Introduce.se - Cavotec

Cavotec

A global industrial group

Description
Opportunities
Risk

Financials

Financial snapshots
Income statement
CF and BS
Valuation and Ratios

EURm	2016	2017	2018	2019	2020	2021e	2022e	2023e
Lease adj. FCF yield (%)	3.7	5.3	-5.9	5.3	5.5	2.2	6.7	8.7
Lease adj. ND/EBITDA	1.6	1.4	3.9	0.2	-0.4	-0.4	-0.8	-1.1
Sales	212	212	197	196	158	192	215	235
Sales growth (%)	-8.9	0.4	-7.3	-0.5	-19.2	20.9	12.3	9.1
EBITDA	16	-13	-9	17	9	24	28	38
EBITDA margin (%)	7.6	-6.3	-4.8	8.7	5.4	12.4	13.2	16
EBIT adj	10	10	4	16	5	18	24	28
EBIT adj margin (%)	4.9	4.5	1.9	8	3.4	9.5	11	12.1
Pretax profit	11	-23	-15	11	-3	17	22	27
EPS rep	0.09	-0.4	-0.23	0.08	-0.04	0.13	0.17	0.2
EPS growth (%)	8.1	-571.9	42	134.2	-153.3	395.1	32.7	21.7
EPS adj	0.06	-0.05	-0.01	0.12	-0.02	0.13	0.17	0.2
DPS	0.05	0.02	0	0	0	0	0	0
EV/EBITDA (x)	11.8	-14.5	-14.2	11.2	25.1	8.8	6.9	4.7
EV/EBIT adj (x)	18.4	20.4	36.2	12.2	40.2	11.4	8.2	6.2
P/E (x)	25	-5.6	-5.5	22.3	-49.8	16.6	12.5	10.3
P/E adj (x)	35.7	-44.3	-117.5	15.4	-92.8	16.6	12.5	10.3
EV/sales (x)	0.9	0.9	0.7	1	1.4	1.1	0.9	0.8
FCF yield (%)	3.7	5.3	-5.9	7.5	7.6	4.4	8.9	11
Dividend yield (%)	2.3	0.8	0	0	0	0	0	0
Net IB debt/EBITDA	1.4	-1.5	-3.4	1.4	1.9	0.5	0	-0.5
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EURm	2016	2017	2018	2019	2020	2021e	2022e	2023e
Depreciation and amortisation	-4	-5	-4	-5	-5	-5	-5	-9
Of which leasing depreciation	0	0	0	-4	-4	-4	-5	-5
EO items	2	-28	-18	-3	-2	0	0	0
Impairment and PPA amortisation	0	0	0	0	0	0	0	0
EBITDA lease Adj	14	14	8	16	6	19	24	33
EBITDA lease Adj margin (%)	6.6	6.6	4.1	8.2	3.8	10.1	11	14
Sales	212	212	197	196	158	192	215	235
COGS	0	0	0	0	0	0	0	0
Gross profit	212	212	197	196	158	192	215	235
Other operating items	-195	-226	-206	-179	-150	-168	-187	-197
EBITDA	16	-13	-9	17	9	24	28	38
Depreciation on tangibles	-4	-5	-4	0	-1	-1	0	-4
Depreciation on intangibles	0	0	0	0	0	0	0	0
EBITA	12	-18	-14	12	4	18	24	28
Goodwill impairment charges	0	0	0	0	0	0	0	0
Other impairment and amortisation	0	0	0	0	0	0	0	0
EBIT	12	-18	-14	12	4	18	24	28
Other financial items	0	-3	0	0	-5	0	0	0
Net financial items	-1	-5	-1	-2	-7	-1	-1	-1
Associated income	0	0	0	0	0	0	0	0
Other EO items	0	0	0	0	0	0	0	0
Pretax profit	11	-23	-15	11	-3	17	22	27
Tax	-5	-9	-3	-3	-1	-5	-7	-8
Net profit	7	-32	-18	8	-4	12	16	19
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	7	-32	-18	8	-4	12	16	19
EPS	0.09	-0.4	-0.23	0.08	-0.04	0.13	0.17	0.2
EPS Adj	0.06	-0.05	-0.01	0.12	-0.02	0.13	0.17	0.2
Total extraordinary items after tax	2	-27.6	-17.6	-3.4	-1.9	0	0	0
Tax rate (%)	-41.7	38	20.3	-29.8	25.6	-30	-30	-30
Gross margin (%)	100	100	100	100	100	100	100	100
EBITDA margin (%)	7.6	-6.3	-4.8	8.7	5.4	12.4	13.2	16
EBITA margin (%)	5.8	-8.5	-7	6.3	2.2	9.5	11	12.1
EBIT margin (%)	5.8	-8.5	-7	6.3	2.2	9.5	11	12.1
Pretax margin (%)	5.4	-10.8	-7.8	5.5	-2	8.8	10.4	11.6
Net margin (%)	3.2	-14.8	-9.4	3.8	-2.5	6.2	7.3	8.1
Growth rates Y/Y	2016	2017	2018	2019	2020	2021	2022	2023
Sales growth (%)	-8.9	0.4	-7.3	-0.5	-19.2	20.9	12.3	9.1
EBITDA growth (%)	32.5	-184	30.1	281.4	-49.7	175.4	19.8	32.6
EBIT growth (%)	61.7	-246.5	22.8	188.7	-71.5	421.1	29.7	20.1
Net profit growth (%)	8.1	-571.8	41.5	140.7	-153.1	395.9	32.7	21.7
EPS growth (%)	8.1	-571.9	42	134.2	-153.3	395.1	32.7	21.7
Profitability	2016	2017	2018	2019	2020	2021	2022	2023
ROE (%)	4.7	-25.2	-18	7.2	-3.7	10.6	12.5	13.3
ROE Adj (%)	3.3	-3.2	-0.8	10.5	-2	10.6	12.5	13.3
ROCE (%)	6.8	-12.8	-8.8	8.4	-1.1	12.4	14.7	15.9
ROCE Adj(%)	5.7	3.7	2.7	10.7	0.2	12.4	14.7	15.9
ROIC (%)	4	-16	-12.1	6	3.2	9.4	11.8	13.9
ROIC Adj (%)	3.4	8.5	3.2	7.7	4.9	9.4	11.8	13.9
Adj earnings numbers	2016	2017	2018	2019	2020	2021	2022	2023
EBITDA Adj	14	14	8	20	10	24	28	38
EBITDA Adj margin (%)	6.6	6.6	4.1	10.4	6.6	12.4	13.2	16
EBITA Adj	10	10	4	16	5	18	24	28
EBITA Adj margin (%)	4.9	4.5	1.9	8	3.4	9.5	11	12.1
EBIT Adj	10	10	4	16	5	18	24	28
EBIT Adj margin (%)	4.9	4.5	1.9	8	3.4	9.5	11	12.1
Pretax profit Adj	9	5	2	14	-1	17	22	27
Net profit Adj	5	-4	-1	11	-2	12	16	19
Net profit to shareholders Adj	5	-4	-1	11	-2	12	16	19
Net Adj margin (%)	2.2	-1.9	-0.4	5.6	-1.3	6.2	7.3	8.1
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Leasing payments	0	0	0	-4	-4	-4	-5	-5

EURm	2016	2017	2018	2019	2020	2021e	2022e	2023e
Lease liability amortisation	0	0	0	-4	-4	-4	-4	-4
Other intangible assets	8	8	8	7	52	51	51	50
Right-of-use asset	0	0	0	19	19	19	19	18
Total other fixed assets	28	17	18	18	17	17	17	17
Leasing liability	0	0	0	20	19	19	19	19
Total other long-term liabilities	10	8	12	12	10	10	10	10
Net IB debt excl. leasing	22	20	32	4	-3	-7	-20	-37
Net IB debt / EBITDA lease Adj (%)	155.1	140.3	388.1	23.8	-41.2	-35.5	-84	-112.5
EBITDA	16	-13	-9	17	9	24	28	38
Net financial items	-1	-5	-1	-2	-7	-1	-1	-1
Paid tax	-5	-9	-3	-3	-1	-5	-7	-8
Non-cash items	-1	28	12	-8	7	1	6	1
Cash flow before change in WC	9	1	-2	5	8	18	26	29
Change in WC	1	12	3	9	7	-7	-6	-5
Operating cash flow	10	13	1	14	16	11	20	25
CAPEX tangible fixed assets	-2	-2	-7	-1	0	-1	-2	-2
CAPEX intangible fixed assets	-2	-2	-2	0	-2	-2	-1	-1
Acquisitions and disposals	0	0	2	0	2	0	0	0
Free cash flow	6	9	-6	13	15	9	18	21
Dividend paid	-2	-4	-1	0	0	0	0	0
Share issues and buybacks	0	0	0	19	0	0	0	0
Other non cash items	0	-2	-17	-13	2	3	0	0
Decrease in net IB debt	4	2	-12	8	8	4	13	17
Balance Sheet (EURm)	2016	2017	2018	2019	2020	2021	2022	2023
Goodwill	67	45	45	45	0	0	0	0
Indefinite intangible assets	0	0	0	0	0	0	0	0
Definite intangible assets	8	8	8	7	52	51	51	50
Tangible fixed assets	22	18	20	18	15	13	11	9
Other fixed assets	28	17	18	18	17	17	17	17
Fixed assets	126	88	92	108	103	100	97	94
Inventories	40	37	39	39	38	44	49	53
Receivables	59	53	72	45	37	45	49	54
Other current assets	4	5	6	5	3	3	3	3
Cash and liquid assets	15	29	21	13	19	23	37	54
Total assets	244	211	230	211	201	215	236	258
Shareholders equity	145	104	100	108	106	118	133	153
Minority	0	0	0	0	0	0	0	0
Total equity	145	104	100	108	106	118	133	153
Long-term debt	33	46	49	3	13	13	13	13
Pension debt	0	0	0	0	0	0	0	0
Convertible debt	0	0	0	0	0	0	0	0
Deferred tax	7	3	2	2	2	2	2	2
Other long-term liabilities	4	5	9	9	8	8	8	8
Short-term debt	4	3	4	14	4	4	4	4
Accounts payable	30	34	27	25	24	31	35	38
Other current liabilities	21	16	38	28	25	22	22	22
Total liabilities and equity	244	211	230	211	201	215	236	258
Net IB debt	22	20	32	24	16	12	-1	-18
Net IB debt excl. pension debt	22	20	32	24	16	12	-1	-18
Capital invested	178	132	143	144	132	140	142	144
Working capital	52	44	52	36	29	40	45	50
EV breakdown	2016	2017	2018	2019	2020	2021	2022	2023
Market cap. diluted (m)	167	176	102	168	199	196	196	196
Net IB debt Adj	22	20	32	24	16	12	-1	-18
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	189	195	134	192	216	208	195	178
Capital efficiency (%)	2016	2017	2018	2019	2020	2021	2022	2023
Total assets turnover (%)	84	93.5	89.4	88.9	77	92.1	95.4	95.2
Capital invested turnover (%)	119.4	137	142.9	136.5	114.7	140.8	152.6	163.9
Capital employed turnover (%)	114.9	126.7	128.8	131.3	110.4	130	133.6	131.6
Inventories / sales (%)	20.2	18.1	19.4	20	24.2	21.4	21.7	21.8
Customer advances / sales (%)	6.2	4.9	8.4	11	12.6	10.6	9.5	8.7
Payables / sales (%)	16.1	15	15.4	13.4	15.7	14.3	15.3	15.6
Working capital / sales (%)	24.9	22.7	24.3	22.3	20.6	18.1	19.8	20.4
Financial risk and debt service	2016	2017	2018	2019	2020	2021	2022	2023
Net debt / equity (%)	15	18.9	31.7	22.3	15.4	10.2	-0.8	-11.9
Net debt / market cap (%)	11.6	9.6	18.5	20	9.7	6.1	-0.6	-9.3
Equity ratio (%)	59.7	49.6	43.5	51.4	52.8	54.7	56.7	59.2
Net IB debt adj. / equity (%)	15	18.9	31.7	22.3	15.4	10.2	-0.8	-11.9
Current ratio (%)	215.5	233.5	198.1	142.5	172.2	193.5	216.1	243.3
EBITDA / net interest (%)	1477	-933.9	-502.2	902.7	543.2	1691.3	2182.2	3134.3
Net IB debt / EBITDA (%)	135.7	-146.8	-336.4	141	189.8	50.6	-4	-48.4
Interest cover (%)	1130.9	-1247.2	-740.5	650.7	221.5	1305.1	1822.7	2371.6
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

EURm	2016	2017	2018	2019	2020	2021e	2022e	2023e
Lease adj. FCF yield (%)	3.7	5.3	-5.9	5.3	5.5	2.2	6.7	8.7
Net IB debt / share	0.3	0.3	0.4	0.3	0.2	0.1	0	-0.2
Share price	2.38	2.62	2.17	1.28	1.79	2.08	2.08	2.08
Market cap. (m)	187	206	172	120	169	196	196	196
Valuation	2016	2017	2018	2019	2020	2021	2022	2023
P/E	25	-5.6	-5.5	22.3	-49.8	16.6	12.5	10.3
EV/sales	0.89	0.92	0.68	0.98	1.36	1.08	0.9	0.76
EV/EBITDA	11.8	-14.5	-14.2	11.2	25.1	8.8	6.9	4.7
EV/EBITA	15.4	-10.9	-9.6	15.6	61.5	11.4	8.2	6.2
EV/EBIT	15.4	-10.9	-9.6	15.6	61.5	11.4	8.2	6.2
Dividend yield (%)	2.3	0.8	0	0	0	0	0	0
FCF yield (%)	3.7	5.3	-5.9	7.5	7.6	4.4	8.9	11
P/BVPS	1.15	1.68	1.02	1.55	1.88	1.66	1.47	1.28
P/BVPS Adj	2.38	3.41	2.19	3.03	3.68	2.94	2.36	1.9
P/E Adj	35.7	-44.3	-117.5	15.4	-92.8	16.6	12.5	10.3
EV/EBITDA Adj	13.4	13.9	16.4	9.4	20.6	8.8	6.9	4.7
EV/EBITA Adj	18.4	20.4	36.2	12.2	40.2	11.4	8.2	6.2
EV/EBIT Adj	18.4	20.4	36.2	12.2	40.2	11.4	8.2	6.2
EV/cap. employed	1	1.3	0.9	1.3	1.5	1.4	1.2	0.9
Investment ratios	2016	2017	2018	2019	2020	2021	2022	2023
Capex / sales	2	1.7	4.7	0.8	1.5	1.4	1.3	1.3
Capex / depreciation	112.6	81.8	207	346.9	326.5	266.3	3832.2	68.6
Capex tangibles / tangible fixed assets	11.3	11.6	37.2	7	2.9	9	14	20.8
Capex intangibles / definite intangibles	22.2	20.4	21.2	4.6	3.7	3	2.6	2.4
Depreciation on intangibles / definite intangibles	0	0	0	0	0	0	0	0
Depreciation on tangibles / tangibles	17	24.9	22.3	2.6	4.8	7.8	0.7	49.2
Shares outstanding adj.	78	78	79	94	94	94	94	94
Fully diluted shares Adj	78	78	79	94	94	94	94	94
EPS	0.09	-0.4	-0.23	0.08	-0.04	0.13	0.17	0.2
Dividend per share Adj	0.1	0	0	0	0	0	0	0
EPS Adj	0.06	-0.05	-0.01	0.12	-0.02	0.13	0.17	0.2
BVPS	1.85	1.33	1.26	1.15	1.12	1.25	1.42	1.62
BVPS Adj	0.9	0.66	0.59	0.59	0.58	0.71	0.88	1.09
	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A