Introduce.se - Cavotec

Cavotec

A global industrial group

Description
Opportunities
Risk

Financials

Financial snapshots
Income statement
CF and BS
Valuation and Ratios

EURm	2015	2016	2017	2018	2019	2020e	2021e	2022e
Sales	232	212	212	197	196	156	194	212
Sales growth (%)	-1.4	-8.9	0.4	-7.3	-0.5	-20.3	24.4	9.1
EBITDA	12	17	-13	-9	21	14	29	34
EBITDA margin (%)	5.3	8.2	-5.9	-4.7	11	9.1	15.1	15.8
EBIT adj	11	10	10	4	16	5	19	23
EBIT adj margin (%)	4.7	4.9	4.5	1.9	8	3.4	9.9	11
Pretax profit	13	11	-23	-15	11	2	17	21
EPS rep	0.08	0.09	-0.4	-0.23	0.08	0.01	0.13	0.16
EPS growth (%)	-43.6	8.1	-571.9	42	134.2	-85.1	1002.1	23.6
EPS adj	0.12	0.06	-0.05	-0.01	0.12	0.01	0.13	0.16
DPS	0.03	0.05	0.02	0	0	0	0	0
EV/EBITDA (x)	18.4	10.9	-15.5	-14.5	8.9	13.9	6.5	5.2
EV/EBIT adj (x)	20.8	18.4	20.4	36.2	12.2	37.6	9.9	7.5
P/E (x)	32.6	25	-5.6	-5.5	22.3	160.6	14.6	11.8
P/E adj (x)	21.2	35.7	-44.3	-117.5	15.4	160.6	14.6	11.8
EV/sales (x)	1	0.9	0.9	0.7	1	1.3	1	0.8
FCF yield (%)	-1.1	3.7	5.3	-7.6	7.5	5.2	7.2	11.2
Dividend yield (%)	1.1	2.3	0.8	0	0	0	0	0
Net IB debt/EBITDA	2.1	1.3	-1.6	-3.4	1.1	1.3	0.4	-0.2
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EURm	2015	2016	2017	2018	2019	2020e	2021e	2022e
Sales	232	212	212	197	196	156	194	212
COGS	0	0	0	0	0	0	0	0
Gross profit	232	212	212	197	196	156	194	212
Other operating items	-220	-194	-225	-206	-175	-142	-165	-178
EBITDA	12	17	-13	-9	21	14	29	34
Depreciation on tangibles	-5	-5	-5	-5	-5	-5	-6	-6
Depreciation on intangibles	0	0	0	0	0	0	0	0
EBITA	8	12	-18	-14	12	5	19	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	8	12	-18	-14	12	5	19	23
Other financial items	7	0	-3	0	0	-2	0	0
Net financial items	5	-1	-5	-1	-2	-4	-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	13	11	-23	-15	11	2	17	21
Tax	-7	-5	-9	-3	-3	0	-5	-6
Net profit	6	7	-32	-18	8	1	12	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	6	7	-32	-18	8	1	12	15
EPS	0.08	0.09	-0.4	-0.23	0.08	0.01	0.13	0.16
EPS Adj	0.12	0.06	-0.05	-0.01	0.12	0.01	0.13	0.16
Total extraordinary items after tax	-3.3	2	-27.6	-17.6	-3.4	0	0	0
Tax rate (%)	-51.9	-41.7	38	20.3	-29.8	-28.1	-29	-29
Gross margin (%)	100	100	100	100	100	100	100	100
EBITDA margin (%)	5.3	8.2	-5.9	-4.7	11	9.1	15.1	15.8
EBITA margin (%)	3.3	5.8	-8.5	-7	6.3	3.4	9.9	11
EBIT margin (%)	3.3	5.8	-8.5	-7	6.3	3.4	9.9	11
Pretax margin (%)	5.5	5.4	-10.8	-7.8	5.5	1	8.9	10.1
Net margin (%)	2.7	3.2	-14.8	-9.4	3.8	0.7	6.3	7.2
Growth rates Y/Y	2015	2016	2017	2018	2019	2020	2021	2022
Sales growth (%)	-1.4	-8.9	0.4	-7.3	-0.5	-20.3	24.4	9.1
EBITDA growth (%)	-27.4	40.5	-172.5	26.8	333	-33.5	104.9	14.7
EBIT growth (%)	-39.5	61.7	-246.5	22.8	188.7	-57.1	264.5	21.3
Net profit growth (%)	-39.6	8.1	-571.8	41.5	140.7	-85	993.4	23.6
EPS growth (%)	-43.6	8.1	-571.9	42	134.2	-85.1	1002.1	23.6
Profitability	2015	2016	2017	2018	2019	2020	2021	2022
ROE (%)	4.5	4.7	-25.2	-18	7.2	1	10.7	11.8
ROE Adj (%)	6.9	3.3	-3.2	-0.8	10.5	1	10.7	11.8
ROCE (%)	7.8	6.8	-12.8	-8.8	8.4	2.1	12.6	14
ROCE Adj(%)	9.7	5.7	3.7	2.7	10.7	2.1	12.6	14
ROIC (%)	2.1	4	-16	-12.1	6	2.7	9.6	11.6
ROIC Adj (%)	3	3.4	8.5	3.2	7.7	2.7	9.6	11.6
Adj earnings numbers	2015	2016	2017	2018	2019	2020	2021	2022
EBITDA Adj	16	15	15	8	25	14	29	34
EBITDA Adj margin (%)	6.8	7.3	7.1	4.2	12.7	9.1	15.1	15.8
EBITA Adj	11	10	10	4	16	5	19	23
EBITA Adj margin (%)	4.7	4.9	4.5	1.9	8	3.4	9.9	11
EBIT Adj	11	10	10	4	16	5	19	23
EBIT Adj margin (%)	4.7	4.9	4.5	1.9	8	3.4	9.9	11
Pretax profit Adj	16	9	5	2	14	2	17	21
Net profit Adj	10	5	-4	-1	11	1	12	15
Net profit to shareholders Adj	10	5	-4	-1	11	1	12	15
Net Adj margin (%)	4.1	2.2	-1.9	-0.4	5.6	0.7	6.3	7.2
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EURm	2015	2016	2017	2018	2019	2020e	2021e	2022e
EBITDA	12	17	-13	-9	21	14	29	34
Net financial items	5	-1	-5	-1	-2	-4	-2	-2
Paid tax	-7	-5	-9	-3	-3	0	-5	-6
Non-cash items	-11	-7	27	30	-25	-4	-3	0
Cash flow before change in WC	0	5	1	16	-8	6	19	25
Change in WC	0	5	12	-15	22	5	-4	-2
Operating cash flow	0	10	13	1	14	11	15	23
CAPEX tangible fixed assets	-3	-2	-2	-7	-1	-1	-1	-2
CAPEX intangible fixed assets	-1	-2	-2	-2	0	-1	-1	-1
Acquisitions and disposals	2	0	0	0	0	0	0	0
Free cash flow	-2	6	9	-8	13	9	13	20
Dividend paid	-4	-2	-4	-1	0	0	0	0
Share issues and buybacks	0	0	0	0	19	0	0	0
Other non cash items	0	0	-2	-15	-13	4	3	0
Decrease in net IB debt	-5	4	2	-12	8	5	9	16
Balance Sheet (EURm)	2015	2016	2017	2018	2019	2020	2021	2022
Goodwill	67	67	45	45	45	45	45	45
Indefinite intangible assets	0	0	0	0	0	0	0	0
Definite intangible assets	5	8	8	8	7	6	5	4
Tangible fixed assets	27	22	18	20	18	16	14	13
Other fixed assets	25	28	17	18	18	18	18	18
Fixed assets	123	126	88	92	108	105	101	98
Inventories	45	40	37	39	39	31	39	40
Receivables	71	59	53	72	45	43	46	49
Other current assets	0	4	5	6	5	5	5	5
Cash and liquid assets	21	15	29	21	13	18	27	43
Total assets	260	244	211	230	211	203	218	236
Shareholders equity	140	145	104	100	108	109	122	137
Minority	0	0	0	0	0	0	0	0
Total equity	140	145	104	100	108	109	122	137
Long-term debt	43	33	46	49	3	3	3	3
Pension debt	0	0	0	0	0	0	0	0
Convertible debt	0	0	0	0	0	0	0	0
Deferred tax	6	7	3	2	2	2	2	2
Other long-term liabilities	5	4	5	9	9	9	9	9
Short-term debt	3	4	3	4	14	14	14	14
Accounts payable	38	30	34	27	25	20	26	29
Other current liabilities	25	21	16	38	28	24	21	21
Total liabilities and equity	260	244	211	230	211	203	218	236
Net IB debt	25	22	20	32	24	19	10	-5
Net IB debt excl. pension debt	25	22	20	32	24	19	10	-5
Capital invested	176	178	132	143	144	140	144	143
Working capital	53	52	44	52	36	35	42	45
EV breakdown	2015	2016	2017	2018	2019	2020	2021	2022
Market cap. diluted (m)	202	167	176	102	168	180	180	180
Net IB debt Adj	25	22	20	32	24	19	10	-5
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	227	189	195	134	192	199	190	174
Capital efficiency (%)	2015	2016	2017	2018	2019	2020	2021	2022
Total assets turnover (%)	92.6	84	93.5	89.4	88.9	75.6	92.3	93.4
Capital invested turnover (%)	134.4	119.4	137	142.9	136.5	110	137	147.7
Capital employed turnover (%)	128.6	114.9	126.7	128.8	131.3	107	127.1	127.2
Inventories / sales (%)	18.5	20.2	18.1	19.4	20	22.4	18	18.7
Customer advances / sales (%)	6.4	6.2	4.9	8.4	11	12.6	10.1	9.3
Payables / sales (%)	15.3	16.1	15	15.4	13.4	14.7	12	12.9
Working capital / sales (%)	23.4	24.9	22.7	24.3	22.3	22.7	20	20.6
Financial risk and debt service	2015	2016	2017	2018	2019	2020	2021	2022
Net debt / equity (%)	18.2	15	18.9	31.7	22.3	17.4	8.5	-3.9
Net debt / market cap (%)	11.7	11.6	9.6	18.5	20	10.6	5.7	-3
Equity ratio (%)	53.8	59.7	49.6	43.5	51.4	53.9	55.8	58.1
Net IB debt adj. / equity (%)	18.2	15	18.9	31.7	22.3	17.4	8.5	-3.9
Current ratio (%)	208.5	215.5	233.5	198.1	142.5	155.5	177.1	200.9
EBITDA / net interest (%)	965.2	1599.9	-872.5	-491.3	1134.5	937.1	1539.9	1766.3
Net IB debt / EBITDA (%)	205.4	125.3	-157.1	-343.9	112.2	132.8	35.2	-16.1
Interest cover (%)	593	1130.9	-1247.2	-740.5	650.7	346.7	1013.6	1229.4
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EURm	2015	2016	2017	2018	2019	2020e	2021e	2022e
Net IB debt / share	0.3	0.3	0.3	0.4	0.3	0.2	0.1	-0.1
Share price	2.77	2.38	2.62	2.17	1.28	1.91	1.91	1.91
Market cap. (m)	217	187	206	172	120	180	180	180
Valuation	2015	2016	2017	2018	2019	2020	2021	2022
P/E	32.6	25	-5.6	-5.5	22.3	160.6	14.6	11.8
EV/sales	0.98	0.89	0.92	0.68	0.98	1.27	0.98	0.82
EV/EBITDA	18.4	10.9	-15.5	-14.5	8.9	13.9	6.5	5.2
EV/EBITA	29.9	15.4	-10.9	-9.6	15.6	37.6	9.9	7.5
EV/EBIT	29.9	15.4	-10.9	-9.6	15.6	37.6	9.9	7.5
Dividend yield (%)	1.1	2.3	0.8	0	0	0	0	0
FCF yield (%)	-1.1	3.7	5.3	-7.6	7.5	5.2	7.2	11.2
P/BVPS	1.44	1.15	1.68	1.02	1.55	1.64	1.48	1.31
P/BVPS Adj	2.95	2.38	3.41	2.19	3.03	3.12	2.53	2.05
P/E Adj	21.2	35.7	-44.3	-117.5	15.4	160.6	14.6	11.8
EV/EBITDA Adj	14.5	12.3	13	16	7.7	13.9	6.5	5.2
EV/EBITA Adj	20.8	18.4	20.4	36.2	12.2	37.6	9.9	7.5
EV/EBIT Adj	20.8	18.4	20.4	36.2	12.2	37.6	9.9	7.5
EV/cap. employed	1.2	1	1.3	0.9	1.3	1.4	1.2	1
Investment ratios	2015	2016	2017	2018	2019	2020	2021	2022
Capex / sales	1.6	2	1.7	4.7	0.8	1	1.1	1.4
Capex / depreciation	79.5	83.1	68.4	197.9	33.5	32.6	38.9	53
Capex tangibles / tangible fixed assets	11.9	11.3	11.6	37.2	7	5.8	9.7	16.8
Capex intangibles / definite intangibles	12.8	22.2	20.4	21.2	4.6	10	15.5	22.3
Depreciation on intangibles / definite intangibles	0	0	0	0	0	0	0	0
Depreciation on tangibles / tangibles	17.8	23.1	29.8	23.3	26.6	29.5	39.1	44.3
Shares outstanding adj.	78	78	78	79	94	94	94	94
Fully diluted shares Adj	78	78	78	79	94	94	94	94
EPS	0.08	0.09	-0.4	-0.23	0.08	0.01	0.13	0.16
Dividend per share Adj	0	0.1	0	0	0	0	0	0
EPS Adj	0.12	0.06	-0.05	-0.01	0.12	0.01	0.13	0.16
BVPS	1.78	1.85	1.33	1.26	1.15	1.16	1.29	1.45
BVPS Adj	0.87	0.9	0.66	0.59	0.59	0.61	0.75	0.93
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A