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Cavotec

Cavotec

EURm 2019 2020e 2021e
Sales 198 209 221
Sales growth (%) 0,7 5,3 5,7
EBITDA 20 27 32
EBITDA margin (%) 10 13,1 14,4
EBIT adj 14 18 23
EBIT adj margin (%) 7,2 8,8 10,3
Pretax profit 11 16 21
EPS rep 0,09 0,13 0,16
EPS growth (%) 137,4 46,3 26,9
EPS adj 0,12 0,13 0,16
DPS 0 0 0
EV/EBITDA (x) 10,7 7,1 5,7
EV/EBIT adj (x) 14,9 10,6 8
P/E (x) 21 14,4 11,3
P/E adj (x) 14,9 14,4 11,3
EV/sales (x) 1,1 0,9 0,8
FCF yield (%) 6,6 12,7 10,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 2 0,8 0,3
EURm 2019 2020e 2021e
Sales 198 209 221
COGS 0 0 0
Gross profit 198 209 221
Other operating items -178 -182 -189
EBITDA 20 27 32
Depreciation on tangibles -5 -4 -4
Depreciation on intangibles 0 0 0
EBITA 11 18 23
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 11 18 23
Other financial items 2 0 0
Net financial items 0 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 11 16 21
Tax -3 -4 -6
Net profit 8 12 15
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 8 12 15
EPS 0,09 0,13 0,16
EPS Adj 0,12 0,13 0,16
Total extraordinary items after tax -3,4 0 0
Tax rate (%) -27,5 -27 -27
Gross margin (%) 100 100 100
EBITDA margin (%) 10 13,1 14,4
EBITA margin (%) 5,5 8,8 10,3
EBIT margin (%) 5,5 8,8 10,3
Pretax margin (%) 5,7 7,9 9,4
Net margin (%) 4,1 5,7 6,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 0,7 5,3 5,7
EBITDA growth (%) 315,5 37,6 16,2
EBIT growth (%) 178,8 68,3 23,5
Net profit growth (%) 144,4 46,2 26,9
EPS growth (%) 137,4 46,3 26,9
Profitability 2019 2020 2021
ROE (%) 7,9 10,5 11,9
ROE Adj (%) 11,1 10,5 11,9
ROCE (%) 8,3 10,6 12,1
ROCE Adj(%) 10,4 10,6 12,1
ROIC (%) 5 8,4 10,5
ROIC Adj (%) 6,5 8,4 10,5
Adj earnings numbers 2019 2020 2021
EBITDA Adj 23 27 32
EBITDA Adj margin (%) 11,7 13,1 14,4
EBITA Adj 14 18 23
EBITA Adj margin (%) 7,2 8,8 10,3
EBIT Adj 14 18 23
EBIT Adj margin (%) 7,2 8,8 10,3
Pretax profit Adj 15 16 21
Net profit Adj 12 12 15
Net profit to shareholders Adj 12 12 15
Net Adj margin (%) 5,8 5,7 6,9
EURm 2019 2020e 2021e
EBITDA 20 27 32
Net financial items 0 -2 -2
Paid tax -3 -4 -6
Non-cash items -9 -2 0
Cash flow before change in WC 8 19 24
Change in WC 6 7 -3
Operating cash flow 14 25 22
CAPEX tangible fixed assets -2 -2 -2
CAPEX intangible fixed assets -1 -1 -1
Acquisitions and disposals 0 0 0
Free cash flow 11 22 18
Dividend paid 0 0 0
Share issues and buybacks 19 0 0
Other non cash items -30 2 0
Decrease in net IB debt -9 17 13
Balance Sheet (EURm) 2019 2020 2021
Goodwill 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 7 5 3
Tangible fixed assets 20 21 21
Other fixed assets 18 18 18
Fixed assets 110 109 108
Inventories 44 39 41
Receivables 57 56 59
Other current assets 6 6 6
Cash and liquid assets 19 37 50
Total assets 235 247 264
Shareholders equity 108 120 135
Minority 0 0 0
Total equity 108 120 135
Long-term debt 18 36 36
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 9 9 9
Short-term debt 22 4 4
Accounts payable 28 30 32
Other current liabilities 28 26 26
Total liabilities and equity 211 230 235
Net IB debt 40 23 10
Net IB debt excl. pension debt 40 23 10
Capital invested 165 157 159
Working capital 55 48 51
EV breakdown 2019 2020 2021
Market cap. diluted (m) 172 172 172
Net IB debt Adj 40 23 10
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 212 195 182
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 85,2 86,6 86,4
Capital invested turnover (%) 124,9 129,7 139,5
Capital employed turnover (%) 123,6 120 117,6
Inventories / sales (%) 20,9 19,8 18,2
Customer advances / sales (%) 10,4 8,5 8
Payables / sales (%) 13,8 13,7 13,9
Working capital / sales (%) 29,2 24,7 22,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 37,3 19,2 7,5
Net debt / market cap (%) 33,6 13,4 5,9
Equity ratio (%) 46 48,7 51,3
Net IB debt adj. / equity (%) 37,3 19,2 7,5
Current ratio (%) 155 220,8 241,6
EBITDA / net interest (%) 1004,4 1365,8 1670,2
Net IB debt / EBITDA (%) 203,3 84,6 31,9
Interest cover (%) 553,5 920,8 1196,5
EURm 2019 2020e 2021e
Net IB debt / share 0,4 0,2 0,1
Share price 1,28 1,83 1,83
Market cap. (m) 120 172 172
Valuation 2019 2020 2021
P/E 21 14,4 11,3
EV/sales 1,07 0,93 0,83
EV/EBITDA 10,7 7,1 5,7
EV/EBITA 19,4 10,6 8
EV/EBIT 19,4 10,6 8
Dividend yield (%) 0 0 0
FCF yield (%) 6,6 12,7 10,5
P/BVPS 1,59 1,43 1,27
P/BVPS Adj 3,04 2,45 1,98
P/E Adj 14,9 14,4 11,3
EV/EBITDA Adj 9,2 7,1 5,7
EV/EBITA Adj 14,9 10,6 8
EV/EBIT Adj 14,9 10,6 8
EV/cap. employed 1,3 1,1 0,9
Investment ratios 2019 2020 2021
Capex / sales 1,3 1,6 1,6
Capex / depreciation 56,7 75,9 80,3
Capex tangibles / tangible fixed assets 8,9 11,2 11,4
Capex intangibles / definite intangibles 12,2 21,3 33,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22,8 21,4 20,7
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS 0,09 0,13 0,16
Dividend per share Adj 0 0 0
EPS Adj 0,12 0,13 0,16
BVPS 1,15 1,28 1,44
BVPS Adj 0,6 0,75 0,93

Key Figure Counter

<p><span>It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

11,4

EV/EBIT

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<p>EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.</span></p>

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7,9

EV/Sales

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<p><span>EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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0,8

P/BVPS

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<div class="inner"> <p>P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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1,3