Cavotec
Coverage
- Addtech
- Alcadon
- Arise
- Avensia
- Bergs Timber
- BioGaia
- Biovica
- Boule Diagnostics
- Bredband2
- Brighter
- Briox
- Capacent
- Catella
- Catena
- Catena Media
- Cavotec
- Concordia Maritime
- CTT Systems
- Dedicare
- Diös
- DistIT
- Doro
- Elanders
- Electra Gruppen
- Elos Medtech
- Empir Group
- Enzymatica
- Eolus Vind
- Eurocon
- eWork
- FastPartner
- Ferronordic
- Formpipe
- Fortnox
- Future Gaming Group
- G5 Entertainment
- GARO
- Generic
- Hifab
- Hoylu
- Intervacc
- INVISIO Communications
- ITAB Shop Concept
- JLT Mobile Computers
- Lagercrantz
- Lammhults
- Leading Edge Materials
- Magnolia Bostad
- MedicaNatumin
- Midsona
- Moment Group
- Motion Display
- NAXS
- Nilörngruppen
- Nolato
- Nordic Leisure
- Nordic Waterproofing
- Opus Group
- Poolia
- Pricer
- Proact
- Probi
- QuickCool
- Railcare
- Rottneros
- Seafire
- SinterCast
- SJR
- Stendörren
- Studsvik
- Swedencare
- Swedol
- Tethys Oil
- THQ Nordic
- VBG Group
- Vitec
- Vitrolife
- Zutec
Menu
- Addtech
- Alcadon
- Arise
- Avensia
- Bergs Timber
- BioGaia
- Biovica
- Boule Diagnostics
- Bredband2
- Brighter
- Briox
- Capacent
- Catella
- Catena
- Catena Media
- Cavotec
- Concordia Maritime
- CTT Systems
- Dedicare
- Diös
- DistIT
- Doro
- Elanders
- Electra Gruppen
- Elos Medtech
- Empir Group
- Enzymatica
- Eolus Vind
- Eurocon
- eWork
- FastPartner
- Ferronordic
- Formpipe
- Fortnox
- Future Gaming Group
- G5 Entertainment
- GARO
- Generic
- Hifab
- Hoylu
- Intervacc
- INVISIO Communications
- ITAB Shop Concept
- JLT Mobile Computers
- Lagercrantz
- Lammhults
- Leading Edge Materials
- Magnolia Bostad
- MedicaNatumin
- Midsona
- Moment Group
- Motion Display
- NAXS
- Nilörngruppen
- Nolato
- Nordic Leisure
- Nordic Waterproofing
- Opus Group
- Poolia
- Pricer
- Proact
- Probi
- QuickCool
- Railcare
- Rottneros
- Seafire
- SinterCast
- SJR
- Stendörren
- Studsvik
- Swedencare
- Swedol
- Tethys Oil
- THQ Nordic
- VBG Group
- Vitec
- Vitrolife
- Zutec
A global industrial group
Cavotec
Cavotec is an international engineering group that supplies the ports and maritime, airports, mining and tunnelling, and automation and industrial sectors with power transmission, distribution and control technologies that form the link between fixed installations and mobile equipment. The company was founded by three Swedes in the mid-1970s, when the business consisted of importing motorised cable reels. Since that time, its focus has been considerably broadened to now include some 40 companies with operations around the globe. Cavotec was previously listed on the New Zealand stock exchange from January 2007, when Cavotec Group Holdings NV and Mooring Systems Limited were merged through a reverse takeover. The company has been listed on the Stockholm stock exchange since October 2011.
Key Figures
CAVOTEC
| EURm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 208 | 228 | 228 | 235 | 235 | 232 | 232 | 212 | 212 | 212 | 212 | 208 | 208 | 217 | 217 | 230 | 230 | ||
| Sales growth (%) | -2.1 | 3.5 | 3.5 | 3.4 | 3.4 | -1.4 | -1.4 | -8.9 | -8.9 | 0.4 | 0.4 | -2.1 | -2.1 | 4.3 | 4.3 | 6 | 6 | ||
| EBITDA | 2 | 15 | 15 | 17 | 17 | 12 | 12 | 17 | 17 | -13 | -13 | 2 | 2 | 22 | 22 | 29 | 29 | ||
| EBITDA margin (%) | 0.8 | 6.6 | 6.6 | 7.2 | 7.2 | 5.3 | 5.3 | 8.2 | 8.2 | -5.9 | -5.9 | 0.8 | 0.8 | 10.2 | 10.2 | 12.7 | 12.7 | ||
| EBIT adj | 13 | 11 | 11 | 19 | 19 | 11 | 11 | 10 | 10 | 10 | 10 | 13 | 13 | 18 | 18 | 25 | 25 | ||
| EBIT adj margin (%) | 6.3 | 4.6 | 4.6 | 8.1 | 8.1 | 4.7 | 4.7 | 4.9 | 4.9 | 4.5 | 4.5 | 6.3 | 6.3 | 8.2 | 8.2 | 10.8 | 10.8 | ||
| Pretax profit | -4 | 9 | 9 | 16 | 16 | 13 | 13 | 11 | 11 | -23 | -23 | -4 | -4 | 14 | 14 | 22 | 22 | ||
| EPS rep | -0.07 | 0.14 | 0.14 | 0.13 | 0.13 | 0.07 | 0.07 | 0.08 | 0.08 | -0.38 | -0.38 | -0.07 | -0.07 | 0.13 | 0.13 | 0.2 | 0.2 | ||
| EPS growth (%) | 82.3 | -14.8 | -14.8 | -5 | -5 | -43.6 | -43.6 | 8.1 | 8.1 | -571.9 | -571.9 | 82.3 | 82.3 | 292.8 | 292.8 | 53.1 | 53.1 | ||
| EPS adj | 0.12 | 0.14 | 0.14 | 0.22 | 0.22 | 0.12 | 0.12 | 0.06 | 0.06 | -0.05 | -0.05 | 0.12 | 0.12 | 0.13 | 0.13 | 0.2 | 0.2 | ||
| DPS | 0.02 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.05 | 0.05 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.05 | 0.05 | ||
| EV/EBITDA (x) | 78.6 | 19.2 | 19.2 | 13.1 | 13.1 | 19.2 | 19.2 | 11.4 | 11.4 | -16.3 | -16.3 | 78.6 | 78.6 | 5.7 | 5.7 | 3.9 | 3.9 | ||
| EV/EBIT adj (x) | 10.3 | 27.4 | 27.4 | 11.7 | 11.7 | 21.8 | 21.8 | 19.2 | 19.2 | 21.4 | 21.4 | 10.3 | 10.3 | 7.2 | 7.2 | 4.6 | 4.6 | ||
| P/E (x) | -20.2 | 24 | 24 | 19.7 | 19.7 | 34.4 | 34.4 | 26.3 | 26.3 | -5.9 | -5.9 | -20.2 | -20.2 | 10.5 | 10.5 | 6.9 | 6.9 | ||
| P/E adj (x) | 11.4 | 24 | 24 | 12.1 | 12.1 | 22.3 | 22.3 | 37.6 | 37.6 | -46.8 | -46.8 | 11.4 | 11.4 | 10.5 | 10.5 | 6.9 | 6.9 | ||
| EV/sales (x) | 0.6 | 1.3 | 1.3 | 0.9 | 0.9 | 1 | 1 | 0.9 | 0.9 | 1 | 1 | 0.6 | 0.6 | 0.6 | 0.6 | 0.5 | 0.5 | ||
| FCF yield (%) | -7.5 | -2.2 | -2.2 | -1.8 | -1.8 | -1.1 | -1.1 | 3.5 | 3.5 | 5.1 | 5.1 | -7.5 | -7.5 | 10.2 | 10.2 | 14.6 | 14.6 | ||
| Dividend yield (%) | 1.4 | 1.2 | 1.2 | 1.5 | 1.5 | 1 | 1 | 2.2 | 2.2 | 0.7 | 0.7 | 1.4 | 1.4 | 2.1 | 2.1 | 3.5 | 3.5 | ||
| Net IB debt/EBITDA | 12.8 | 2.4 | 2.4 | 1.2 | 1.2 | 2.1 | 2.1 | 1.3 | 1.3 | -1.6 | -1.6 | 12.8 | 12.8 | 0.6 | 0.6 | 0.1 | 0.1 |
| EURm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 208 | 228 | 228 | 235 | 235 | 232 | 232 | 212 | 212 | 212 | 212 | 208 | 208 | 217 | 217 | 230 | 230 | ||
| COGS | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Gross profit | 208 | 228 | 228 | 235 | 235 | 232 | 232 | 212 | 212 | 212 | 212 | 208 | 208 | 217 | 217 | 230 | 230 | ||
| Other operating items | -206 | -213 | -213 | -218 | -218 | -220 | -220 | -194 | -194 | -225 | -225 | -206 | -206 | -195 | -195 | -201 | -201 | ||
| EBITDA | 2 | 15 | 15 | 17 | 17 | 12 | 12 | 17 | 17 | -13 | -13 | 2 | 2 | 22 | 22 | 29 | 29 | ||
| Depreciation on tangibles | -4 | -5 | -5 | -4 | -4 | -5 | -5 | -5 | -5 | -5 | -5 | -4 | -4 | -4 | -4 | -4 | -4 | ||
| Depreciation on intangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBITA | -2 | 11 | 11 | 13 | 13 | 8 | 8 | 12 | 12 | -18 | -18 | -2 | -2 | 18 | 18 | 25 | 25 | ||
| Goodwill impairment charges | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other impairment and amortisation | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EBIT | -2 | 11 | 11 | 13 | 13 | 8 | 8 | 12 | 12 | -18 | -18 | -2 | -2 | 18 | 18 | 25 | 25 | ||
| Other financial items | 0 | N/A | N/A | 6 | 6 | 7 | 7 | 0 | 0 | -3 | -3 | 0 | 0 | -1 | -1 | -1 | -1 | ||
| Net financial items | -2 | -2 | -2 | 4 | 4 | 5 | 5 | -1 | -1 | -5 | -5 | -2 | -2 | -3 | -3 | -3 | -3 | ||
| Associated income | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other EO items | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Pretax profit | -4 | 9 | 9 | 16 | 16 | 13 | 13 | 11 | 11 | -23 | -23 | -4 | -4 | 14 | 14 | 22 | 22 | ||
| Tax | -1 | 2 | 2 | -6 | -6 | -7 | -7 | -5 | -5 | -9 | -9 | -1 | -1 | -4 | -4 | -5 | -5 | ||
| Net profit | -6 | 10 | 10 | 10 | 10 | 6 | 6 | 7 | 7 | -32 | -32 | -6 | -6 | 11 | 11 | 16 | 16 | ||
| Minority interest | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit discontinued | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Net profit to shareholders | -6 | 10 | 10 | 10 | 10 | 6 | 6 | 7 | 7 | -32 | -32 | -6 | -6 | 11 | 11 | 16 | 16 | ||
| EPS | -0.07 | 0.14 | 0.14 | 0.13 | 0.13 | 0.07 | 0.07 | 0.08 | 0.08 | -0.38 | -0.38 | -0.07 | -0.07 | 0.13 | 0.13 | 0.2 | 0.2 | ||
| EPS Adj | 0.12 | 0.14 | 0.14 | 0.22 | 0.22 | 0.12 | 0.12 | 0.06 | 0.06 | -0.05 | -0.05 | 0.12 | 0.12 | 0.13 | 0.13 | 0.2 | 0.2 | ||
| Total extraordinary items after tax | -15.5 | N/A | N/A | -6.5 | -6.5 | -3.3 | -3.3 | 2 | 2 | -27.6 | -27.6 | -15.5 | -15.5 | 0 | 0 | 0 | 0 | ||
| Tax rate (%) | 35.1 | 16.9 | 16.9 | -36.9 | -36.9 | -51.9 | -51.9 | -41.7 | -41.7 | 38 | 38 | 35.1 | 35.1 | -25 | -25 | -25 | -25 | ||
| Gross margin (%) | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | ||
| EBITDA margin (%) | 0.8 | 6.6 | 6.6 | 7.2 | 7.2 | 5.3 | 5.3 | 8.2 | 8.2 | -5.9 | -5.9 | 0.8 | 0.8 | 10.2 | 10.2 | 12.7 | 12.7 | ||
| EBITA margin (%) | -1.2 | 4.6 | 4.6 | 5.3 | 5.3 | 3.3 | 3.3 | 5.8 | 5.8 | -8.5 | -8.5 | -1.2 | -1.2 | 8.2 | 8.2 | 10.8 | 10.8 | ||
| EBIT margin (%) | -1.2 | 4.6 | 4.6 | 5.3 | 5.3 | 3.3 | 3.3 | 5.8 | 5.8 | -8.5 | -8.5 | -1.2 | -1.2 | 8.2 | 8.2 | 10.8 | 10.8 | ||
| Pretax margin (%) | -2 | 3.9 | 3.9 | 6.9 | 6.9 | 5.5 | 5.5 | 5.4 | 5.4 | -10.8 | -10.8 | -2 | -2 | 6.6 | 6.6 | 9.6 | 9.6 | ||
| Net margin (%) | -2.7 | 4.6 | 4.6 | 4.3 | 4.3 | 2.7 | 2.7 | 3.2 | 3.2 | -14.8 | -14.8 | -2.7 | -2.7 | 5 | 5 | 7.2 | 7.2 | ||
| Growth rates Y/Y | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Sales growth (%) | -2.1 | 3.5 | 3.5 | 3.4 | 3.4 | -1.4 | -1.4 | -8.9 | -8.9 | 0.4 | 0.4 | -2.1 | -2.1 | 4.3 | 4.3 | 6 | 6 | ||
| EBITDA growth (%) | 113.6 | -30.9 | -30.9 | 13.3 | 13.3 | -27.4 | -27.4 | 40.5 | 40.5 | -172.5 | -172.5 | 113.6 | 113.6 | 1191.2 | 1191.2 | 31.7 | 31.7 | ||
| EBIT growth (%) | 86.4 | -41.6 | -41.6 | 19.6 | 19.6 | -39.5 | -39.5 | 61.7 | 61.7 | -246.5 | -246.5 | 86.4 | 86.4 | 825.9 | 825.9 | 39.6 | 39.6 | ||
| Net profit growth (%) | 82.3 | -14.3 | -14.3 | -2.1 | -2.1 | -39.6 | -39.6 | 8.1 | 8.1 | -571.8 | -571.8 | 82.3 | 82.3 | 292.8 | 292.8 | 53.1 | 53.1 | ||
| EPS growth (%) | 82.3 | -14.8 | -14.8 | -5 | -5 | -43.6 | -43.6 | 8.1 | 8.1 | -571.9 | -571.9 | 82.3 | 82.3 | 292.8 | 292.8 | 53.1 | 53.1 | ||
| Profitability | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| ROE (%) | -5.5 | 9.7 | 9.7 | 8.3 | 8.3 | 4.5 | 4.5 | 4.7 | 4.7 | -25.2 | -25.2 | -5.5 | -5.5 | 10.5 | 10.5 | 14.5 | 14.5 | ||
| ROE Adj (%) | 9.8 | 9.7 | 9.7 | 13.5 | 13.5 | 6.9 | 6.9 | 3.3 | 3.3 | -3.2 | -3.2 | 9.8 | 9.8 | 10.5 | 10.5 | 14.5 | 14.5 | ||
| ROCE (%) | -1.8 | 7.4 | 7.4 | 12.3 | 12.3 | 8.7 | 8.7 | 7.6 | 7.6 | -14.7 | -14.7 | -1.8 | -1.8 | 13.6 | 13.6 | 19.7 | 19.7 | ||
| ROCE Adj(%) | 11 | 7.4 | 7.4 | 16.5 | 16.5 | 10.8 | 10.8 | 6.4 | 6.4 | 4.2 | 4.2 | 11 | 11 | 13.6 | 13.6 | 19.7 | 19.7 | ||
| ROIC (%) | -2.8 | 8.7 | 8.7 | 5.2 | 5.2 | 2.3 | 2.3 | 4.5 | 4.5 | -18.2 | -18.2 | -2.8 | -2.8 | 11.1 | 11.1 | 15.6 | 15.6 | ||
| ROIC Adj (%) | 14.9 | 8.7 | 8.7 | 7.9 | 7.9 | 3.3 | 3.3 | 3.8 | 3.8 | 9.7 | 9.7 | 14.9 | 14.9 | 11.1 | 11.1 | 15.6 | 15.6 | ||
| Adj earnings numbers | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| EBITDA Adj | 17 | 15 | 15 | 23 | 23 | 16 | 16 | 15 | 15 | 15 | 15 | 17 | 17 | 22 | 22 | 29 | 29 | ||
| EBITDA Adj margin (%) | 8.3 | 6.6 | 6.6 | 10 | 10 | 6.8 | 6.8 | 7.3 | 7.3 | 7.1 | 7.1 | 8.3 | 8.3 | 10.2 | 10.2 | 12.7 | 12.7 | ||
| EBITA Adj | 13 | 11 | 11 | 19 | 19 | 11 | 11 | 10 | 10 | 10 | 10 | 13 | 13 | 18 | 18 | 25 | 25 | ||
| EBITA Adj margin (%) | 6.3 | 4.6 | 4.6 | 8.1 | 8.1 | 4.7 | 4.7 | 4.9 | 4.9 | 4.5 | 4.5 | 6.3 | 6.3 | 8.2 | 8.2 | 10.8 | 10.8 | ||
| EBIT Adj | 13 | 11 | 11 | 19 | 19 | 11 | 11 | 10 | 10 | 10 | 10 | 13 | 13 | 18 | 18 | 25 | 25 | ||
| EBIT Adj margin (%) | 6.3 | 4.6 | 4.6 | 8.1 | 8.1 | 4.7 | 4.7 | 4.9 | 4.9 | 4.5 | 4.5 | 6.3 | 6.3 | 8.2 | 8.2 | 10.8 | 10.8 | ||
| Pretax profit Adj | 11 | 9 | 9 | 23 | 23 | 16 | 16 | 9 | 9 | 5 | 5 | 11 | 11 | 14 | 14 | 22 | 22 | ||
| Net profit Adj | 10 | 10 | 10 | 17 | 17 | 10 | 10 | 5 | 5 | -4 | -4 | 10 | 10 | 11 | 11 | 16 | 16 | ||
| Net profit to shareholders Adj | 10 | 10 | 10 | 17 | 17 | 10 | 10 | 5 | 5 | -4 | -4 | 10 | 10 | 11 | 11 | 16 | 16 | ||
| Net Adj margin (%) | 4.8 | 4.6 | 4.6 | 7.1 | 7.1 | 4.1 | 4.1 | 2.2 | 2.2 | -1.9 | -1.9 | 4.8 | 4.8 | 5 | 5 | 7.2 | 7.2 |
| EURm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 2 | 15 | 15 | 17 | 17 | 12 | 12 | 17 | 17 | -13 | -13 | 2 | 2 | 22 | 22 | 29 | 29 | ||
| Net financial items | -2 | -2 | -2 | 4 | 4 | 5 | 5 | -1 | -1 | -5 | -5 | -2 | -2 | -3 | -3 | -3 | -3 | ||
| Paid tax | -1 | 2 | 2 | -6 | -6 | -7 | -7 | -5 | -5 | -9 | -9 | -1 | -1 | -4 | -4 | -5 | -5 | ||
| Non-cash items | 0 | -7 | -7 | -5 | -5 | -11 | -11 | -7 | -7 | 27 | 27 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Cash flow before change in WC | -1 | 8 | 8 | 10 | 10 | 0 | 0 | 5 | 5 | 1 | 1 | -1 | -1 | 15 | 15 | 21 | 21 | ||
| Change in WC | 5 | -9 | -9 | -11 | -11 | 0 | 0 | 5 | 5 | 12 | 12 | 5 | 5 | 0 | 0 | -1 | -1 | ||
| Operating cash flow | 3 | -1 | -1 | -1 | -1 | 0 | 0 | 10 | 10 | 13 | 13 | 3 | 3 | 15 | 15 | 20 | 20 | ||
| CAPEX tangible fixed assets | -10 | -4 | -4 | -2 | -2 | -3 | -3 | -2 | -2 | -2 | -2 | -10 | -10 | -2 | -2 | -3 | -3 | ||
| CAPEX intangible fixed assets | -1 | -1 | -1 | -1 | -1 | -1 | -1 | -2 | -2 | -2 | -2 | -1 | -1 | -1 | -1 | -1 | -1 | ||
| Acquisitions and disposals | 0 | N/A | N/A | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Free cash flow | -8 | -6 | -6 | -4 | -4 | -2 | -2 | 6 | 6 | 9 | 9 | -8 | -8 | 12 | 12 | 17 | 17 | ||
| Dividend paid | -1 | -3 | -3 | -3 | -3 | -4 | -4 | -2 | -2 | -4 | -4 | -1 | -1 | -2 | -2 | -2 | -2 | ||
| Share issues and buybacks | 0 | N/A | N/A | 20 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Other non cash items | 8 | -3 | -3 | 2 | 2 | 1 | 1 | -1 | -1 | -4 | -4 | 8 | 8 | -2 | -2 | -2 | -2 | ||
| Decrease in net IB debt | -2 | -12 | -12 | 16 | 16 | -5 | -5 | 4 | 4 | 2 | 2 | -2 | -2 | 8 | 8 | 12 | 12 | ||
| Balance Sheet (EURm) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Goodwill | 45 | 60 | 60 | 64 | 64 | 67 | 67 | 67 | 67 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | 45 | ||
| Indefinite intangible assets | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Definite intangible assets | 8 | 6 | 6 | 5 | 5 | 5 | 5 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | ||
| Tangible fixed assets | 26 | 27 | 27 | 26 | 26 | 27 | 27 | 22 | 22 | 18 | 18 | 26 | 26 | 25 | 25 | 24 | 24 | ||
| Other fixed assets | 17 | 16 | 16 | 18 | 18 | 25 | 25 | 28 | 28 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 | ||
| Fixed assets | 96 | 109 | 109 | 113 | 113 | 123 | 123 | 126 | 126 | 88 | 88 | 96 | 96 | 95 | 95 | 94 | 94 | ||
| Inventories | 35 | 40 | 40 | 41 | 41 | 45 | 45 | 40 | 40 | 37 | 37 | 35 | 35 | 36 | 36 | 37 | 37 | ||
| Receivables | 54 | 55 | 55 | 69 | 69 | 71 | 71 | 59 | 59 | 53 | 53 | 54 | 54 | 55 | 55 | 56 | 56 | ||
| Other current assets | 4 | 2 | 2 | 2 | 2 | 0 | 0 | 4 | 4 | 5 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | ||
| Cash and liquid assets | 29 | 14 | 14 | 17 | 17 | 21 | 21 | 15 | 15 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | 29 | ||
| Total assets | 219 | 220 | 220 | 242 | 242 | 260 | 260 | 244 | 244 | 211 | 211 | 219 | 219 | 219 | 219 | 220 | 220 | ||
| Shareholders equity | 98 | 109 | 109 | 138 | 138 | 140 | 140 | 145 | 145 | 104 | 104 | 98 | 98 | 107 | 107 | 121 | 121 | ||
| Minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Total equity | 98 | 109 | 109 | 138 | 138 | 140 | 140 | 145 | 145 | 104 | 104 | 98 | 98 | 107 | 107 | 121 | 121 | ||
| Long-term debt | 48 | 45 | 45 | 35 | 35 | 43 | 43 | 33 | 33 | 46 | 46 | 48 | 48 | 40 | 40 | 28 | 28 | ||
| Pension debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Convertible debt | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Deferred tax | 3 | 4 | 4 | 6 | 6 | 6 | 6 | 7 | 7 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||
| Other long-term liabilities | 7 | 10 | 10 | 5 | 5 | 5 | 5 | 4 | 4 | 5 | 5 | 7 | 7 | 7 | 7 | 7 | 7 | ||
| Short-term debt | 3 | 5 | 5 | 2 | 2 | 3 | 3 | 4 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | ||
| Accounts payable | 36 | 32 | 32 | 33 | 33 | 38 | 38 | 30 | 30 | 34 | 34 | 36 | 36 | 37 | 37 | 39 | 39 | ||
| Other current liabilities | 24 | 15 | 15 | 23 | 23 | 25 | 25 | 21 | 21 | 16 | 16 | 24 | 24 | 22 | 22 | 20 | 20 | ||
| Total liabilities and equity | 244 | 190 | 190 | 211 | 211 | 220 | 220 | 242 | 242 | 260 | 260 | 244 | 244 | 211 | 211 | 219 | 219 | ||
| Net IB debt | 22 | 36 | 36 | 20 | 20 | 25 | 25 | 22 | 22 | 20 | 20 | 22 | 22 | 14 | 14 | 2 | 2 | ||
| Net IB debt excl. pension debt | 22 | 36 | 36 | 20 | 20 | 25 | 25 | 22 | 22 | 20 | 20 | 22 | 22 | 14 | 14 | 2 | 2 | ||
| Capital invested | 120 | 145 | 145 | 158 | 158 | 161 | 161 | 155 | 155 | 117 | 117 | 120 | 120 | 119 | 119 | 119 | 119 | ||
| Working capital | 41 | 51 | 51 | 62 | 62 | 63 | 63 | 58 | 58 | 46 | 46 | 41 | 41 | 42 | 42 | 42 | 42 | ||
| EV breakdown | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Market cap. diluted (m) | 113 | 252 | 252 | 203 | 203 | 212 | 212 | 176 | 176 | 185 | 185 | 113 | 113 | 113 | 113 | 113 | 113 | ||
| Net IB debt Adj | 22 | 36 | 36 | 20 | 20 | 25 | 25 | 22 | 22 | 20 | 20 | 22 | 22 | 14 | 14 | 2 | 2 | ||
| Market value of minority | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of shares and participations | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Reversal of conv. debt assumed equity | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EV | 135 | 288 | 288 | 223 | 223 | 238 | 238 | 198 | 198 | 205 | 205 | 135 | 135 | 127 | 127 | 115 | 115 | ||
| Capital efficiency (%) | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Total assets turnover (%) | 96.8 | 105.8 | 105.8 | 102.1 | 102.1 | 92.6 | 92.6 | 84 | 84 | 93.5 | 93.5 | 96.8 | 96.8 | 99.2 | 99.2 | 104.7 | 104.7 | ||
| Capital invested turnover (%) | 175.2 | 160.4 | 160.4 | 155.8 | 155.8 | 145.7 | 145.7 | 133.9 | 133.9 | 156 | 156 | 175.2 | 175.2 | 181.1 | 181.1 | 192.7 | 192.7 | ||
| Capital employed turnover (%) | 170.5 | 164.8 | 164.8 | 155.5 | 155.5 | 143.7 | 143.7 | 127.2 | 127.2 | 145.7 | 145.7 | 170.5 | 170.5 | 180.2 | 180.2 | 188.2 | 188.2 | ||
| Inventories / sales (%) | 17.4 | 17.5 | 17.5 | 17.2 | 17.2 | 18.5 | 18.5 | 20.2 | 20.2 | 18.1 | 18.1 | 17.4 | 17.4 | 16.5 | 16.5 | 16 | 16 | ||
| Customer advances / sales (%) | 5.2 | 5.8 | 5.8 | 5.6 | 5.6 | 6.4 | 6.4 | 6.2 | 6.2 | 4.9 | 4.9 | 5.2 | 5.2 | 5.5 | 5.5 | 5.2 | 5.2 | ||
| Payables / sales (%) | 16.8 | 15 | 15 | 13.7 | 13.7 | 15.3 | 15.3 | 16.1 | 16.1 | 15 | 15 | 16.8 | 16.8 | 17 | 17 | 16.6 | 16.6 | ||
| Working capital / sales (%) | 21.1 | 20.7 | 20.7 | 24.1 | 24.1 | 26.9 | 26.9 | 28.5 | 28.5 | 24.5 | 24.5 | 21.1 | 21.1 | 19.2 | 19.2 | 18.3 | 18.3 | ||
| Financial risk and debt service | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Net debt / equity (%) | 22.5 | 33.2 | 33.2 | 14.5 | 14.5 | 18.2 | 18.2 | 15 | 15 | 18.9 | 18.9 | 22.5 | 22.5 | 13.4 | 13.4 | 1.8 | 1.8 | ||
| Net debt / market cap (%) | 19.4 | 15.3 | 15.3 | 8.5 | 8.5 | 11.1 | 11.1 | 11 | 11 | 9.1 | 9.1 | 19.4 | 19.4 | 12.7 | 12.7 | 1.9 | 1.9 | ||
| Equity ratio (%) | 44.6 | 49.5 | 49.5 | 57 | 57 | 53.8 | 53.8 | 59.7 | 59.7 | 49.6 | 49.6 | 44.6 | 44.6 | 48.8 | 48.8 | 54.9 | 54.9 | ||
| Net IB debt adj. / equity (%) | 22.5 | 33.2 | 33.2 | 14.5 | 14.5 | 18.2 | 18.2 | 15 | 15 | 18.9 | 18.9 | 22.5 | 22.5 | 13.4 | 13.4 | 1.8 | 1.8 | ||
| Current ratio (%) | 192.5 | 218.7 | 218.7 | 223.7 | 223.7 | 208.5 | 208.5 | 215.5 | 215.5 | 233.5 | 233.5 | 192.5 | 192.5 | 198.8 | 198.8 | 203.6 | 203.6 | ||
| EBITDA / net interest (%) | 86.6 | 1232.7 | 1232.7 | 721.9 | 721.9 | 965.2 | 965.2 | 1599.9 | 1599.9 | -872.5 | -872.5 | 86.6 | 86.6 | 1108.3 | 1108.3 | 1459.8 | 1459.8 | ||
| Net IB debt / EBITDA (%) | 1276.3 | 240.1 | 240.1 | 117.5 | 117.5 | 205.4 | 205.4 | 125.3 | 125.3 | -157.1 | -157.1 | 1276.3 | 1276.3 | 64.6 | 64.6 | 7.4 | 7.4 | ||
| Interest cover (%) | -123.4 | 861.9 | 861.9 | 532.4 | 532.4 | 593 | 593 | 1130.9 | 1130.9 | -1247.2 | -1247.2 | -123.4 | -123.4 | 888.3 | 888.3 | 1239.8 | 1239.8 |
| EURm | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018e | 2018 | 2019e | 2019 | 2020e | 2020 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net IB debt / share | 0.3 | 0.5 | 0.5 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | 0.3 | 0.3 | 0.2 | 0.2 | 0 | 0 | ||
| Share price | 1.37 | 3.14 | 3.14 | 3.06 | 3.06 | 2.77 | 2.77 | 2.38 | 2.38 | 2.62 | 2.62 | 1.37 | 1.37 | 1.37 | 1.37 | 1.37 | 1.37 | ||
| Market cap. (m) | 113 | 236 | 236 | 237 | 237 | 229 | 229 | 197 | 197 | 217 | 217 | 113 | 113 | 113 | 113 | 113 | 113 | ||
| Valuation | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| P/E | -20.2 | 24 | 24 | 19.7 | 19.7 | 34.4 | 34.4 | 26.3 | 26.3 | -5.9 | -5.9 | -20.2 | -20.2 | 10.5 | 10.5 | 6.9 | 6.9 | ||
| EV/sales | 0.65 | 1.27 | 1.27 | 0.95 | 0.95 | 1.02 | 1.02 | 0.94 | 0.94 | 0.96 | 0.96 | 0.65 | 0.65 | 0.59 | 0.59 | 0.5 | 0.5 | ||
| EV/EBITDA | 78.6 | 19.2 | 19.2 | 13.1 | 13.1 | 19.2 | 19.2 | 11.4 | 11.4 | -16.3 | -16.3 | 78.6 | 78.6 | 5.7 | 5.7 | 3.9 | 3.9 | ||
| EV/EBITA | -55.2 | 27.4 | 27.4 | 17.7 | 17.7 | 31.3 | 31.3 | 16.1 | 16.1 | -11.4 | -11.4 | -55.2 | -55.2 | 7.2 | 7.2 | 4.6 | 4.6 | ||
| EV/EBIT | -55.2 | 27.4 | 27.4 | 17.7 | 17.7 | 31.3 | 31.3 | 16.1 | 16.1 | -11.4 | -11.4 | -55.2 | -55.2 | 7.2 | 7.2 | 4.6 | 4.6 | ||
| Dividend yield (%) | 1.4 | 1.2 | 1.2 | 1.5 | 1.5 | 1 | 1 | 2.2 | 2.2 | 0.7 | 0.7 | 1.4 | 1.4 | 2.1 | 2.1 | 3.5 | 3.5 | ||
| FCF yield (%) | -7.5 | -2.2 | -2.2 | -1.8 | -1.8 | -1.1 | -1.1 | 3.5 | 3.5 | 5.1 | 5.1 | -7.5 | -7.5 | 10.2 | 10.2 | 14.6 | 14.6 | ||
| P/BVPS | 1.16 | 2.32 | 2.32 | 1.47 | 1.47 | 1.52 | 1.52 | 1.21 | 1.21 | 1.77 | 1.77 | 1.16 | 1.16 | 1.06 | 1.06 | 0.94 | 0.94 | ||
| P/BVPS Adj | 2.54 | 5.93 | 5.93 | 2.95 | 2.95 | 3.11 | 3.11 | 2.5 | 2.5 | 3.59 | 3.59 | 2.54 | 2.54 | 2.09 | 2.09 | 1.66 | 1.66 | ||
| P/E Adj | 11.4 | 24 | 24 | 12.1 | 12.1 | 22.3 | 22.3 | 37.6 | 37.6 | -46.8 | -46.8 | 11.4 | 11.4 | 10.5 | 10.5 | 6.9 | 6.9 | ||
| EV/EBITDA Adj | 7.8 | 19.2 | 19.2 | 9.5 | 9.5 | 15.1 | 15.1 | 12.9 | 12.9 | 13.7 | 13.7 | 7.8 | 7.8 | 5.7 | 5.7 | 3.9 | 3.9 | ||
| EV/EBITA Adj | 10.3 | 27.4 | 27.4 | 11.7 | 11.7 | 21.8 | 21.8 | 19.2 | 19.2 | 21.4 | 21.4 | 10.3 | 10.3 | 7.2 | 7.2 | 4.6 | 4.6 | ||
| EV/EBIT Adj | 10.3 | 27.4 | 27.4 | 11.7 | 11.7 | 21.8 | 21.8 | 19.2 | 19.2 | 21.4 | 21.4 | 10.3 | 10.3 | 7.2 | 7.2 | 4.6 | 4.6 | ||
| EV/cap. employed | 1.1 | 2 | 2 | 1.4 | 1.4 | 1.4 | 1.4 | 1.2 | 1.2 | 1.6 | 1.6 | 1.1 | 1.1 | 1.1 | 1.1 | 0.9 | 0.9 | ||
| Investment ratios | 2013 | 2013 | 2014 | 2014 | 2015 | 2015 | 2016 | 2016 | 2017 | 2017 | 2018 | 2018 | 2019 | 2019 | 2020 | 2020 | |||
| Capex / sales | 5.6 | 2.2 | 2.2 | 1.3 | 1.3 | 1.6 | 1.6 | 2 | 2 | 1.7 | 1.7 | 5.6 | 5.6 | 1.6 | 1.6 | 1.6 | 1.6 | ||
| Capex / depreciation | 279.5 | 109.1 | 109.1 | 70.8 | 70.8 | 79.5 | 79.5 | 83.1 | 83.1 | 68.4 | 68.4 | 279.5 | 279.5 | 78.8 | 78.8 | 83.5 | 83.5 | ||
| Capex tangibles / tangible fixed assets | 40.5 | 15.5 | 15.5 | 8.2 | 8.2 | 11.9 | 11.9 | 11.3 | 11.3 | 11.6 | 11.6 | 40.5 | 40.5 | 9.6 | 9.6 | 10.4 | 10.4 | ||
| Capex intangibles / definite intangibles | 16 | 13.3 | 13.3 | 18.9 | 18.9 | 12.8 | 12.8 | 22.2 | 22.2 | 20.4 | 20.4 | 16 | 16 | 14.4 | 14.4 | 15.6 | 15.6 | ||
| Depreciation on intangibles / definite intangibles | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| Depreciation on tangibles / tangibles | 16.2 | 16.8 | 16.8 | 17 | 17 | 17.8 | 17.8 | 23.1 | 23.1 | 29.8 | 29.8 | 16.2 | 16.2 | 17.6 | 17.6 | 18 | 18 | ||
| Shares outstanding adj. | 83 | 75 | 75 | 77 | 77 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | ||
| Fully diluted shares Adj | 83 | 75 | 75 | 77 | 77 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | 83 | ||
| EPS | -0.07 | 0.14 | 0.14 | 0.13 | 0.13 | 0.07 | 0.07 | 0.08 | 0.08 | -0.38 | -0.38 | -0.07 | -0.07 | 0.13 | 0.13 | 0.2 | 0.2 | ||
| Dividend per share Adj | 0 | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
| EPS Adj | 0.12 | 0.14 | 0.14 | 0.22 | 0.22 | 0.12 | 0.12 | 0.06 | 0.06 | -0.05 | -0.05 | 0.12 | 0.12 | 0.13 | 0.13 | 0.2 | 0.2 | ||
| BVPS | 1.18 | 1.45 | 1.45 | 1.78 | 1.78 | 1.69 | 1.69 | 1.76 | 1.76 | 1.26 | 1.26 | 1.18 | 1.18 | 1.29 | 1.29 | 1.46 | 1.46 | ||
| BVPS Adj | 0.54 | 0.57 | 0.57 | 0.89 | 0.89 | 0.83 | 0.83 | 0.85 | 0.85 | 0.62 | 0.62 | 0.54 | 0.54 | 0.65 | 0.65 | 0.83 | 0.83 |
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CAVOTEC
Cavotec SA - Notice of Ordinary General Meeting
23 February 2018
Cavotec SA - Nomination Committee announcement
23 February 2018
Cavotec's Annual Report 2017 has been published
23 February 2018
QUICK FACTS
- Mikael Norin
- Patrik Tigerschiöld
- Industrials
- investor.cavotec.com
- Mid Cap
- 1 161,9 MSEK
- CCC
- Interim report Q2 21 Feb 2019
QUICK FACTS
- CEO
- Mikael Norin
- Chairman
- Patrik Tigerschiöld
- List
- Mid Cap
- Sector
- Industrials
QUICK FACTS
- Market Cap
- 1 161,9 MSEK
- Ticker
- CCC
- Next Event
- 21 Feb 2019
- Website
- investor.cavotec.com
