Introduce.se - Cavotec

Cavotec

A global industrial group

Description
Opportunities
Risk

Financials

Financial snapshots
Income statement
CF and BS
Valuation and Ratios

EURm	2014	2015	2016	2017	2018	2019e	2020e	2021e
Sales	235	232	212	212	197	192	203	214
Sales growth (%)	3.4	-1.4	-8.9	0.4	-7.3	-2.3	5.4	5.5
EBITDA	17	12	17	-13	-9	15	25	32
EBITDA margin (%)	7.2	5.3	8.2	-5.9	-4.7	8	12.3	15.1
EBIT adj	19	11	10	10	5	9	16	23
EBIT adj margin (%)	8.1	4.7	4.9	4.5	2.6	4.5	7.9	10.9
Pretax profit	16	13	11	-23	-15	5	14	21
EPS rep	0.14	0.08	0.09	-0.4	-0.23	0.04	0.11	0.16
EPS growth (%)	-5	-43.6	8.1	-571.9	42	116.7	172	52.3
EPS adj	0.23	0.12	0.06	-0.05	0.01	0.06	0.11	0.16
DPS	0.04	0.03	0.05	0.02	0	0	0	0
EV/EBITDA (x)	12.5	18.4	10.9	-15.5	-14.5	8.4	4.9	3.3
EV/EBIT adj (x)	11.2	20.8	18.4	20.4	25.8	15.1	7.6	4.6
P/E (x)	18.7	32.6	25	-5.6	-5.5	28.1	10.3	6.8
P/E adj (x)	11.5	21.2	35.7	-44.3	164.1	18.2	10.3	6.8
EV/sales (x)	0.9	1	0.9	0.9	0.7	0.7	0.6	0.5
FCF yield (%)	-1.9	-1.1	3.7	5.3	-7.6	26.2	11.3	18.6
Dividend yield (%)	1.6	1.1	2.3	0.8	0	0	0	0
Net IB debt/EBITDA	1.2	2.1	1.3	-1.6	-3.4	1.7	0.7	0.1

EURm	2014	2015	2016	2017	2018	2019e	2020e	2021e
Sales	235	232	212	212	197	192	203	214
COGS	0	0	0	0	0	0	0	0
Gross profit	235	232	212	212	197	192	203	214
Other operating items	-218	-220	-194	-225	-206	-177	-178	-182
EBITDA	17	12	17	-13	-9	15	25	32
Depreciation on tangibles	-4	-5	-5	-5	-5	-9	-9	-9
Depreciation on intangibles	0	0	0	0	0	0	0	0
EBITA	13	8	12	-18	-14	7	16	23
Goodwill impairment charges	0	0	0	0	0	0	0	0
Other impairment and amortisation	0	0	0	0	0	0	0	0
EBIT	13	8	12	-18	-14	7	16	23
Other financial items	6	7	0	-3	0	0	0	0
Net financial items	4	5	-1	-5	-1	-2	-2	-2
Associated income	0	0	0	0	0	0	0	0
Other EO items	0	0	0	0	0	0	0	0
Pretax profit	16	13	11	-23	-15	5	14	21
Tax	-6	-7	-5	-9	-3	-1	-4	-6
Net profit	10	6	7	-32	-18	4	10	15
Minority interest	0	0	0	0	0	0	0	0
Net profit discontinued	0	0	0	0	0	0	0	0
Net profit to shareholders	10	6	7	-32	-18	4	10	15
EPS	0.14	0.08	0.09	-0.4	-0.23	0.04	0.11	0.16
EPS Adj	0.23	0.12	0.06	-0.05	0.01	0.06	0.11	0.16
Total extraordinary items after tax	-6.5	-3.3	2	-27.6	-19.1	-2	0	0
Tax rate (%)	-36.9	-51.9	-41.7	38	20.3	-19.5	-28	-28
Gross margin (%)	100	100	100	100	100	100	100	100
EBITDA margin (%)	7.2	5.3	8.2	-5.9	-4.7	8	12.3	15.1
EBITA margin (%)	5.3	3.3	5.8	-8.5	-7	3.4	7.9	10.9
EBIT margin (%)	5.3	3.3	5.8	-8.5	-7	3.4	7.9	10.9
Pretax margin (%)	6.9	5.5	5.4	-10.8	-7.8	2.4	6.8	9.9
Net margin (%)	4.3	2.7	3.2	-14.8	-9.4	1.9	4.9	7.1
Growth rates Y/Y	2014	2015	2016	2017	2018	2019	2020	2021
Sales growth (%)	3.4	-1.4	-8.9	0.4	-7.3	-2.3	5.4	5.5
EBITDA growth (%)	13.3	-27.4	40.5	-172.5	26.8	266.8	62	29.6
EBIT growth (%)	19.6	-39.5	61.7	-246.5	22.8	147.3	143.6	45.4
Net profit growth (%)	-2.1	-39.6	8.1	-571.8	41.5	119.9	172	52.3
EPS growth (%)	-5	-43.6	8.1	-571.9	42	116.7	172	52.3
Profitability	2014	2015	2016	2017	2018	2019	2020	2021
ROE (%)	8.3	4.5	4.7	-25.2	-18	3.6	9.2	12.6
ROE Adj (%)	13.5	6.9	3.3	-3.2	0.6	5.6	9.2	12.6
ROCE (%)	12.3	8.7	7.6	-14.7	-10.5	5	12.3	17.7
ROCE Adj(%)	16.5	10.8	6.4	4.2	4.4	6.6	12.3	17.7
ROIC (%)	5.2	2.3	4.5	-18.2	-13.3	4	9	13.1
ROIC Adj (%)	7.9	3.3	3.8	9.7	5	5.3	9	13.1
Adj earnings numbers	2014	2015	2016	2017	2018	2019	2020	2021
EBITDA Adj	23	16	15	15	10	17	25	32
EBITDA Adj margin (%)	10	6.8	7.3	7.1	5	9	12.3	15.1
EBITA Adj	19	11	10	10	5	9	16	23
EBITA Adj margin (%)	8.1	4.7	4.9	4.5	2.6	4.5	7.9	10.9
EBIT Adj	19	11	10	10	5	9	16	23
EBIT Adj margin (%)	8.1	4.7	4.9	4.5	2.6	4.5	7.9	10.9
Pretax profit Adj	23	16	9	5	4	7	14	21
Net profit Adj	17	10	5	-4	1	6	10	15
Net profit to shareholders Adj	17	10	5	-4	1	6	10	15
Net Adj margin (%)	7.1	4.1	2.2	-1.9	0.3	3	4.9	7.1

EURm	2014	2015	2016	2017	2018	2019e	2020e	2021e
EBITDA	17	12	17	-13	-9	15	25	32
Net financial items	4	5	-1	-5	-1	-2	-2	-2
Paid tax	-6	-7	-5	-9	-3	-1	-4	-6
Non-cash items	-5	-11	-7	27	30	-4	-2	0
Cash flow before change in WC	10	0	5	1	16	8	17	24
Change in WC	-11	0	5	12	-15	23	-1	-1
Operating cash flow	-1	0	10	13	1	31	16	23
CAPEX tangible fixed assets	-2	-3	-2	-2	-7	-2	-2	-2
CAPEX intangible fixed assets	-1	-1	-2	-2	-2	-2	-1	-1
Acquisitions and disposals	0	2	0	0	0	0	0	0
Free cash flow	-4	-2	6	9	-8	27	12	19
Dividend paid	-3	-4	-2	-4	-1	0	0	0
Share issues and buybacks	20	0	0	0	0	0	0	0
Other non cash items	2	1	-1	-4	-3	-21	-4	-4
Decrease in net IB debt	16	-5	4	2	-12	6	8	15
Balance Sheet (EURm)	2014	2015	2016	2017	2018	2019	2020	2021
Goodwill	64	67	67	45	45	45	45	45
Indefinite intangible assets	0	0	0	0	0	0	0	0
Definite intangible assets	5	5	8	8	8	7	6	5
Tangible fixed assets	26	27	22	18	20	37	38	38
Other fixed assets	18	25	28	17	18	18	18	18
Fixed assets	113	123	126	88	92	108	107	106
Inventories	41	45	40	37	39	37	38	39
Receivables	69	71	59	53	72	52	54	56
Other current assets	2	0	4	5	6	6	6	6
Cash and liquid assets	17	21	15	29	21	44	52	67
Total assets	242	260	244	211	230	247	256	273
Shareholders equity	138	140	145	104	100	104	114	129
Minority	0	0	0	0	0	0	0	0
Total equity	138	140	145	104	100	104	114	129
Long-term debt	35	43	33	46	49	66	66	66
Pension debt	0	0	0	0	0	0	0	0
Convertible debt	0	0	0	0	0	0	0	0
Deferred tax	6	6	7	3	2	2	2	2
Other long-term liabilities	5	5	4	5	9	9	9	9
Short-term debt	2	3	4	3	4	4	4	4
Accounts payable	33	38	30	34	27	27	29	30
Other current liabilities	23	25	21	16	38	34	32	32
Total liabilities and equity	211	220	242	260	244	211	230	247
Net IB debt	20	25	22	20	32	26	18	3
Net IB debt excl. pension debt	20	25	22	20	32	26	18	3
Capital invested	158	161	155	117	134	128	128	128
Working capital	62	63	58	46	61	38	40	41
EV breakdown	2014	2015	2016	2017	2018	2019	2020	2021
Market cap. diluted (m)	192	202	167	176	102	103	103	103
Net IB debt Adj	20	25	22	20	32	26	18	3
Market value of minority	0	0	0	0	0	0	0	0
Reversal of shares and participations	0	0	0	0	0	0	0	0
Reversal of conv. debt assumed equity	0	0	0	0	0	0	0	0
EV	212	227	189	195	134	129	121	106
Capital efficiency (%)	2014	2015	2016	2017	2018	2019	2020	2021
Total assets turnover (%)	102.1	92.6	84	93.5	89.4	80.7	80.7	80.8
Capital invested turnover (%)	155.8	145.7	133.9	156	156.6	146.9	158.6	166.9
Capital employed turnover (%)	155.5	143.7	127.2	145.7	153.9	147.5	155.5	162.4
Inventories / sales (%)	17.2	18.5	20.2	18.1	19.4	19.8	18.3	17.8
Customer advances / sales (%)	5.6	6.4	6.2	4.9	8.4	12.2	11.6	11
Payables / sales (%)	13.7	15.3	16.1	15	15.4	14	13.7	13.7
Working capital / sales (%)	24.1	26.9	28.5	24.5	27.1	25.7	19.1	18.7
Financial risk and debt service	2014	2015	2016	2017	2018	2019	2020	2021
Net debt / equity (%)	14.5	18.2	15	18.9	31.7	24.6	15.8	2.2
Net debt / market cap (%)	8.9	11.7	11.6	9.6	18.5	24.7	17.4	2.8
Equity ratio (%)	57	53.8	59.7	49.6	43.5	42.1	44.4	47.2
Net IB debt adj. / equity (%)	14.5	18.2	15	18.9	31.7	24.6	15.8	2.2
Current ratio (%)	223.7	208.5	215.5	233.5	198.1	211.9	229.4	251.3
EBITDA / net interest (%)	721.9	965.2	1599.9	-872.5	-491.3	768.4	1185.5	1536.2
Net IB debt / EBITDA (%)	117.5	205.4	125.3	-157.1	-343.9	166.4	72.2	8.9
Interest cover (%)	532.4	593	1130.9	-1247.2	-740.5	328.4	761.7	1107.6

EURm	2014	2015	2016	2017	2018	2019e	2020e	2021e
Net IB debt / share	0.3	0.3	0.3	0.3	0.4	0.3	0.2	0
Share price	3.06	2.77	2.38	2.62	2.17	1.1	1.1	1.1
Market cap. (m)	225	217	187	206	172	103	103	103
Valuation	2014	2015	2016	2017	2018	2019	2020	2021
P/E	18.7	32.6	25	-5.6	-5.5	28.1	10.3	6.8
EV/sales	0.9	0.98	0.89	0.92	0.68	0.67	0.6	0.5
EV/EBITDA	12.5	18.4	10.9	-15.5	-14.5	8.4	4.9	3.3
EV/EBITA	16.9	29.9	15.4	-10.9	-9.6	19.6	7.6	4.6
EV/EBIT	16.9	29.9	15.4	-10.9	-9.6	19.6	7.6	4.6
Dividend yield (%)	1.6	1.1	2.3	0.8	0	0	0	0
FCF yield (%)	-1.9	-1.1	3.7	5.3	-7.6	26.2	11.3	18.6
P/BVPS	1.39	1.44	1.15	1.68	1.02	1	0.91	0.8
P/BVPS Adj	2.8	2.95	2.38	3.41	2.19	2.01	1.65	1.31
P/E Adj	11.5	21.2	35.7	-44.3	164.1	18.2	10.3	6.8
EV/EBITDA Adj	9	14.5	12.3	13	13.6	7.4	4.9	3.3
EV/EBITA Adj	11.2	20.8	18.4	20.4	25.8	15.1	7.6	4.6
EV/EBIT Adj	11.2	20.8	18.4	20.4	25.8	15.1	7.6	4.6
EV/cap. employed	1.3	1.4	1.1	1.6	1	1	0.9	0.8
Investment ratios	2014	2015	2016	2017	2018	2019	2020	2021
Capex / sales	1.3	1.6	2	1.7	4.7	2	1.9	1.8
Capex / depreciation	70.8	79.5	83.1	68.4	197.9	43.7	43.3	42.8
Capex tangibles / tangible fixed assets	8.2	11.9	11.3	11.6	37.2	6.2	6.5	6.2
Capex intangibles / definite intangibles	18.9	12.8	22.2	20.4	21.2	21.1	23.5	30.9
Depreciation on intangibles / definite intangibles	0	0	0	0	0	0	0	0
Depreciation on tangibles / tangibles	17	17.8	23.1	29.8	23.3	23.6	23.7	23.9
Shares outstanding adj.	73	78	78	78	79	94	94	94
Fully diluted shares Adj	73	78	78	78	79	94	94	94
EPS	0.14	0.08	0.09	-0.4	-0.23	0.04	0.11	0.16
Dividend per share Adj	0	0	0.1	0	0	0	0	0
EPS Adj	0.23	0.12	0.06	-0.05	0.01	0.06	0.11	0.16
BVPS	1.88	1.78	1.85	1.33	1.26	1.1	1.21	1.37
BVPS Adj	0.94	0.87	0.9	0.66	0.59	0.54	0.66	0.84

No valution for the company

Equity Research

Research update Cavotec Q1: Airports & Industry above expectation

Research update Cavotec Q4: 50 development projects completed until 2019

Cavotec - Impairments affected the profit

Previous equity research

There is no interview for the company

QUICK FACTS

CEO:: Mikael Norin
Chairman:: Patrik Tigerschiöld
Sector:: Industrials
Website:: investor.cavotec.com
List:: Mid Cap
Market Cap:: 1 083,8 MSEK
Ticker:: CCC
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