Cavotec

A global industrial group

EURm 2018 2019e 2020e
Sales 197 197 208
Sales growth (%) -7.3 -0.2 5.8
EBITDA -9 19 26
EBITDA margin (%) -4.7 9.6 12.5
EBIT adj 5 11 17
EBIT adj margin (%) 2.6 5.6 8.2
Pretax profit -15 8 15
EPS rep -0.23 0.07 0.11
EPS growth (%) 42 131.9 53.3
EPS adj 0.01 0.09 0.11
DPS 0 0 0
EV/EBITDA (x) -14.5 7.9 5.3
EV/EBIT adj (x) 25.8 13.5 8
P/E (x) -5.5 17.2 11.2
P/E adj (x) 164.1 14.5 11.2
EV/sales (x) 0.7 0.8 0.7
FCF yield (%) -7.6 21.3 12.8
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3.4 1.4 0.6
EURm 2018 2019e 2020e
Sales 197 197 208
COGS 0 0 0
Gross profit 197 197 208
Other operating items -206 -178 -182
EBITDA -9 19 26
Depreciation on tangibles -5 -9 -9
Depreciation on intangibles 0 0 0
EBITA -14 10 17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 10 17
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -15 8 15
Tax -3 -1 -4
Net profit -18 7 11
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -18 7 11
EPS -0.23 0.07 0.11
EPS Adj 0.01 0.09 0.11
Total extraordinary items after tax -19.1 -1.3 0
Tax rate (%) 20.3 -8.7 -28
Gross margin (%) 100 100 100
EBITDA margin (%) -4.7 9.6 12.5
EBITA margin (%) -7 4.9 8.2
EBIT margin (%) -7 4.9 8.2
Pretax margin (%) -7.8 3.9 7.2
Net margin (%) -9.4 3.6 5.2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -7.3 -0.2 5.8
EBITDA growth (%) 26.8 304.3 37.8
EBIT growth (%) 22.8 169.5 76.5
Net profit growth (%) 41.5 138 53.3
EPS growth (%) 42 131.9 53.3
Profitability 2018 2019 2020
ROE (%) -18 6.8 9.6
ROE Adj (%) 0.6 8 9.6
ROCE (%) -8.8 5.9 9.3
ROCE Adj(%) 3.7 6.7 9.3
ROIC (%) -11.7 5.9 8.3
ROIC Adj (%) 4.4 6.7 8.3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 10 20 26
EBITDA Adj margin (%) 5 10.2 12.5
EBITA Adj 5 11 17
EBITA Adj margin (%) 2.6 5.6 8.2
EBIT Adj 5 11 17
EBIT Adj margin (%) 2.6 5.6 8.2
Pretax profit Adj 4 9 15
Net profit Adj 1 8 11
Net profit to shareholders Adj 1 8 11
Net Adj margin (%) 0.3 4.2 5.2
EURm 2018 2019e 2020e
EBITDA -9 19 26
Net financial items -1 -2 -2
Paid tax -3 -1 -4
Non-cash items 30 -8 2
Cash flow before change in WC 16 8 22
Change in WC -15 22 -2
Operating cash flow 1 30 19
CAPEX tangible fixed assets -7 -2 -2
CAPEX intangible fixed assets -2 -2 -1
Acquisitions and disposals 0 0 0
Free cash flow -8 26 15
Dividend paid -1 0 0
Share issues and buybacks 0 0 0
Other non cash items -3 -21 -4
Decrease in net IB debt -12 5 11
Balance Sheet (EURm) 2018 2019 2020
Goodwill 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 8 7 6
Tangible fixed assets 20 37 37
Other fixed assets 18 18 18
Fixed assets 92 108 107
Inventories 39 37 39
Receivables 72 53 56
Other current assets 6 6 6
Cash and liquid assets 21 43 55
Total assets 230 247 261
Shareholders equity 100 107 118
Minority 0 0 0
Total equity 100 107 118
Long-term debt 49 66 66
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 4 4 4
Accounts payable 27 28 29
Other current liabilities 38 30 32
Total liabilities and equity 244 211 230
Net IB debt 32 27 16
Net IB debt excl. pension debt 32 27 16
Capital invested 153 147 148
Working capital 61 39 41
EV breakdown 2018 2019 2020
Market cap. diluted (m) 102 121 121
Net IB debt Adj 32 27 16
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 134 148 137
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 89.4 82.5 81.9
Capital invested turnover (%) 137.4 131.2 140.9
Capital employed turnover (%) 128.8 119.1 113.9
Inventories / sales (%) 19.4 19.5 18.3
Customer advances / sales (%) 8.4 12 11.3
Payables / sales (%) 15.4 13.9 13.7
Working capital / sales (%) 27.1 25.5 19.4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 31.7 25.2 13.3
Net debt / market cap (%) 18.5 22.3 12.9
Equity ratio (%) 43.5 43.4 45.1
Net IB debt adj. / equity (%) 31.7 25.2 13.3
Current ratio (%) 198.1 223.7 234.5
EBITDA / net interest (%) -491.3 902.6 1235.1
Net IB debt / EBITDA (%) -343.9 143.4 60.3
Interest cover (%) -740.5 463 811.3
EURm 2018 2019e 2020e
Net IB debt / share 0.4 0.3 0.2
Share price 2.17 1.28 1.28
Market cap. (m) 172 121 121
Valuation 2018 2019 2020
P/E -5.5 17.2 11.2
EV/sales 0.68 0.75 0.66
EV/EBITDA -14.5 7.9 5.3
EV/EBITA -9.6 15.3 8
EV/EBIT -9.6 15.3 8
Dividend yield (%) 0 0 0
FCF yield (%) -7.6 21.3 12.8
P/BVPS 1.02 1.13 1.03
P/BVPS Adj 2.19 2.21 1.81
P/E Adj 164.1 14.5 11.2
EV/EBITDA Adj 13.6 7.4 5.3
EV/EBITA Adj 25.8 13.5 8
EV/EBIT Adj 25.8 13.5 8
EV/cap. employed 0.9 0.8 0.7
Investment ratios 2018 2019 2020
Capex / sales 4.7 2 1.9
Capex / depreciation 197.9 42.9 44.4
Capex tangibles / tangible fixed assets 37.2 6.4 6.7
Capex intangibles / definite intangibles 21.2 21.8 24.2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23.3 24.8 23.8
Shares outstanding adj. 79 94 94
Fully diluted shares Adj 79 94 94
EPS -0.23 0.07 0.11
Dividend per share Adj 0 0 0
EPS Adj 0.01 0.09 0.11
BVPS 1.26 1.14 1.25
BVPS Adj 0.59 0.58 0.71

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