Ferronordic

Leading dealerships of construction equipment with strong aftermarket offerings

SEKm 2018 2019e 2020e
Sales 3241 3893 4844
Sales growth (%) 26.3 20.1 24.4
EBITDA 322 402 482
EBITDA margin (%) 9.9 10.3 10
EBIT adj 274 342 417
EBIT adj margin (%) 8.4 8.8 8.6
Pretax profit 267 331 410
EPS rep 13.22 17.79 22.01
EPS growth (%) 63.9 34.6 23.7
EPS adj 14.18 17.79 22.01
DPS 7.5 6.5 8
EV/EBITDA (x) 4.8 4.7 3.6
EV/EBIT adj (x) 5.6 5.6 4.2
P/E (x) 9.6 8.6 7
P/E adj (x) 9 8.6 7
EV/sales (x) 0.5 0.5 0.4
FCF yield (%) 6.8 5.5 11.5
Dividend yield (%) 5.9 4.2 5.2
Net IB debt/EBITDA -0.9 -0.8 -1
SEKm 2018 2019e 2020e
EBITA 274 342 417
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 274 342 417
Other financial items -5 -4 0
Net financial items -7 -11 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 267 331 410
Tax -58 -73 -90
Net profit 209 258 320
Minority interest -17 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 192 258 320
EPS 13.22 17.79 22.01
EPS Adj 14.18 17.79 22.01
Total extraordinary items after tax 0 0 0
Tax rate (%) -21.7 -22 -22
Gross margin (%) 19 19.1 18.8
EBITDA margin (%) 9.9 10.3 10
EBITA margin (%) 8.4 8.8 8.6
EBIT margin (%) 8.4 8.8 8.6
Pretax margin (%) 8.2 8.5 8.5
Net margin (%) 6.5 6.6 6.6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26.3 20.1 24.4
EBITDA growth (%) 50.4 25 20
EBIT growth (%) 46.1 24.9 22
Net profit growth (%) 38.2 23.6 23.7
EPS growth (%) 63.9 34.6 23.7
Profitability 2018 2019 2020
ROE (%) 30.3 35.4 34.8
ROE Adj (%) 30.3 35.4 34.8
ROCE (%) 82.5 80.4 80.1
ROCE Adj(%) 82.5 80.4 80.1
ROIC (%) 74.6 69.5 67.3
ROIC Adj (%) 74.6 69.5 67.3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 322 402 482
EBITDA Adj margin (%) 9.9 10.3 10
EBITA Adj 274 342 417
EBITA Adj margin (%) 8.4 8.8 8.6
EBIT Adj 274 342 417
EBIT Adj margin (%) 8.4 8.8 8.6
Pretax profit Adj 267 331 410
Net profit Adj 209 258 320
Net profit to shareholders Adj 192 258 320
Net Adj margin (%) 6.5 6.6 6.6
Sales 3241 3893 4844
COGS -2627 -3150 -3933
Gross profit 614 743 911
Other operating items -293 -342 -429
EBITDA 322 402 482
Depreciation on tangibles -48 -60 -65
Depreciation on intangibles 0 0 0
SEKm 2018 2019e 2020e
EBITDA 322 402 482
Net financial items -7 -11 -7
Paid tax -58 -73 -90
Non-cash items -166 0 0
Cash flow before change in WC 91 318 385
Change in WC 70 -156 -81
Operating cash flow 161 162 304
CAPEX tangible fixed assets -42 -35 -44
CAPEX intangible fixed assets -2 -4 -5
Acquisitions and disposals 10 0 0
Free cash flow 126 123 255
Dividend paid -30 -109 -94
Share issues and buybacks -80 0 0
Other non cash items -26 0 0
Decrease in net IB debt -9 14 161
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 6 7 9
Tangible fixed assets 263 241 223
Other fixed assets 41 41 41
Fixed assets 310 288 272
Inventories 741 973 1235
Receivables 320 391 486
Other current assets 0 0 0
Cash and liquid assets 357 371 532
Total assets 1727 2024 2525
Shareholders equity 656 805 1031
Minority 0 0 0
Total equity 656 805 1031
Long-term debt 28 28 28
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 26 26
Accounts payable 1014 1161 1437
Other current liabilities 0 0 0
Total liabilities and equity 1033 1414 1727
Net IB debt -303 -317 -478
Net IB debt excl. pension debt -303 -317 -478
Capital invested 316 451 516
Working capital 47 203 285
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1849 2223 2223
Net IB debt Adj -303 -317 -478
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 1906 1746
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 206.3 207.6 213
Capital invested turnover (%) 1128.2 1014.9 1001.6
Capital employed turnover (%) 993.7 925.3 930.2
Inventories / sales (%) 21.2 22 22.8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27.4 27.9 26.8
Working capital / sales (%) 2.5 3.2 5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -46.2 -39.4 -46.3
Net debt / market cap (%) -15.8 -14.3 -21.5
Equity ratio (%) 38 39.8 40.8
Net IB debt adj. / equity (%) -46.2 -39.4 -46.3
Current ratio (%) 136.3 146.2 154
EBITDA / net interest (%) 18024 5741.4 6887.1
Net IB debt / EBITDA (%) -94.2 -78.9 -99.1
Interest cover (%) 15341.4 4884.3 5958.6
SEKm 2018 2019e 2020e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 13.22 17.79 22.01
Dividend per share Adj 7.5 6.5 8
EPS Adj 14.18 17.79 22.01
BVPS 45.14 55.42 70.93
BVPS Adj 44.71 54.94 70.34
Net IB debt / share -20.8 -21.8 -32.9
Share price 131.47 153 153
Market cap. (m) 1911 2223 2223
Valuation 2018 2019 2020
P/E 9.6 8.6 7
EV/sales 0.48 0.49 0.36
EV/EBITDA 4.8 4.7 3.6
EV/EBITA 5.6 5.6 4.2
EV/EBIT 5.6 5.6 4.2
Dividend yield (%) 5.9 4.2 5.2
FCF yield (%) 6.8 5.5 11.5
P/BVPS 2.82 2.76 2.16
P/BVPS Adj 2.84 2.78 2.18
P/E Adj 9 8.6 7
EV/EBITDA Adj 4.8 4.7 3.6
EV/EBITA Adj 5.6 5.6 4.2
EV/EBIT Adj 5.6 5.6 4.2
EV/cap. employed 4.4 3.9 3.2
Investment ratios 2018 2019 2020
Capex / sales 1.4 1 1
Capex / depreciation 93.2 64.9 74.5
Capex tangibles / tangible fixed assets 16.1 14.5 19.6
Capex intangibles / definite intangibles 37.9 55.4 56.2
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 18.2 24.9 29.2

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