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Ferronordic

Ferronordic

Leading dealerships of construction equipment with strong aftermarket offerings

SEKm 2019 2020e 2021e
Sales 3747 4656 5244
Sales growth (%) 15.6 24.3 12.6
EBITDA 494 543 603
EBITDA margin (%) 13.2 11.7 11.5
EBIT adj 365 355 416
EBIT adj margin (%) 9.7 7.6 7.9
Pretax profit 318 308 376
EPS rep 17.26 16.96 20.39
EPS growth (%) 30.6 -1.7 20.2
EPS adj 17.74 16.2 20.39
DPS 4.25 5 8
EV/EBITDA (x) 6 4.3 3.5
EV/EBIT adj (x) 8.1 6.6 5.1
P/E (x) 9.4 9.3 7.7
P/E adj (x) 9.2 9.7 7.7
EV/sales (x) 0.8 0.5 0.4
FCF yield (%) -21.5 27.5 14.7
Dividend yield (%) 2.6 3.2 5.1
Net IB debt/EBITDA 1.2 0.1 -0.2
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITA 358 366 416
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 358 366 416
Other financial items 12 -3 0
Net financial items -39 -58 -40
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 318 308 376
Tax -68 -62 -80
Net profit 251 246 296
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 251 246 296
EPS 17.26 16.96 20.39
EPS Adj 17.74 16.2 20.39
Total extraordinary items after tax -7 11 0
Tax rate (%) -21.2 -20 -21.2
Gross margin (%) 20.7 18.1 19.1
EBITDA margin (%) 13.2 11.7 11.5
EBITA margin (%) 9.5 7.9 7.9
EBIT margin (%) 9.5 7.9 7.9
Pretax margin (%) 8.5 6.6 7.2
Net margin (%) 6.7 5.3 5.6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 15.6 24.3 12.6
EBITDA growth (%) 53.6 9.9 11.1
EBIT growth (%) 30.7 2.4 13.6
Net profit growth (%) 19.9 -1.7 20.2
EPS growth (%) 30.6 -1.7 20.2
Profitability 2019 2020 2021
ROE (%) 32.4 25.1 25
ROE Adj (%) 33.3 24 25
ROCE (%) 27.3 18 19.8
ROCE Adj(%) 27.8 17.5 19.8
ROIC (%) 30.4 22.1 28.3
ROIC Adj (%) 31 21.4 28.3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 501 532 603
EBITDA Adj margin (%) 13.4 11.4 11.5
EBITA Adj 365 355 416
EBITA Adj margin (%) 9.7 7.6 7.9
EBIT Adj 365 355 416
EBIT Adj margin (%) 9.7 7.6 7.9
Pretax profit Adj 325 297 376
Net profit Adj 258 235 296
Net profit to shareholders Adj 258 235 296
Net Adj margin (%) 6.9 5.1 5.6
Sales 3747 4656 5244
COGS -2972 -3812 -4244
Gross profit 775 844 1000
Other operating items -281 -301 -397
EBITDA 494 543 603
Depreciation on tangibles -108 -136 -145
Depreciation on intangibles 0 0 0
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 494 543 603
Net financial items -39 -58 -40
Paid tax -68 -62 -80
Non-cash items -20 0 0
Cash flow before change in WC 367 423 483
Change in WC -698 289 -56
Operating cash flow -330 712 428
CAPEX tangible fixed assets -160 -79 -89
CAPEX intangible fixed assets -4 -5 -4
Acquisitions and disposals -14 0 0
Free cash flow -509 628 334
Dividend paid -109 -62 -73
Share issues and buybacks 0 0 0
Other non cash items -248 0 0
Decrease in net IB debt -896 527 214
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 3 3 3
Indefinite intangible assets 0 0 0
Definite intangible assets 9 8 7
Tangible fixed assets 609 557 507
Other fixed assets 51 51 51
Fixed assets 763 711 665
Inventories 1290 1145 1316
Receivables 405 488 518
Other current assets 0 0 0
Cash and liquid assets 519 884 1018
Total assets 2978 3228 3517
Shareholders equity 890 1075 1299
Minority 0 0 0
Total equity 890 1075 1299
Long-term debt 205 240 160
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 7 7 7
Other long-term liabilities 7 7 7
Short-term debt 639 496 496
Accounts payable 917 1145 1290
Other current liabilities 44 44 44
Total liabilities and equity 2978 3228 3517
Net IB debt 593 67 -147
Net IB debt excl. pension debt 593 67 -147
Capital invested 1497 1155 1165
Working capital 734 445 500
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2369 2282 2282
Net IB debt Adj 593 67 -147
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 2962 2348 2134
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 159.3 150.1 155.5
Capital invested turnover (%) 404.3 351.1 452
Capital employed turnover (%) 276.3 231.2 250
Inventories / sales (%) 27.1 26.2 23.5
Customer advances / sales (%) 1 0.9 0.8
Payables / sales (%) 25.3 22.1 23.2
Working capital / sales (%) 10.4 12.7 9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 66.6 6.2 -11.3
Net debt / market cap (%) 28.1 2.9 -6.5
Equity ratio (%) 29.9 33.3 36.9
Net IB debt adj. / equity (%) 66.6 6.2 -11.3
Current ratio (%) 130.5 142.7 149.3
EBITDA / net interest (%) 955.5 984 1507.5
Net IB debt / EBITDA (%) 120.1 12.3 -24.4
Interest cover (%) 691.8 664.1 1040
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 17.26 16.96 20.39
Dividend per share Adj 4.3 5 8
EPS Adj 17.74 16.2 20.39
BVPS 61.27 73.97 89.36
BVPS Adj 60.46 73.21 88.7
Net IB debt / share 40.8 4.6 -10.1
Share price 145.09 157 157
Market cap. (m) 2109 2282 2282
Valuation 2019 2020 2021
P/E 9.4 9.3 7.7
EV/sales 0.79 0.5 0.41
EV/EBITDA 6 4.3 3.5
EV/EBITA 8.3 6.4 5.1
EV/EBIT 8.3 6.4 5.1
Dividend yield (%) 2.6 3.2 5.1
FCF yield (%) -21.5 27.5 14.7
P/BVPS 2.66 2.12 1.76
P/BVPS Adj 2.7 2.14 1.77
P/E Adj 9.2 9.7 7.7
EV/EBITDA Adj 5.9 4.4 3.5
EV/EBITA Adj 8.1 6.6 5.1
EV/EBIT Adj 8.1 6.6 5.1
EV/cap. employed 1.5 1.2 1
Investment ratios 2019 2020 2021
Capex / sales 4.4 1.8 1.8
Capex / depreciation 151.8 61.4 64.4
Capex tangibles / tangible fixed assets 26.3 14.2 17.6
Capex intangibles / definite intangibles 47.5 55.2 59.8
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17.8 24.5 28.6
N/A N/A N/A

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