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Cavotec

Cavotec

International engineering group

Cavotec is an international engineering group that designs and manufactures systems within power transmission and distribution, remote controlling and automation for end markets such as ports, maritime, airports, mining and tunnelling. Its Ports & Maritime segment provides systems such as automated mooring, motorised cable reels, shore power connection systems. The Airports & Industry segment offers ground-support equipment (GSE) for aircraft at airports such as power and pre-conditioned air (PCA), while also providing motorised cable reels and radio remote controls (RRC) for mining and general industry.

Cavotec’s product offering enables substantial efficiency improvements in terms of both cost and environmental savings, such as the automated mooring system that greatly reduces mooring time and space for ships in ports. Its ground-support equipment for aircraft greatly reduces the need for fossil-fuel-generated operations by the aircraft themselves. Should sales efforts and penetration of Cavotec’s end markets prove successful, above-market growth is likely. Cavotec is undergoing a large internal transformation project, which, if successful, will significantly improve the company’s profitability and growth prospects.

Cavotec has recently undergone a significant turnaround, but due to external factors, we are yet to see a significant return to growth. Risks that could hold back growth further include a weaker economic cycle, competition from larger conglomerates and postponed decision-making by customers.

EURm 2020 2021e 2022e
Sales 158 192 215
Sales growth (%) -19,2 20,9 12,3
EBITDA 9 24 28
EBITDA margin (%) 5,4 12,4 13,2
EBIT adj 5 18 24
EBIT adj margin (%) 3,4 9,5 11
Pretax profit -3 17 22
EPS rep -0,04 0,13 0,17
EPS growth (%) -153,3 395,1 32,7
EPS adj -0,02 0,13 0,17
DPS 0 0 0
EV/EBITDA (x) 25,1 8,2 6,3
EV/EBIT adj (x) 40,2 10,6 7,6
P/E (x) -49,8 15,3 11,6
P/E adj (x) -92,8 15,3 11,6
EV/sales (x) 1,4 1 0,8
FCF yield (%) 7,6 4,8 9,7
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,9 0,5 0
N/A N/A N/A
EURm 2020 2021e 2022e
Sales 158 192 215
COGS 0 0 0
Gross profit 158 192 215
Other operating items -150 -168 -187
EBITDA 9 24 28
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA 4 18 24
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 4 18 24
Other financial items -5 0 0
Net financial items -7 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -3 17 22
Tax -1 -5 -7
Net profit -4 12 16
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 12 16
EPS -0,04 0,13 0,17
EPS Adj -0,02 0,13 0,17
Total extraordinary items after tax -1,9 0 0
Tax rate (%) 25,6 -30 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 5,4 12,4 13,2
EBITA margin (%) 2,2 9,5 11
EBIT margin (%) 2,2 9,5 11
Pretax margin (%) -2 8,8 10,4
Net margin (%) -2,5 6,2 7,3
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19,2 20,9 12,3
EBITDA growth (%) -49,7 175,4 19,8
EBIT growth (%) -71,5 421,1 29,7
Net profit growth (%) -153,1 395,9 32,7
EPS growth (%) -153,3 395,1 32,7
Profitability 2020 2021 2022
ROE (%) -3,7 10,6 12,5
ROE Adj (%) -2 10,6 12,5
ROCE (%) -1,1 12,4 14,7
ROCE Adj(%) 0,2 12,4 14,7
ROIC (%) 3,2 9,4 11,8
ROIC Adj (%) 4,9 9,4 11,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 10 24 28
EBITDA Adj margin (%) 6,6 12,4 13,2
EBITA Adj 5 18 24
EBITA Adj margin (%) 3,4 9,5 11
EBIT Adj 5 18 24
EBIT Adj margin (%) 3,4 9,5 11
Pretax profit Adj -1 17 22
Net profit Adj -2 12 16
Net profit to shareholders Adj -2 12 16
Net Adj margin (%) -1,3 6,2 7,3
N/A N/A N/A
EURm 2020 2021e 2022e
EBITDA 9 24 28
Net financial items -7 -1 -1
Paid tax -1 -5 -7
Non-cash items 7 1 6
Cash flow before change in WC 8 18 26
Change in WC 7 -7 -6
Operating cash flow 16 11 20
CAPEX tangible fixed assets 0 -1 -2
CAPEX intangible fixed assets -2 -2 -1
Acquisitions and disposals 2 0 0
Free cash flow 15 9 18
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 2 3 0
Decrease in net IB debt 8 4 13
Balance Sheet (EURm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 52 51 51
Tangible fixed assets 15 13 11
Other fixed assets 17 17 17
Fixed assets 103 100 97
Inventories 38 44 49
Receivables 37 45 49
Other current assets 3 3 3
Cash and liquid assets 19 23 37
Total assets 201 215 236
Shareholders equity 106 118 133
Minority 0 0 0
Total equity 106 118 133
Long-term debt 13 13 13
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 2 2 2
Other long-term liabilities 8 8 8
Short-term debt 4 4 4
Accounts payable 24 31 35
Other current liabilities 25 22 22
Total liabilities and equity 201 215 236
Net IB debt 16 12 -1
Net IB debt excl. pension debt 16 12 -1
Capital invested 132 140 142
Working capital 29 40 45
EV breakdown 2020 2021 2022
Market cap. diluted (m) 199 181 181
Net IB debt Adj 16 12 -1
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 216 193 180
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 77 92,1 95,4
Capital invested turnover (%) 114,7 140,8 152,6
Capital employed turnover (%) 110,4 130 133,6
Inventories / sales (%) 24,2 21,4 21,7
Customer advances / sales (%) 12,6 10,6 9,5
Payables / sales (%) 15,7 14,3 15,3
Working capital / sales (%) 20,6 18,1 19,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 15,4 10,2 -0,8
Net debt / market cap (%) 9,7 6,6 -0,6
Equity ratio (%) 52,8 54,7 56,7
Net IB debt adj. / equity (%) 15,4 10,2 -0,8
Current ratio (%) 172,2 193,5 216,1
EBITDA / net interest (%) 543,2 1691,3 2182,2
Net IB debt / EBITDA (%) 189,8 50,6 -4
Interest cover (%) 221,5 1305,1 1822,7
N/A N/A N/A
EURm 2020 2021e 2022e
Net IB debt / share 0,2 0,1 0
Share price 1,79 1,92 1,92
Market cap. (m) 169 181 181
Valuation 2020 2021 2022
P/E -49,8 15,3 11,6
EV/sales 1,36 1,01 0,84
EV/EBITDA 25,1 8,2 6,3
EV/EBITA 61,5 10,6 7,6
EV/EBIT 61,5 10,6 7,6
Dividend yield (%) 0 0 0
FCF yield (%) 7,6 4,8 9,7
P/BVPS 1,88 1,54 1,36
P/BVPS Adj 3,68 2,73 2,19
P/E Adj -92,8 15,3 11,6
EV/EBITDA Adj 20,6 8,2 6,3
EV/EBITA Adj 40,2 10,6 7,6
EV/EBIT Adj 40,2 10,6 7,6
EV/cap. employed 1,5 1,3 1,1
Investment ratios 2020 2021 2022
Capex / sales 1,5 1,4 1,3
Capex / depreciation 326,5 266,3 3832,2
Capex tangibles / tangible fixed assets 2,9 9 14
Capex intangibles / definite intangibles 3,7 3 2,6
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 4,8 7,8 0,7
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0,04 0,13 0,17
Dividend per share Adj 0 0 0
EPS Adj -0,02 0,13 0,17
BVPS 1,12 1,25 1,42
BVPS Adj 0,58 0,71 0,88
N/A N/A N/A

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 36.2 % 36.2 % 31 Jan 2021
Fjärde AP-fonden 9.8 % 9.8 % 31 Jan 2021
Lannebo Fonder 8.6 % 8.6 % 31 Jan 2021
Fabio Cannavale 8.4 % 8.4 % 31 Jan 2021
Nordea Fonder 3.6 % 3.6 % 31 Jan 2021
Lancelot Asset Management AB 2.7 % 2.7 % 31 Jan 2021
Fondita Fonder 2.6 % 2.6 % 31 Jan 2021
Emma Jeppson 2.3 % 2.3 % 31 Mar 2020
Brevetti Stendalto 1.8 % 1.8 % 30 Sep 2020
PRI Pensionsgaranti 1.6 % 1.6 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Cavotec

Name Quantity Code Date
Erik Harald Lautmann + 12 000 BUY 15 Feb 2021
Erik Harald Lautmann - 12 000 SELL 15 Feb 2021
Erik Harald Lautmann + 10 000 BUY 1 Sep 2020
Patrick Mares + 1 000 BUY 19 Mar 2020
Martin Riegger + 10 000 BUY 18 Mar 2020
Patrick Mares + 1 000 BUY 17 Mar 2020
Patrick Mares + 1 000 BUY 12 Mar 2020
Patrick Mares + 1 000 BUY 10 Mar 2020
Patrick Mares + 2 000 BUY 6 Mar 2020
Patrick Mares + 1 000 BUY 5 Mar 2020

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