Coverage

Cavotec

Cavotec

A global industrial group

EURm 2020 2021e 2022e
Lease adj. FCF yield (%) 5.5 1.7 4.6
Lease adj. ND/EBITDA -0.2 -0.4 -0.6
Sales 158 168 221
Sales growth (%) -19.2 6.1 31.6
EBITDA 14 18 34
EBITDA margin (%) 8.5 10.9 15.3
EBIT adj 5 9 24
EBIT adj margin (%) 3.4 5.4 10.7
Pretax profit -3 9 23
EPS rep -0.04 0.07 0.17
EPS growth (%) -153.3 266.1 143.2
EPS adj -0.02 0.07 0.17
DPS 0 0 0
EV/EBITDA (x) 15.9 12.6 6.5
EV/EBIT adj (x) 40.2 25.6 9.3
P/E (x) -49.8 32.7 13.5
P/E adj (x) -92.8 32.7 13.5
EV/sales (x) 1.4 1.4 1
FCF yield (%) 7.6 3.7 6.6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1.2 0.7 0.1
EURm 2020 2021e 2022e
Depreciation and amortisation -10 -9 -10
Of which leasing depreciation -4 -4 -5
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 11 14 29
EBITDA lease Adj margin (%) 7 8.3 13.3
Sales 158 168 221
COGS 0 0 0
Gross profit 158 168 221
Other operating items -145 -150 -187
EBITDA 14 18 34
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA 4 9 24
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 4 9 24
Other financial items -5 0 0
Net financial items -7 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -3 9 23
Tax -1 -3 -7
Net profit -4 7 16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 7 16
EPS -0.04 0.07 0.17
EPS Adj -0.02 0.07 0.17
Total extraordinary items after tax -1.9 0 0
Tax rate (%) 25.6 -29.8 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 8.5 10.9 15.3
EBITA margin (%) 2.2 5.4 10.7
EBIT margin (%) 2.2 5.4 10.7
Pretax margin (%) -2 5.6 10.4
Net margin (%) -2.5 4 7.3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19.2 6.1 31.6
EBITDA growth (%) -37 35.2 85.4
EBIT growth (%) -71.5 156.9 163.1
Net profit growth (%) -153.1 266.7 143
EPS growth (%) -153.3 266.1 143.2
Profitability 2020 2021 2022
ROE (%) -3.7 6.1 13.4
ROE Adj (%) -2 6.1 13.4
ROCE (%) -1.1 7.6 15.2
ROCE Adj(%) 0.2 7.6 15.2
ROIC (%) 3.2 4.7 12
ROIC Adj (%) 4.9 4.7 12
Adj earnings numbers 2020 2021 2022
EBITDA Adj 15 18 34
EBITDA Adj margin (%) 9.7 10.9 15.3
EBITA Adj 5 9 24
EBITA Adj margin (%) 3.4 5.4 10.7
EBIT Adj 5 9 24
EBIT Adj margin (%) 3.4 5.4 10.7
Pretax profit Adj -1 9 23
Net profit Adj -2 7 16
Net profit to shareholders Adj -2 7 16
Net Adj margin (%) -1.3 4 7.3
Leasing payments -4 -4 -5
EURm 2020 2021e 2022e
Lease liability amortisation -4 -4 -4
Other intangible assets 7 7 6
Right-of-use asset 19 19 19
Total other fixed assets 17 17 17
Leasing liability 19 19 19
Total other long-term liabilities 10 10 10
Net IB debt excl. leasing -3 -6 -16
Net IB debt / EBITDA lease Adj (%) -22.8 -44.6 -55
EBITDA 14 18 34
Net financial items -7 0 -1
Paid tax -1 -3 -7
Non-cash items 2 -3 0
Cash flow before change in WC 8 12 26
Change in WC 7 -1 -8
Operating cash flow 16 11 19
CAPEX tangible fixed assets 0 -1 -3
CAPEX intangible fixed assets -2 -2 -2
Acquisitions and disposals 2 0 0
Free cash flow 15 8 14
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 2 3 0
Decrease in net IB debt 8 4 13
Balance Sheet (EURm) 2020 2021 2022
Goodwill 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 52 51 51
Tangible fixed assets 15 13 12
Other fixed assets 17 17 17
Fixed assets 103 101 100
Inventories 38 40 51
Receivables 37 41 51
Other current assets 3 3 3
Cash and liquid assets 19 23 33
Total assets 201 209 238
Shareholders equity 106 113 129
Minority 0 0 0
Total equity 106 113 129
Long-term debt 13 13 13
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 8 8 8
Short-term debt 4 4 4
Accounts payable 24 29 42
Other current liabilities 25 22 22
Total liabilities and equity 201 209 238
Net IB debt 16 13 3
Net IB debt excl. pension debt 16 13 3
Capital invested 132 135 141
Working capital 29 34 42
EV breakdown 2020 2021 2022
Market cap. diluted (m) 199 218 218
Net IB debt Adj 16 13 3
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 216 230 220
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 77 82.2 99.1
Capital invested turnover (%) 114.7 140.8 152.6
Capital employed turnover (%) 110.4 130 133.6
Inventories / sales (%) 24.2 21.4 21.7
Customer advances / sales (%) 12.6 10.6 9.5
Payables / sales (%) 15.7 14.3 15.3
Working capital / sales (%) 20.6 19 17.2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 15.4 11.2 2.1
Net debt / market cap (%) 9.7 5.8 1.2
Equity ratio (%) 52.8 54 54.2
Net IB debt adj. / equity (%) 15.4 11.2 2.1
Current ratio (%) 172.2 185.5 194.4
EBITDA / net interest (%) 854.3 1238.1 5650.3
Net IB debt / EBITDA (%) 120.7 68.7 7.8
Interest cover (%) 221.5 609.8 3950.3
EURm 2020 2021e 2022e
Lease adj. FCF yield (%) 5.5 1.7 4.6
Net IB debt / share 0.2 0.1 0
Share price 1.79 2.31 2.31
Market cap. (m) 169 218 218
Valuation 2020 2021 2022
P/E -49.8 32.7 13.5
EV/sales 1.36 1.37 1
EV/EBITDA 15.9 12.6 6.5
EV/EBITA 61.5 25.6 9.3
EV/EBIT 61.5 25.6 9.3
Dividend yield (%) 0 0 0
FCF yield (%) 7.6 3.7 6.6
P/BVPS 1.88 1.93 1.69
P/BVPS Adj 3.68 3.57 2.81
P/E Adj -92.8 32.7 13.5
EV/EBITDA Adj 14 12.6 6.5
EV/EBITA Adj 40.2 25.6 9.3
EV/EBIT Adj 40.2 25.6 9.3
EV/cap. employed 1.5 1.6 1.3
Investment ratios 2020 2021 2022
Capex / sales 1.5 1.8 2
Capex / depreciation 42 60.3 77.6
Capex tangibles / tangible fixed assets 2.9 10 21.3
Capex intangibles / definite intangibles 28.5 25.4 27.9
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 37 37.3 45.7
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0.04 0.07 0.17
Dividend per share Adj 0 0 0
EPS Adj -0.02 0.07 0.17
BVPS 1.12 1.19 1.37
BVPS Adj 0.58 0.65 0.82

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