Coverage

Cavotec(2)

Cavotec(2)

A global industrial group

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

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