5 -0,3 -0,3

Main shareholders

CTT Systems

Main shareholders Share capital % Voting shares %
Tomas Torlöf 12.8 % 12.8 %
B/E Aerospace Inc 9.1 % 9.1 %
Swedbank Robur Fonder 8.0 % 8.0 %
Catron Design AB 4.3 % 4.3 %
Jorame AB 4.2 % 4.2 %
If Skadeförsäkring AB 4.1 % 4.1 %
Allianz Global Investors 3.2 % 3.2 %
AMF Försäkring & Fonder 2.5 % 2.5 %
Bellevue Asset Management 2.1 % 2.1 %
Christer Torlöf 2.1 % 2.1 %