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Cavotec

EURm 2018 2019e 2020e
Sales 197 192 203
Sales growth (%) -7,3 -2,3 5,4
EBITDA -9 15 25
EBITDA margin (%) -4,7 8 12,3
EBIT adj 5 9 16
EBIT adj margin (%) 2,6 4,5 7,9
Pretax profit -15 5 14
EPS rep -0,23 0,04 0,11
EPS growth (%) 42 116,7 172
EPS adj 0,01 0,06 0,11
DPS 0 0 0
EV/EBITDA (x) -14,5 8,5 4,9
EV/EBIT adj (x) 25,8 15,2 7,7
P/E (x) -5,5 28,4 10,4
P/E adj (x) 164,1 18,4 10,4
EV/sales (x) 0,7 0,7 0,6
FCF yield (%) -7,6 26 11,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -3,4 1,7 0,7
EURm 2018 2019e 2020e
Sales 197 192 203
COGS 0 0 0
Gross profit 197 192 203
Other operating items -206 -177 -178
EBITDA -9 15 25
Depreciation on tangibles -5 -9 -9
Depreciation on intangibles 0 0 0
EBITA -14 7 16
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -14 7 16
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -15 5 14
Tax -3 -1 -4
Net profit -18 4 10
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -18 4 10
EPS -0,23 0,04 0,11
EPS Adj 0,01 0,06 0,11
Total extraordinary items after tax -19,1 -2 0
Tax rate (%) 20,3 -19,5 -28
Gross margin (%) 100 100 100
EBITDA margin (%) -4,7 8 12,3
EBITA margin (%) -7 3,4 7,9
EBIT margin (%) -7 3,4 7,9
Pretax margin (%) -7,8 2,4 6,8
Net margin (%) -9,4 1,9 4,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -7,3 -2,3 5,4
EBITDA growth (%) 26,8 266,8 62
EBIT growth (%) 22,8 147,3 143,6
Net profit growth (%) 41,5 119,9 172
EPS growth (%) 42 116,7 172
Profitability 2018 2019 2020
ROE (%) -18 3,6 9,2
ROE Adj (%) 0,6 5,6 9,2
ROCE (%) -10,5 5 12,3
ROCE Adj(%) 4,4 6,6 12,3
ROIC (%) -13,3 4 9
ROIC Adj (%) 5 5,3 9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 10 17 25
EBITDA Adj margin (%) 5 9 12,3
EBITA Adj 5 9 16
EBITA Adj margin (%) 2,6 4,5 7,9
EBIT Adj 5 9 16
EBIT Adj margin (%) 2,6 4,5 7,9
Pretax profit Adj 4 7 14
Net profit Adj 1 6 10
Net profit to shareholders Adj 1 6 10
Net Adj margin (%) 0,3 3 4,9
EURm 2018 2019e 2020e
EBITDA -9 15 25
Net financial items -1 -2 -2
Paid tax -3 -1 -4
Non-cash items 30 -4 -2
Cash flow before change in WC 16 8 17
Change in WC -15 23 -1
Operating cash flow 1 31 16
CAPEX tangible fixed assets -7 -2 -2
CAPEX intangible fixed assets -2 -2 -1
Acquisitions and disposals 0 0 0
Free cash flow -8 27 12
Dividend paid -1 0 0
Share issues and buybacks 0 0 0
Other non cash items -3 -21 -4
Decrease in net IB debt -12 6 8
Balance Sheet (EURm) 2018 2019 2020
Goodwill 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 8 7 6
Tangible fixed assets 20 37 38
Other fixed assets 18 18 18
Fixed assets 92 108 107
Inventories 39 37 38
Receivables 72 52 54
Other current assets 6 6 6
Cash and liquid assets 21 44 52
Total assets 230 247 256
Shareholders equity 100 104 114
Minority 0 0 0
Total equity 100 104 114
Long-term debt 49 66 66
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 4 4 4
Accounts payable 27 27 29
Other current liabilities 38 34 32
Total liabilities and equity 244 211 230
Net IB debt 32 26 18
Net IB debt excl. pension debt 32 26 18
Capital invested 134 128 128
Working capital 61 38 40
EV breakdown 2018 2019 2020
Market cap. diluted (m) 102 104 104
Net IB debt Adj 32 26 18
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 134 130 122
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 89,4 80,7 80,7
Capital invested turnover (%) 156,6 146,9 158,6
Capital employed turnover (%) 153,9 147,5 155,5
Inventories / sales (%) 19,4 19,8 18,3
Customer advances / sales (%) 8,4 12,2 11,6
Payables / sales (%) 15,4 14 13,7
Working capital / sales (%) 27,1 25,7 19,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 31,7 24,6 15,8
Net debt / market cap (%) 18,5 24,5 17,2
Equity ratio (%) 43,5 42,1 44,4
Net IB debt adj. / equity (%) 31,7 24,6 15,8
Current ratio (%) 198,1 211,9 229,4
EBITDA / net interest (%) -491,3 768,4 1185,5
Net IB debt / EBITDA (%) -343,9 166,4 72,2
Interest cover (%) -740,5 328,4 761,7
EURm 2018 2019e 2020e
Net IB debt / share 0,4 0,3 0,2
Share price 2,17 1,11 1,11
Market cap. (m) 172 104 104
Valuation 2018 2019 2020
P/E -5,5 28,4 10,4
EV/sales 0,68 0,68 0,6
EV/EBITDA -14,5 8,5 4,9
EV/EBITA -9,6 19,8 7,7
EV/EBIT -9,6 19,8 7,7
Dividend yield (%) 0 0 0
FCF yield (%) -7,6 26 11,2
P/BVPS 1,02 1,01 0,92
P/BVPS Adj 2,19 2,03 1,67
P/E Adj 164,1 18,4 10,4
EV/EBITDA Adj 13,6 7,5 4,9
EV/EBITA Adj 25,8 15,2 7,7
EV/EBIT Adj 25,8 15,2 7,7
EV/cap. employed 1 1 0,9
Investment ratios 2018 2019 2020
Capex / sales 4,7 2 1,9
Capex / depreciation 197,9 43,7 43,3
Capex tangibles / tangible fixed assets 37,2 6,2 6,5
Capex intangibles / definite intangibles 21,2 21,1 23,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 23,3 23,6 23,7
Shares outstanding adj. 79 94 94
Fully diluted shares Adj 79 94 94
EPS -0,23 0,04 0,11
Dividend per share Adj 0 0 0
EPS Adj 0,01 0,06 0,11
BVPS 1,26 1,1 1,21
BVPS Adj 0,59 0,54 0,66

Key Figure Counter

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.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

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. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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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 total cash and cash equivalents. 

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.

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EV/Sales

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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 total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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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.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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