Coverage

Cavotec

Cavotec

EURm 2020 2021e 2022e
Sales 156 194 212
Sales growth (%) -20.3 24.4 9.1
EBITDA 14 29 34
EBITDA margin (%) 9.1 15.1 15.8
EBIT adj 5 19 23
EBIT adj margin (%) 3.4 9.9 11
Pretax profit 2 17 21
EPS rep 0.01 0.13 0.16
EPS growth (%) -85.1 1002.1 23.6
EPS adj 0.01 0.13 0.16
DPS 0 0 0
EV/EBITDA (x) 15.6 7.3 5.9
EV/EBIT adj (x) 42.3 11.2 8.5
P/E (x) 182.9 16.6 13.4
P/E adj (x) 182.9 16.6 13.4
EV/sales (x) 1.4 1.1 0.9
FCF yield (%) 4.6 6.3 9.8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1.3 0.4 -0.2
N/A N/A N/A
EURm 2020 2021e 2022e
Sales 156 194 212
COGS 0 0 0
Gross profit 156 194 212
Other operating items -142 -165 -178
EBITDA 14 29 34
Depreciation on tangibles -5 -6 -6
Depreciation on intangibles 0 0 0
EBITA 5 19 23
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 5 19 23
Other financial items -2 0 0
Net financial items -4 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 2 17 21
Tax 0 -5 -6
Net profit 1 12 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 1 12 15
EPS 0.01 0.13 0.16
EPS Adj 0.01 0.13 0.16
Total extraordinary items after tax 0 0 0
Tax rate (%) -28.1 -29 -29
Gross margin (%) 100 100 100
EBITDA margin (%) 9.1 15.1 15.8
EBITA margin (%) 3.4 9.9 11
EBIT margin (%) 3.4 9.9 11
Pretax margin (%) 1 8.9 10.1
Net margin (%) 0.7 6.3 7.2
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -20.3 24.4 9.1
EBITDA growth (%) -33.5 104.9 14.7
EBIT growth (%) -57.1 264.5 21.3
Net profit growth (%) -85 993.4 23.6
EPS growth (%) -85.1 1002.1 23.6
Profitability 2020 2021 2022
ROE (%) 1 10.7 11.8
ROE Adj (%) 1 10.7 11.8
ROCE (%) 2.1 12.6 14
ROCE Adj(%) 2.1 12.6 14
ROIC (%) 2.7 9.6 11.6
ROIC Adj (%) 2.7 9.6 11.6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 14 29 34
EBITDA Adj margin (%) 9.1 15.1 15.8
EBITA Adj 5 19 23
EBITA Adj margin (%) 3.4 9.9 11
EBIT Adj 5 19 23
EBIT Adj margin (%) 3.4 9.9 11
Pretax profit Adj 2 17 21
Net profit Adj 1 12 15
Net profit to shareholders Adj 1 12 15
Net Adj margin (%) 0.7 6.3 7.2
N/A N/A N/A
EURm 2020 2021e 2022e
EBITDA 14 29 34
Net financial items -4 -2 -2
Paid tax 0 -5 -6
Non-cash items -4 -3 0
Cash flow before change in WC 6 19 25
Change in WC 5 -4 -2
Operating cash flow 11 15 23
CAPEX tangible fixed assets -1 -1 -2
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 9 13 20
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 4 3 0
Decrease in net IB debt 5 9 16
Balance Sheet (EURm) 2020 2021 2022
Goodwill 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 6 5 4
Tangible fixed assets 16 14 13
Other fixed assets 18 18 18
Fixed assets 105 101 98
Inventories 31 39 40
Receivables 43 46 49
Other current assets 5 5 5
Cash and liquid assets 18 27 43
Total assets 203 218 236
Shareholders equity 109 122 137
Minority 0 0 0
Total equity 109 122 137
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 20 26 29
Other current liabilities 24 21 21
Total liabilities and equity 203 218 236
Net IB debt 19 10 -5
Net IB debt excl. pension debt 19 10 -5
Capital invested 140 144 143
Working capital 35 42 45
EV breakdown 2020 2021 2022
Market cap. diluted (m) 205 205 205
Net IB debt Adj 19 10 -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 223 215 199
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 75.6 92.3 93.4
Capital invested turnover (%) 110 137 147.7
Capital employed turnover (%) 107 127.1 127.2
Inventories / sales (%) 22.4 18 18.7
Customer advances / sales (%) 12.6 10.1 9.3
Payables / sales (%) 14.7 12 12.9
Working capital / sales (%) 22.7 20 20.6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 17.4 8.5 -3.9
Net debt / market cap (%) 11.2 5 -2.6
Equity ratio (%) 53.9 55.8 58.1
Net IB debt adj. / equity (%) 17.4 8.5 -3.9
Current ratio (%) 155.5 177.1 200.9
EBITDA / net interest (%) 937.1 1539.9 1766.3
Net IB debt / EBITDA (%) 132.8 35.2 -16.1
Interest cover (%) 346.7 1013.6 1229.4
N/A N/A N/A
EURm 2020 2021e 2022e
Net IB debt / share 0.2 0.1 -0.1
Share price 1.79 2.17 2.17
Market cap. (m) 169 205 205
Valuation 2020 2021 2022
P/E 182.9 16.6 13.4
EV/sales 1.43 1.11 0.94
EV/EBITDA 15.6 7.3 5.9
EV/EBITA 42.3 11.2 8.5
EV/EBIT 42.3 11.2 8.5
Dividend yield (%) 0 0 0
FCF yield (%) 4.6 6.3 9.8
P/BVPS 1.87 1.68 1.49
P/BVPS Adj 3.55 2.88 2.34
P/E Adj 182.9 16.6 13.4
EV/EBITDA Adj 15.6 7.3 5.9
EV/EBITA Adj 42.3 11.2 8.5
EV/EBIT Adj 42.3 11.2 8.5
EV/cap. employed 1.5 1.4 1.1
Investment ratios 2020 2021 2022
Capex / sales 1 1.1 1.4
Capex / depreciation 32.6 38.9 53
Capex tangibles / tangible fixed assets 5.8 9.7 16.8
Capex intangibles / definite intangibles 10 15.5 22.3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 29.5 39.1 44.3
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS 0.01 0.13 0.16
Dividend per share Adj 0 0 0
EPS Adj 0.01 0.13 0.16
BVPS 1.16 1.29 1.45
BVPS Adj 0.61 0.75 0.93
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.

13,6

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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8,7

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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1,5