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Ferronordic

Ferronordic

Leading dealerships of construction equipment with strong aftermarket offerings

SEKm 2020 2021e 2022e
Sales 4635 5829 6506
Sales growth (%) 23.7 25.8 11.6
EBITDA 504 639 736
EBITDA margin (%) 10.9 11 11.3
EBIT adj 325 465 558
EBIT adj margin (%) 7 8 8.6
Pretax profit 276 418 543
EPS rep 15.25 21.68 29.47
EPS growth (%) -11.6 42.1 35.9
EPS adj 15.05 21.9 29.47
DPS 7.5 8 11
EV/EBITDA (x) 4.5 5.1 4
EV/EBIT adj (x) 7 7 5.3
P/E (x) 10.3 10.8 7.9
P/E adj (x) 10.5 10.7 7.9
EV/sales (x) 0.5 0.6 0.5
FCF yield (%) 28.2 8.1 13.4
Dividend yield (%) 4.8 3.4 4.7
Net IB debt/EBITDA 0 -0.2 -0.6
Lease adj. FCF yield (%) 26.5 7 11.9
Lease adj. ND/EBITDA -0.4 -0.5 -0.9
SEKm 2020 2021e 2022e
EBITA 328 462 558
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 328 462 558
Other financial items -5 -4 0
Net financial items -53 -44 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 276 418 543
Tax -54 -103 -115
Net profit 222 315 428
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 222 315 428
EPS 15.25 21.68 29.47
EPS Adj 15.05 21.9 29.47
Total extraordinary items after tax 3 -3.2 0
Tax rate (%) -19.6 -24.6 -21.2
Gross margin (%) 17.2 17.6 18.1
EBITDA margin (%) 10.9 11 11.3
EBITA margin (%) 7.1 7.9 8.6
EBIT margin (%) 7.1 7.9 8.6
Pretax margin (%) 5.9 7.2 8.4
Net margin (%) 4.8 5.4 6.6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 23.7 25.8 11.6
EBITDA growth (%) 2 26.9 15.2
EBIT growth (%) -8.2 40.7 20.9
Net profit growth (%) -11.6 42.1 35.9
EPS growth (%) -11.6 42.1 35.9
Profitability 2020 2021 2022
ROE (%) 26.1 34.6 36.6
ROE Adj (%) 25.8 35 36.6
ROCE (%) 19 30 31.4
ROCE Adj(%) 18.9 30.2 31.4
ROIC (%) 23.1 41.9 49.9
ROIC Adj (%) 22.9 42.2 49.9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 501 643 736
EBITDA Adj margin (%) 10.8 11 11.3
EBITA Adj 325 465 558
EBITA Adj margin (%) 7 8 8.6
EBIT Adj 325 465 558
EBIT Adj margin (%) 7 8 8.6
Pretax profit Adj 273 421 543
Net profit Adj 219 318 428
Net profit to shareholders Adj 219 318 428
Net Adj margin (%) 4.7 5.5 6.6
Sales 4635 5829 6506
COGS -3837 -4806 -5330
Gross profit 797 1023 1176
Other operating items -293 -384 -440
EBITDA 504 639 736
Depreciation on tangibles -136 -118 -134
Depreciation on intangibles 0 0 0
Depreciation and amortisation -176 -178 -178
Of which leasing depreciation -40 -42 -44
EO items 3 -3 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 461 603 686
EBITDA lease Adj margin (%) 9.9 10.3 10.6
Leasing payments -40 -40 -50
SEKm 2020 2021e 2022e
EBITDA 504 639 736
Net financial items -53 -44 -15
Paid tax -54 -103 -115
Non-cash items -21 0 0
Cash flow before change in WC 377 493 606
Change in WC 316 -98 -36
Operating cash flow 693 395 570
CAPEX tangible fixed assets -57 -99 -111
CAPEX intangible fixed assets -2 -6 -5
Acquisitions and disposals 12 -14 0
Free cash flow 646 276 454
Dividend paid -62 -109 -116
Share issues and buybacks 0 0 0
Other non cash items 76 1 0
Decrease in net IB debt 613 138 262
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 17 17
Indefinite intangible assets 0 0 0
Definite intangible assets 8 9 8
Tangible fixed assets 416 384 366
Other fixed assets 65 60 60
Fixed assets 579 559 547
Inventories 1014 1311 1470
Receivables 431 541 593
Other current assets 0 0 0
Cash and liquid assets 604 760 1048
Total assets 2628 3172 3658
Shareholders equity 806 1012 1324
Minority 0 0 0
Total equity 806 1012 1324
Long-term debt 351 349 349
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 5 5 5
Other long-term liabilities 1 2 2
Short-term debt 84 84 84
Accounts payable 1188 1498 1672
Other current liabilities 44 44 44
Total liabilities and equity 2628 3172 3658
Net IB debt -20 -150 -438
Net IB debt excl. pension debt -20 -150 -438
Capital invested 792 870 894
Working capital 213 311 347
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2287 3393 3393
Net IB debt Adj -20 -150 -438
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 2267 3244 2955
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 165.4 201 190.5
Capital invested turnover (%) 404.9 651.3 719.1
Capital employed turnover (%) 273.2 354.5 348.8
Inventories / sales (%) 24.9 20.8 21.1
Customer advances / sales (%) 0.9 0.8 0.7
Payables / sales (%) 22.7 24.1 24.1
Working capital / sales (%) 10.2 4.5 5.1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -2.5 -14.8 -33.1
Net debt / market cap (%) -1 -4.4 -12.9
Equity ratio (%) 30.7 31.9 36.2
Net IB debt adj. / equity (%) -2.5 -14.8 -33.1
Current ratio (%) 147 153.4 165.7
EBITDA / net interest (%) 1066.5 1905.1 4909.6
Net IB debt / EBITDA (%) -4 -23.4 -59.5
Interest cover (%) 694.6 1375.9 3722.9
Lease liability amortisation -40 -40 -50
Other intangible assets 8 9 9
Right-of-use asset 91 90 96
Total other fixed assets 65 60 60
Leasing liability 148 177 177
Total other long-term liabilities 6 7 7
Net IB debt excl. leasing -168 -327 -615
Net IB debt / EBITDA lease Adj (%) -36.5 -54.3 -89.6
SEKm 2020 2021e 2022e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 15.25 21.68 29.47
Dividend per share Adj 7.5 8 11
EPS Adj 15.05 21.9 29.47
BVPS 55.49 69.67 91.14
BVPS Adj 54.92 67.9 89.38
Net IB debt / share -1.4 -10.3 -30.1
Share price 133.1 233.5 233.5
Market cap. (m) 1934 3393 3393
Valuation 2020 2021 2022
P/E 10.3 10.8 7.9
EV/sales 0.49 0.56 0.45
EV/EBITDA 4.5 5.1 4
EV/EBITA 6.9 7 5.3
EV/EBIT 6.9 7 5.3
Dividend yield (%) 4.8 3.4 4.7
FCF yield (%) 28.2 8.1 13.4
P/BVPS 2.84 3.35 2.56
P/BVPS Adj 2.87 3.44 2.61
P/E Adj 10.5 10.7 7.9
EV/EBITDA Adj 4.5 5 4
EV/EBITA Adj 7 7 5.3
EV/EBIT Adj 7 7 5.3
EV/cap. employed 1.6 2 1.5
Investment ratios 2020 2021 2022
Capex / sales 1.3 1.8 1.8
Capex / depreciation 43.2 77.1 86.4
Capex tangibles / tangible fixed assets 13.7 25.8 30.2
Capex intangibles / definite intangibles 20.9 66.9 60.7
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 32.7 35.5 36.6
Lease adj. FCF yield (%) 26.5 7 11.9

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