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

2017 2018e 2019e
Sales MEUR 212,4 215,2 226,7
Revenue growth -1,7% 1,2% 5,7%
Operating income MEUR -18,0 9,8 12,9
Operating margin -8,5% 4,6% 5,7%
Earnings per share EUR -0,1 0,1 0,1
Equity MEUR 104,5 110,4 115,1
Solidity 49,6% 50,0% 49,7%
Net debt MEUR 19,8 21,7 18,5
No. of shares (m) 78,4 78,4 78,4

Valuation

CAVOTEC

2016 2017 2018e 2019e
Adj. P/E (x) 27,2 0,0 21,0 23,3
P/BV (x) 1,2 1,9 1,7 1,6
EV/S (x) 0,9 1,0 1,0 0,9
EV/EBITDA (x) 11,4 34,1 15,1 11,3
EV/EBIT (x) 16,4 23,0 20,9 15,7
Yield (%) 2,2% 0,7% 1,1% 1,7%

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