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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
Lease adj. FCF yield (%) 5,5 1,2 3,5
Lease adj. ND/EBITDA -0,2 -0,7 -0,5
Sales 158 150 208
Sales growth (%) -19,2 -5,4 38,8
EBITDA 14 12 30
EBITDA margin (%) 8,5 7,9 14,7
EBIT adj 5 3 20
EBIT adj margin (%) 3,4 1,7 9,8
Pretax profit -3 3 20
EPS rep -0,04 0,02 0,15
EPS growth (%) -153,3 154,4 532,6
EPS adj -0,02 0,02 0,15
DPS 0 0 0
EV/EBITDA (x) 15,9 19,1 7,2
EV/EBIT adj (x) 40,2 87 10,9
P/E (x) -49,8 98,2 15,5
P/E adj (x) -92,8 98,2 15,5
EV/sales (x) 1,4 1,5 1,1
FCF yield (%) 7,6 3,2 5,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,2 1,2 0,2
EURm 2020 2021e 2022e
Depreciation and amortisation -10 -9 -10
Of which leasing depreciation -4 -4 -5
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 11 8 26
EBITDA lease Adj margin (%) 7 5,1 12,5
Sales 158 150 208
COGS 0 0 0
Gross profit 158 150 208
Other operating items -145 -138 -178
EBITDA 14 12 30
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA 4 3 20
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 4 3 20
Other financial items -5 0 0
Net financial items -7 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -3 3 20
Tax -1 -1 -6
Net profit -4 2 14
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 2 14
EPS -0,04 0,02 0,15
EPS Adj -0,02 0,02 0,15
Total extraordinary items after tax -1,9 0 0
Tax rate (%) 25,6 -29,5 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 8,5 7,9 14,7
EBITA margin (%) 2,2 1,7 9,8
EBIT margin (%) 2,2 1,7 9,8
Pretax margin (%) -2 2,1 9,5
Net margin (%) -2,5 1,5 6,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19,2 -5,4 38,8
EBITDA growth (%) -37 -12 156,2
EBIT growth (%) -71,5 -25,3 674,5
Net profit growth (%) -153,1 154,7 531,5
EPS growth (%) -153,3 154,4 532,6
Profitability 2020 2021 2022
ROE (%) -3,7 2 12
ROE Adj (%) -2 2 12
ROCE (%) -1,1 3,2 13,5
ROCE Adj(%) 0,2 3,2 13,5
ROIC (%) 3,2 1,4 10,5
ROIC Adj (%) 4,9 1,4 10,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 15 12 30
EBITDA Adj margin (%) 9,7 7,9 14,7
EBITA Adj 5 3 20
EBITA Adj margin (%) 3,4 1,7 9,8
EBIT Adj 5 3 20
EBIT Adj margin (%) 3,4 1,7 9,8
Pretax profit Adj -1 3 20
Net profit Adj -2 2 14
Net profit to shareholders Adj -2 2 14
Net Adj margin (%) -1,3 1,5 6,6
Leasing payments -4 -4 -5
EURm 2020 2021e 2022e
Lease liability amortisation -4 -4 -4
Other intangible assets 7 6 6
Right-of-use asset 19 19 19
Total other fixed assets 17 17 17
Leasing liability 19 19 19
Total other long-term liabilities 10 10 10
Net IB debt excl. leasing -3 -5 -13
Net IB debt / EBITDA lease Adj (%) -22,8 -65,1 -48,2
EBITDA 14 12 30
Net financial items -7 0 -1
Paid tax -1 -1 -6
Non-cash items 2 -3 0
Cash flow before change in WC 8 8 24
Change in WC 7 1 -8
Operating cash flow 16 9 16
CAPEX tangible fixed assets 0 -1 -2
CAPEX intangible fixed assets -2 -1 -2
Acquisitions and disposals 2 0 0
Free cash flow 15 7 12
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 45 45 45
Indefinite intangible assets 0 0 0
Definite intangible assets 52 51 51
Tangible fixed assets 15 13 12
Other fixed assets 17 17 17
Fixed assets 103 101 99
Inventories 38 37 48
Receivables 37 38 49
Other current assets 3 3 3
Cash and liquid assets 19 22 29
Total assets 201 201 228
Shareholders equity 106 108 122
Minority 0 0 0
Total equity 106 108 122
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 26 40
Other current liabilities 25 22 22
Total liabilities and equity 201 201 228
Net IB debt 16 14 6
Net IB debt excl. pension debt 16 14 6
Capital invested 132 132 138
Working capital 29 31 39
EV breakdown 2020 2021 2022
Market cap. diluted (m) 199 214 214
Net IB debt Adj 16 14 6
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 216 228 220
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 77 74,6 96,9
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 20,3 17
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 15,4 12,8 5,2
Net debt / market cap (%) 9,7 6,5 2,9
Equity ratio (%) 52,8 53,8 53,4
Net IB debt adj. / equity (%) 15,4 12,8 5,2
Current ratio (%) 172,2 182,9 188,7
EBITDA / net interest (%) 854,3 805,6 5081,2
Net IB debt / EBITDA (%) 120,7 116,4 20,7
Interest cover (%) 221,5 177,3 3381,2
EURm 2020 2021e 2022e
Lease adj. FCF yield (%) 5,5 1,2 3,5
Net IB debt / share 0,2 0,1 0,1
Share price 1,79 2,27 2,27
Market cap. (m) 169 214 214
Valuation 2020 2021 2022
P/E -49,8 98,2 15,5
EV/sales 1,36 1,52 1,06
EV/EBITDA 15,9 19,1 7,2
EV/EBITA 61,5 87 10,9
EV/EBIT 61,5 87 10,9
Dividend yield (%) 0 0 0
FCF yield (%) 7,6 3,2 5,6
P/BVPS 1,88 1,98 1,76
P/BVPS Adj 3,68 3,77 3,02
P/E Adj -92,8 98,2 15,5
EV/EBITDA Adj 14 19,1 7,2
EV/EBITA Adj 40,2 87 10,9
EV/EBIT Adj 40,2 87 10,9
EV/cap. employed 1,5 1,6 1,4
Investment ratios 2020 2021 2022
Capex / sales 1,5 1,8 2
Capex / depreciation 42 53,7 73
Capex tangibles / tangible fixed assets 2,9 9 20,5
Capex intangibles / definite intangibles 28,5 23,3 27,4
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 37 37,7 46,9
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0,04 0,02 0,15
Dividend per share Adj 0 0 0
EPS Adj -0,02 0,02 0,15
BVPS 1,12 1,15 1,29
BVPS Adj 0,58 0,6 0,75

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 36.2 % 36.2 % 30 Jun 2021
Fjärde AP-fonden 9.8 % 9.8 % 31 May 2021
Lannebo Fonder 8.6 % 8.6 % 31 May 2021
Fabio Cannavale 8.4 % 8.4 % 30 Apr 2021
Nordea Fonder 4.5 % 4.5 % 31 Aug 2021
SEB Fonder 3.7 % 3.7 % 30 Sep 2021
Lancelot Asset Management AB 2.9 % 2.9 % 30 Apr 2021
Fondita Fonder 2.6 % 2.6 % 31 Jul 2021
Emma Jeppson 2.3 % 2.3 % 31 Mar 2020
Brevetti Stendalto 1.8 % 1.8 % 30 Sep 2020
Source: Holdings by Modular Finance AB

Insider list - Cavotec

Name Quantity Code Date
Juergen Strommer - 3 616 SELL 30 Jul 2021
Juergen Strommer - 3 994 SELL 30 Jul 2021
Juergen Strommer - 1 676 SELL 30 Jul 2021
Juergen Strommer - 2 784 SELL 30 Jul 2021
Juergen Strommer - 824 SELL 30 Jul 2021
Juergen Strommer - 2 535 SELL 30 Jul 2021
Juergen Strommer - 695 SELL 30 Jul 2021
Juergen Strommer - 2 500 SELL 30 Jul 2021
Juergen Strommer - 10 000 SELL 9 Jun 2021
Juergen Strommer - 10 000 SELL 8 Jun 2021

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