Coverage

Cavotec

Cavotec

EURm 2019 2020e 2021e
Sales 196 170 202
Sales growth (%) -0.5 -13.2 19
EBITDA 21 21 31
EBITDA margin (%) 11 12.3 15.2
EBIT adj 16 12 21
EBIT adj margin (%) 8 7.1 10.2
Pretax profit 11 11 19
EPS rep 0.08 0.08 0.14
EPS growth (%) 134.2 2 74.2
EPS adj 0.12 0.08 0.14
DPS 0 0 0
EV/EBITDA (x) 8.9 9 5.9
EV/EBIT adj (x) 12.2 15.7 8.7
P/E (x) 22.3 22.9 13.1
P/E adj (x) 15.4 22.9 13.1
EV/sales (x) 1 1.1 0.9
FCF yield (%) 7.5 8.2 7.4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1.1 0.7 0.2
N/A N/A N/A
EURm 2019 2020e 2021e
Sales 196 170 202
COGS 0 0 0
Gross profit 196 170 202
Other operating items -175 -149 -172
EBITDA 21 21 31
Depreciation on tangibles -5 -5 -6
Depreciation on intangibles 0 0 0
EBITA 12 12 21
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 12 12 21
Other financial items 0 0 0
Net financial items -2 -1 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 11 11 19
Tax -3 -3 -5
Net profit 8 8 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 8 13
EPS 0.08 0.08 0.14
EPS Adj 0.12 0.08 0.14
Total extraordinary items after tax -3.4 0 0
Tax rate (%) -29.8 -31.1 -29
Gross margin (%) 100 100 100
EBITDA margin (%) 11 12.3 15.2
EBITA margin (%) 6.3 7.1 10.2
EBIT margin (%) 6.3 7.1 10.2
Pretax margin (%) 5.5 6.5 9.3
Net margin (%) 3.8 4.5 6.6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0.5 -13.2 19
EBITDA growth (%) 333 -2.1 46.1
EBIT growth (%) 188.7 -2 71.5
Net profit growth (%) 140.7 2 74
EPS growth (%) 134.2 2 74.2
Profitability 2019 2020 2021
ROE (%) 7.2 6.8 10.9
ROE Adj (%) 10.5 6.8 10.9
ROCE (%) 8.4 8.4 12.9
ROCE Adj(%) 10.7 8.4 12.9
ROIC (%) 6 5.8 10.2
ROIC Adj (%) 7.7 5.8 10.2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 25 21 31
EBITDA Adj margin (%) 12.7 12.3 15.2
EBITA Adj 16 12 21
EBITA Adj margin (%) 8 7.1 10.2
EBIT Adj 16 12 21
EBIT Adj margin (%) 8 7.1 10.2
Pretax profit Adj 14 11 19
Net profit Adj 11 8 13
Net profit to shareholders Adj 11 8 13
Net Adj margin (%) 5.6 4.5 6.6
N/A N/A N/A
EURm 2019 2020e 2021e
EBITDA 21 21 31
Net financial items -2 -1 -2
Paid tax -3 -3 -5
Non-cash items -25 -4 -3
Cash flow before change in WC -8 13 20
Change in WC 22 3 -5
Operating cash flow 14 16 15
CAPEX tangible fixed assets -1 -1 -2
CAPEX intangible fixed assets 0 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 13 14 13
Dividend paid 0 0 0
Share issues and buybacks 19 0 0
Other non cash items -13 4 3
Decrease in net IB debt 8 10 9
Balance Sheet (EURm) 2019 2020 2021
Goodwill 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 7 6 5
Tangible fixed assets 18 16 14
Other fixed assets 18 18 18
Fixed assets 108 105 102
Inventories 39 34 40
Receivables 45 44 47
Other current assets 5 5 5
Cash and liquid assets 13 23 32
Total assets 211 212 226
Shareholders equity 108 116 129
Minority 0 0 0
Total equity 108 116 129
Long-term debt 3 3 3
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 9 9 9
Short-term debt 14 14 14
Accounts payable 25 23 27
Other current liabilities 28 24 21
Total liabilities and equity 211 212 226
Net IB debt 24 14 5
Net IB debt excl. pension debt 24 14 5
Capital invested 144 141 146
Working capital 36 36 44
EV breakdown 2019 2020 2021
Market cap. diluted (m) 168 175 175
Net IB debt Adj 24 14 5
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 192 189 181
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 88.9 80.5 92.4
Capital invested turnover (%) 136.5 119.3 140.8
Capital employed turnover (%) 131.3 114 126.7
Inventories / sales (%) 20 21.4 18.4
Customer advances / sales (%) 11 11.6 9.7
Payables / sales (%) 13.4 14.3 12.4
Working capital / sales (%) 22.3 21.3 20
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 22.3 12.1 4.1
Net debt / market cap (%) 20 8 3.1
Equity ratio (%) 51.4 54.6 57.1
Net IB debt adj. / equity (%) 22.3 12.1 4.1
Current ratio (%) 142.5 162.7 186.9
EBITDA / net interest (%) 1134.5 1500.2 1614.8
Net IB debt / EBITDA (%) 112.2 66.5 17.5
Interest cover (%) 650.7 861.6 1088.4
N/A N/A N/A
EURm 2019 2020e 2021e
Net IB debt / share 0.3 0.1 0.1
Share price 1.28 1.86 1.86
Market cap. (m) 120 175 175
Valuation 2019 2020 2021
P/E 22.3 22.9 13.1
EV/sales 0.98 1.11 0.89
EV/EBITDA 8.9 9 5.9
EV/EBITA 15.6 15.7 8.7
EV/EBIT 15.6 15.7 8.7
Dividend yield (%) 0 0 0
FCF yield (%) 7.5 8.2 7.4
P/BVPS 1.55 1.51 1.36
P/BVPS Adj 3.03 2.73 2.23
P/E Adj 15.4 22.9 13.1
EV/EBITDA Adj 7.7 9 5.9
EV/EBITA Adj 12.2 15.7 8.7
EV/EBIT Adj 12.2 15.7 8.7
EV/cap. employed 1.3 1.2 1.1
Investment ratios 2019 2020 2021
Capex / sales 0.8 1 1.2
Capex / depreciation 33.5 35.9 44.2
Capex tangibles / tangible fixed assets 7 6.3 11.2
Capex intangibles / definite intangibles 4.6 10.8 15.9
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 26.6 29.1 38.1
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS 0.08 0.08 0.14
Dividend per share Adj 0 0 0
EPS Adj 0.12 0.08 0.14
BVPS 1.15 1.23 1.37
BVPS Adj 0.59 0.68 0.83
N/A N/A N/A

Key Figure Counter

To calculate and to make comparative evaluations is not always easy. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data. You can change our estimates and enter your own values. By clicking on the plus sign next to the key figure you will also find a short explanation of these.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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0,9

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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