Coverage

Ferronordic

Ferronordic

Leading dealerships of construction equipment with strong aftermarket offerings

SEKm 2020 2021e 2022e
Sales 4635 5287 6044
Sales growth (%) 23.7 14.1 14.3
EBITDA 504 560 697
EBITDA margin (%) 10.9 10.6 11.5
EBIT adj 325 400 519
EBIT adj margin (%) 7 7.6 8.6
Pretax profit 276 362 504
EPS rep 15.25 19.63 27.31
EPS growth (%) -11.6 28.7 39.1
EPS adj 15.05 19.63 27.31
DPS 7.5 8 11
EV/EBITDA (x) 4.5 5.2 3.8
EV/EBIT adj (x) 7 7.2 5.1
P/E (x) 10.3 10.7 7.7
P/E adj (x) 10.5 10.7 7.7
EV/sales (x) 0.5 0.5 0.4
FCF yield (%) 28.2 9.3 14
Dividend yield (%) 4.8 3.8 5.2
Net IB debt/EBITDA 0 -0.3 -0.6
N/A N/A N/A
Lease adj. FCF yield (%) 26.5 8 12.4
Lease adj. ND/EBITDA -0.4 -0.6 -0.9
SEKm 2020 2021e 2022e
EBITA 328 400 519
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 328 400 519
Other financial items -5 -4 0
Net financial items -53 -38 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 276 362 504
Tax -54 -77 -107
Net profit 222 285 397
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 222 285 397
EPS 15.25 19.63 27.31
EPS Adj 15.05 19.63 27.31
Total extraordinary items after tax 3 0 0
Tax rate (%) -19.6 -21.2 -21.2
Gross margin (%) 17.2 17.2 18.3
EBITDA margin (%) 10.9 10.6 11.5
EBITA margin (%) 7.1 7.6 8.6
EBIT margin (%) 7.1 7.6 8.6
Pretax margin (%) 5.9 6.8 8.3
Net margin (%) 4.8 5.4 6.6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 23.7 14.1 14.3
EBITDA growth (%) 2 11.1 24.4
EBIT growth (%) -8.2 21.9 29.7
Net profit growth (%) -11.6 28.7 39.1
EPS growth (%) -11.6 28.7 39.1
Profitability 2020 2021 2022
ROE (%) 26.1 31.9 35.3
ROE Adj (%) 25.8 31.9 35.3
ROCE (%) 19 26.6 29.9
ROCE Adj(%) 18.9 26.6 29.9
ROIC (%) 23.1 38.8 48.6
ROIC Adj (%) 22.9 38.8 48.6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 501 560 697
EBITDA Adj margin (%) 10.8 10.6 11.5
EBITA Adj 325 400 519
EBITA Adj margin (%) 7 7.6 8.6
EBIT Adj 325 400 519
EBIT Adj margin (%) 7 7.6 8.6
Pretax profit Adj 273 362 504
Net profit Adj 219 285 397
Net profit to shareholders Adj 219 285 397
Net Adj margin (%) 4.7 5.4 6.6
Sales 4635 5287 6044
COGS -3837 -4379 -4940
Gross profit 797 907 1105
Other operating items -293 -347 -408
EBITDA 504 560 697
Depreciation on tangibles -136 -118 -134
Depreciation on intangibles 0 0 0
N/A N/A N/A
Depreciation and amortisation -176 -160 -178
Of which leasing depreciation -40 -42 -44
EO items 3 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 461 520 647
EBITDA lease Adj margin (%) 9.9 9.8 10.7
SEKm 2020 2021e 2022e
EBITDA 504 560 697
Net financial items -53 -38 -15
Paid tax -54 -77 -107
Non-cash items -21 0 0
Cash flow before change in WC 377 445 575
Change in WC 316 -69 -39
Operating cash flow 693 377 536
CAPEX tangible fixed assets -57 -90 -103
CAPEX intangible fixed assets -2 -5 -5
Acquisitions and disposals 12 3 0
Free cash flow 646 285 428
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 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 8 9 8
Tangible fixed assets 416 392 366
Other fixed assets 65 60 60
Fixed assets 579 550 529
Inventories 1014 1189 1366
Receivables 431 495 552
Other current assets 0 0 0
Cash and liquid assets 604 768 1030
Total assets 2628 3002 3478
Shareholders equity 806 983 1263
Minority 0 0 0
Total equity 806 983 1263
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 1359 1553
Other current liabilities 44 44 44
Total liabilities and equity 2628 3002 3478
Net IB debt -20 -158 -420
Net IB debt excl. pension debt -20 -158 -420
Capital invested 792 831 850
Working capital 213 281 320
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2287 3052 3052
Net IB debt Adj -20 -158 -420
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 2893 2631
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 165.4 187.8 186.5
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 4.7 5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -2.5 -16.1 -33.3
Net debt / market cap (%) -1 -5.2 -13.8
Equity ratio (%) 30.7 32.7 36.3
Net IB debt adj. / equity (%) -2.5 -16.1 -33.3
Current ratio (%) 147 156.8 167.6
EBITDA / net interest (%) 1066.5 1647 4644.1
Net IB debt / EBITDA (%) -4 -28.3 -60.3
Interest cover (%) 694.6 1176.4 3457.5
N/A N/A N/A
Lease liability amortisation -40 -40 -50
Other intangible assets 8 9 8
Right-of-use asset 91 89 95
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 -336 -598
Net IB debt / EBITDA lease Adj (%) -36.5 -64.6 -92.4
SEKm 2020 2021e 2022e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 15.25 19.63 27.31
Dividend per share Adj 7.5 8 11
EPS Adj 15.05 19.63 27.31
BVPS 55.49 67.62 86.93
BVPS Adj 54.92 67.02 86.36
Net IB debt / share -1.4 -10.9 -28.9
Share price 133.1 210 210
Market cap. (m) 1934 3052 3052
Valuation 2020 2021 2022
P/E 10.3 10.7 7.7
EV/sales 0.49 0.55 0.44
EV/EBITDA 4.5 5.2 3.8
EV/EBITA 6.9 7.2 5.1
EV/EBIT 6.9 7.2 5.1
Dividend yield (%) 4.8 3.8 5.2
FCF yield (%) 28.2 9.3 14
P/BVPS 2.84 3.11 2.42
P/BVPS Adj 2.87 3.13 2.43
P/E Adj 10.5 10.7 7.7
EV/EBITDA Adj 4.5 5.2 3.8
EV/EBITA Adj 7 7.2 5.1
EV/EBIT Adj 7 7.2 5.1
EV/cap. employed 1.6 1.8 1.4
Investment ratios 2020 2021 2022
Capex / sales 1.3 1.8 1.8
Capex / depreciation 43.2 80.6 80.3
Capex tangibles / tangible fixed assets 13.7 22.9 28.1
Capex intangibles / definite intangibles 20.9 60.8 59
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 32.7 30.1 36.6
N/A N/A N/A
Lease adj. FCF yield (%) 26.5 8 12.4

No valution for the company

Equity Research

Previous equity research