Coverage

Cavotec(2)

Cavotec(2)

SEKm 2020 2021e 2022e
Sales 21 7 10
Sales growth (%) 140.3 -66.6 45.4
EBITDA -16 -21 -16
EBITDA margin (%) -77.6 -297.1 -155.5
EBIT adj -21 -21 -16
EBIT adj margin (%) -102.4 -297.1 -155.5
Pretax profit -22 -21 -16
EPS rep -1.09 -0.82 -0.62
EPS growth (%) -23.8 24.9 23.9
EPS adj -1.09 -0.82 -0.62
DPS 0 0 0
EV/EBITDA (x) -13.7 -10.4 -11.2
EV/EBIT adj (x) -10.4 -10.4 -11.2
P/E (x) -10.9 -11.2 -14.8
P/E adj (x) -10.9 -11.2 -14.8
EV/sales (x) 10.6 30.8 17.4
FCF yield (%) 0.6 2.3 16.6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0.8 0.9 3.6
Lease adj. FCF yield (%) -7.1 -11.8 -4.7
Lease adj. ND/EBITDA 0.8 0.9 3.6
SEKm 2020 2021e 2022e
Sales 21 7 10
COGS 0 0 0
Gross profit 21 7 10
Other operating items -37 -28 -26
EBITDA -16 -21 -16
Depreciation and amortisation -5 0 0
Of which leasing depreciation 0 0 0
EBITA -21 -21 -16
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT -21 -21 -16
Net financial items 0 0 0
Pretax profit -22 -21 -16
Tax 0 0 0
Net profit -22 -21 -16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -22 -21 -16
EPS -1.09 -0.82 -0.62
EPS Adj -1.09 -0.82 -0.62
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -77.6 -297.1 -155.5
EBITA margin (%) -102.4 -297.1 -155.5
EBIT margin (%) -102.4 -297.1 -155.5
Pretax margin (%) -103.7 -297.1 -155.5
Net margin (%) -103.6 -297.1 -155.5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 140.3 -66.6 45.4
EBITDA growth (%) -75.9 -27.7 23.9
EBIT growth (%) -69.1 3.2 23.9
Net profit growth (%) -67.8 4.3 23.9
EPS growth (%) -23.8 24.9 23.9
Profitability 2020 2021 2022
ROE (%) -63.7 -41.7 -20.8
ROE Adj (%) -63.7 -41.7 -20.8
ROCE (%) -63 -41.7 -20.8
ROCE Adj(%) -63 -41.7 -20.8
ROIC (%) -84.6 -55.8 -38.4
ROIC Adj (%) -84.6 -55.8 -38.4
Adj earnings numbers 2020 2021 2022
EBITDA Adj -16 -21 -16
EBITDA Adj margin (%) -77.6 -297.1 -155.5
EBITDA lease Adj -16 -21 -16
EBITDA lease Adj margin (%) -77.6 -297.1 -155.5
EBITA Adj -21 -21 -16
EBITA Adj margin (%) -102.4 -297.1 -155.5
EBIT Adj -21 -21 -16
EBIT Adj margin (%) -102.4 -297.1 -155.5
Pretax profit Adj -22 -21 -16
Net profit Adj -22 -21 -16
Net profit to shareholders Adj -22 -21 -16
Net Adj margin (%) -103.6 -297.1 -155.5
SEKm 2020 2021e 2022e
EBITDA -16 -21 -16
Net financial items 0 0 0
Paid tax 0 0 0
Non-cash items 0 0 0
Cash flow before change in WC -17 -21 -16
Change in WC 0 -3 5
Operating cash flow -17 -24 -11
CAPEX tangible fixed assets 0 -3 0
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -17 -28 -11
Dividend paid 0 0 0
Share issues and buybacks 39 33 50
Lease liability amortisation 0 0 0
Other non cash items -39 -28 -50
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Other intangible assets 34 34 34
Tangible fixed assets 4 7 7
Right-of-use asset 0 0 0
Total other fixed assets 0 0 0
Fixed assets 37 41 41
Inventories 0 0 0
Receivables 4 1 2
Other current assets 0 0 0
Cash and liquid assets 13 18 57
Total assets 54 60 99
Shareholders equity 43 56 96
Minority 0 0 0
Total equity 43 56 96
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 2 1 1
Other current liabilities 5 0 0
Total liabilities and equity 54 60 99
Net IB debt -13 -18 -57
Net IB debt excl. pension debt -13 -18 -57
Net IB debt excl. leasing -13 -18 -57
Capital invested 33 41 41
Working capital -4 1 1
EV breakdown 2020 2021 2022
Market cap. diluted (m) 236 234 234
Net IB debt Adj -13 -18 -57
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 223 216 177
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 47.1 12.3 12.8
Working capital / sales (%) -18.9 -22.8 6.6
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -29.3 -31.9 -59.6
Net debt / market cap (%) -6.3 -7.7 -24.3
Equity ratio (%) 80.9 94.2 96.2
Net IB debt adj. / equity (%) -29.3 -31.9 -59.6
Current ratio (%) 219.4 2656.5 5566.6
EBITDA / net interest (%) -6385.9 0 0
Net IB debt / EBITDA (%) 77.9 86.6 359.7
Net IB debt / EBITDA lease Adj (%) 77.9 86.6 359.7
Interest cover (%) -8427.1 0 0
SEKm 2020 2021e 2022e
Shares outstanding adj. 20 25 25
Fully diluted shares Adj 20 25 25
EPS -1.09 -0.82 -0.62
Dividend per share Adj 0 0 0
EPS Adj -1.09 -0.82 -0.62
BVPS 2.18 2.22 3.77
BVPS Adj 2.18 2.22 3.77
Net IB debt / share -0.6 -0.7 -2.2
Share price 10.17 9.22 9.22
Market cap. (m) 202 234 234
Valuation 2020 2021 2022
P/E -10.9 -11.2 -14.8
EV/sales 10.64 30.85 17.4
EV/EBITDA -13.7 -10.4 -11.2
EV/EBITA -10.4 -10.4 -11.2
EV/EBIT -10.4 -10.4 -11.2
Dividend yield (%) 0 0 0
FCF yield (%) 0.6 2.3 16.6
Lease adj. FCF yield (%) -7.1 -11.8 -4.7
P/BVPS 5.44 4.15 2.45
P/BVPS Adj 5.44 4.15 2.45
P/E Adj -10.9 -11.2 -14.8
EV/EBITDA Adj -13.7 -10.4 -11.2
EV/EBITA Adj -10.4 -10.4 -11.2
EV/EBIT Adj -10.4 -10.4 -11.2
EV/cap. employed 5.2 3.8 1.9
Investment ratios 2020 2021 2022
Capex / sales 0 48.6 0
Capex / depreciation 0 0 0
Capex tangibles / tangible fixed assets 0 48.6 0
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 144.8 0 0

Key Figure Counter

To calculate and to make comparative evaluations is not always easy. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data. You can change our estimates and enter your own values. By clicking on the plus sign next to the key figure you will also find a short explanation of these.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

- 14,9

EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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- 10,8

EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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17,4

P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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2,4