Ferronordic

Leading dealerships of construction equipment with strong aftermarket offerings

SEKm 2018 2019e 2020e
Sales 3241 3861 4553
Sales growth (%) 26.3 19.1 17.9
EBITDA 322 456 519
EBITDA margin (%) 9.9 11.8 11.4
EBIT adj 274 349 409
EBIT adj margin (%) 8.4 9 9
Pretax profit 267 335 389
EPS rep 13.22 18.12 21.04
EPS growth (%) 63.9 37.1 16.1
EPS adj 14.18 18.12 21.04
DPS 7.5 6.5 8
EV/EBITDA (x) 4.8 4.2 3.3
EV/EBIT adj (x) 5.6 5.5 4.1
P/E (x) 9.6 8 6.9
P/E adj (x) 9 8 6.9
EV/sales (x) 0.5 0.5 0.4
FCF yield (%) 6.8 3.3 15.7
Dividend yield (%) 5.9 4.5 5.5
Net IB debt/EBITDA -0.9 -0.4 -0.8
SEKm 2018 2019e 2020e
EBITA 274 349 409
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 274 349 409
Other financial items -5 7 0
Net financial items -7 -14 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 267 335 389
Tax -58 -72 -84
Net profit 209 263 306
Minority interest -17 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 192 263 306
EPS 13.22 18.12 21.04
EPS Adj 14.18 18.12 21.04
Total extraordinary items after tax 0 0 0
Tax rate (%) -21.7 -21.4 -21.5
Gross margin (%) 19 19.5 19.4
EBITDA margin (%) 9.9 11.8 11.4
EBITA margin (%) 8.4 9 9
EBIT margin (%) 8.4 9 9
Pretax margin (%) 8.2 8.7 8.6
Net margin (%) 6.5 6.8 6.7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26.3 19.1 17.9
EBITDA growth (%) 50.4 41.8 14
EBIT growth (%) 46.1 27.4 17.4
Net profit growth (%) 38.2 25.9 16.1
EPS growth (%) 63.9 37.1 16.1
Profitability 2018 2019 2020
ROE (%) 30.3 35.9 33.4
ROE Adj (%) 30.3 35.9 33.4
ROCE (%) 39.5 42.2 37.9
ROCE Adj(%) 39.5 42.2 37.9
ROIC (%) 65.2 56.4 52.1
ROIC Adj (%) 65.2 56.4 52.1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 322 456 519
EBITDA Adj margin (%) 9.9 11.8 11.4
EBITA Adj 274 349 409
EBITA Adj margin (%) 8.4 9 9
EBIT Adj 274 349 409
EBIT Adj margin (%) 8.4 9 9
Pretax profit Adj 267 335 389
Net profit Adj 209 263 306
Net profit to shareholders Adj 192 263 306
Net Adj margin (%) 6.5 6.8 6.7
Sales 3241 3861 4553
COGS -2627 -3107 -3670
Gross profit 614 754 883
Other operating items -293 -298 -364
EBITDA 322 456 519
Depreciation on tangibles -48 -107 -110
Depreciation on intangibles 0 0 0
SEKm 2018 2019e 2020e
EBITDA 322 456 519
Net financial items -7 -14 -20
Paid tax -58 -72 -84
Non-cash items -166 0 0
Cash flow before change in WC 91 370 416
Change in WC 70 -220 -21
Operating cash flow 161 150 394
CAPEX tangible fixed assets -42 -77 -59
CAPEX intangible fixed assets -2 -4 -5
Acquisitions and disposals 10 0 0
Free cash flow 126 69 331
Dividend paid -30 -109 -94
Share issues and buybacks -80 0 0
Other non cash items -26 -65 -28
Decrease in net IB debt -9 -105 208
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 6 5 4
Tangible fixed assets 263 303 286
Other fixed assets 41 41 41
Fixed assets 310 348 330
Inventories 741 1050 1184
Receivables 320 407 457
Other current assets 0 0 0
Cash and liquid assets 357 362 570
Total assets 1727 2168 2541
Shareholders equity 656 810 1021
Minority 0 0 0
Total equity 656 810 1021
Long-term debt 28 78 78
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 2 2 2
Short-term debt 26 86 86
Accounts payable 1014 1190 1352
Other current liabilities 0 0 0
Total liabilities and equity 1033 1414 1727
Net IB debt -303 -198 -406
Net IB debt excl. pension debt -303 -198 -406
Capital invested 357 615 619
Working capital 47 267 288
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1849 2100 2100
Net IB debt Adj -303 -198 -406
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 1546 1902 1694
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 206.3 198.2 193.4
Capital invested turnover (%) 986.5 794.3 737.8
Capital employed turnover (%) 476.2 458.5 421.6
Inventories / sales (%) 21.2 23.2 24.5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27.4 28.5 27.9
Working capital / sales (%) 2.5 4.1 6.1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -46.2 -24.5 -39.8
Net debt / market cap (%) -15.8 -9.4 -19.3
Equity ratio (%) 38 37.4 40.2
Net IB debt adj. / equity (%) -46.2 -24.5 -39.8
Current ratio (%) 136.3 142.6 153.7
EBITDA / net interest (%) 18024 2225 2597.1
Net IB debt / EBITDA (%) -94.2 -43.5 -78.2
Interest cover (%) 15341.4 1702 2047.1
SEKm 2018 2019e 2020e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 13.22 18.12 21.04
Dividend per share Adj 7.5 6.5 8
EPS Adj 14.18 18.12 21.04
BVPS 45.14 55.75 70.29
BVPS Adj 44.71 55.44 70.04
Net IB debt / share -20.8 -13.6 -28
Share price 131.47 144.5 144.5
Market cap. (m) 1911 2100 2100
Valuation 2018 2019 2020
P/E 9.6 8 6.9
EV/sales 0.48 0.49 0.37
EV/EBITDA 4.8 4.2 3.3
EV/EBITA 5.6 5.5 4.1
EV/EBIT 5.6 5.5 4.1
Dividend yield (%) 5.9 4.5 5.5
FCF yield (%) 6.8 3.3 15.7
P/BVPS 2.82 2.59 2.06
P/BVPS Adj 2.84 2.61 2.06
P/E Adj 9 8 6.9
EV/EBITDA Adj 4.8 4.2 3.3
EV/EBITA Adj 5.6 5.5 4.1
EV/EBIT Adj 5.6 5.5 4.1
EV/cap. employed 2.2 2 1.4
Investment ratios 2018 2019 2020
Capex / sales 1.4 2.1 1.4
Capex / depreciation 93.2 75.7 57.9
Capex tangibles / tangible fixed assets 16.1 25.5 20.7
Capex intangibles / definite intangibles 37.9 83.3 123.4
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 18.2 35.3 38.5

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