Coverage

Cavotec

Cavotec

A global industrial group

EURm 2019 2020e 2021e
Sales 196 156 194
Sales growth (%) -0.5 -20.3 24.4
EBITDA 21 14 29
EBITDA margin (%) 11 9.1 15.1
EBIT adj 16 5 19
EBIT adj margin (%) 8 3.4 9.9
Pretax profit 11 2 17
EPS rep 0.08 0.01 0.13
EPS growth (%) 134.2 -85.1 1002.1
EPS adj 0.12 0.01 0.13
DPS 0 0 0
EV/EBITDA (x) 8.9 13.9 6.5
EV/EBIT adj (x) 12.2 37.6 9.9
P/E (x) 22.3 160.6 14.6
P/E adj (x) 15.4 160.6 14.6
EV/sales (x) 1 1.3 1
FCF yield (%) 7.5 5.2 7.2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1.1 1.3 0.4
N/A N/A N/A
EURm 2019 2020e 2021e
Sales 196 156 194
COGS 0 0 0
Gross profit 196 156 194
Other operating items -175 -142 -165
EBITDA 21 14 29
Depreciation on tangibles -5 -5 -6
Depreciation on intangibles 0 0 0
EBITA 12 5 19
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 12 5 19
Other financial items 0 -2 0
Net financial items -2 -4 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 11 2 17
Tax -3 0 -5
Net profit 8 1 12
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 1 12
EPS 0.08 0.01 0.13
EPS Adj 0.12 0.01 0.13
Total extraordinary items after tax -3.4 0 0
Tax rate (%) -29.8 -28.1 -29
Gross margin (%) 100 100 100
EBITDA margin (%) 11 9.1 15.1
EBITA margin (%) 6.3 3.4 9.9
EBIT margin (%) 6.3 3.4 9.9
Pretax margin (%) 5.5 1 8.9
Net margin (%) 3.8 0.7 6.3
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0.5 -20.3 24.4
EBITDA growth (%) 333 -33.5 104.9
EBIT growth (%) 188.7 -57.1 264.5
Net profit growth (%) 140.7 -85 993.4
EPS growth (%) 134.2 -85.1 1002.1
Profitability 2019 2020 2021
ROE (%) 7.2 1 10.7
ROE Adj (%) 10.5 1 10.7
ROCE (%) 8.4 2.1 12.6
ROCE Adj(%) 10.7 2.1 12.6
ROIC (%) 6 2.7 9.6
ROIC Adj (%) 7.7 2.7 9.6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 25 14 29
EBITDA Adj margin (%) 12.7 9.1 15.1
EBITA Adj 16 5 19
EBITA Adj margin (%) 8 3.4 9.9
EBIT Adj 16 5 19
EBIT Adj margin (%) 8 3.4 9.9
Pretax profit Adj 14 2 17
Net profit Adj 11 1 12
Net profit to shareholders Adj 11 1 12
Net Adj margin (%) 5.6 0.7 6.3
N/A N/A N/A
EURm 2019 2020e 2021e
EBITDA 21 14 29
Net financial items -2 -4 -2
Paid tax -3 0 -5
Non-cash items -25 -4 -3
Cash flow before change in WC -8 6 19
Change in WC 22 5 -4
Operating cash flow 14 11 15
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets 0 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 13 9 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 5 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 108 105 101
Inventories 39 31 39
Receivables 45 43 46
Other current assets 5 5 5
Cash and liquid assets 13 18 27
Total assets 211 203 218
Shareholders equity 108 109 122
Minority 0 0 0
Total equity 108 109 122
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 20 26
Other current liabilities 28 24 21
Total liabilities and equity 211 203 218
Net IB debt 24 19 10
Net IB debt excl. pension debt 24 19 10
Capital invested 144 140 144
Working capital 36 35 42
EV breakdown 2019 2020 2021
Market cap. diluted (m) 168 180 180
Net IB debt Adj 24 19 10
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 192 199 190
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 88.9 75.6 92.3
Capital invested turnover (%) 136.5 110 137
Capital employed turnover (%) 131.3 107 127.1
Inventories / sales (%) 20 22.4 18
Customer advances / sales (%) 11 12.6 10.1
Payables / sales (%) 13.4 14.7 12
Working capital / sales (%) 22.3 22.7 20
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 22.3 17.4 8.5
Net debt / market cap (%) 20 10.6 5.7
Equity ratio (%) 51.4 53.9 55.8
Net IB debt adj. / equity (%) 22.3 17.4 8.5
Current ratio (%) 142.5 155.5 177.1
EBITDA / net interest (%) 1134.5 937.1 1539.9
Net IB debt / EBITDA (%) 112.2 132.8 35.2
Interest cover (%) 650.7 346.7 1013.6
N/A N/A N/A
EURm 2019 2020e 2021e
Net IB debt / share 0.3 0.2 0.1
Share price 1.28 1.91 1.91
Market cap. (m) 120 180 180
Valuation 2019 2020 2021
P/E 22.3 160.6 14.6
EV/sales 0.98 1.27 0.98
EV/EBITDA 8.9 13.9 6.5
EV/EBITA 15.6 37.6 9.9
EV/EBIT 15.6 37.6 9.9
Dividend yield (%) 0 0 0
FCF yield (%) 7.5 5.2 7.2
P/BVPS 1.55 1.64 1.48
P/BVPS Adj 3.03 3.12 2.53
P/E Adj 15.4 160.6 14.6
EV/EBITDA Adj 7.7 13.9 6.5
EV/EBITA Adj 12.2 37.6 9.9
EV/EBIT Adj 12.2 37.6 9.9
EV/cap. employed 1.3 1.4 1.2
Investment ratios 2019 2020 2021
Capex / sales 0.8 1 1.1
Capex / depreciation 33.5 32.6 38.9
Capex tangibles / tangible fixed assets 7 5.8 9.7
Capex intangibles / definite intangibles 4.6 10 15.5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 26.6 29.5 39.1
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS 0.08 0.01 0.13
Dividend per share Adj 0 0 0
EPS Adj 0.12 0.01 0.13
BVPS 1.15 1.16 1.29
BVPS Adj 0.59 0.61 0.75
N/A N/A N/A

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