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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 2,4 4,3
Lease adj. ND/EBITDA -0,2 -0,5 -0,6
Sales 158 176 219
Sales growth (%) -19,2 11,3 24,3
EBITDA 14 22 35
EBITDA margin (%) 8,5 12,3 16
EBIT adj 5 12 25
EBIT adj margin (%) 3,4 7 11,4
Pretax profit -3 13 24
EPS rep -0,04 0,1 0,18
EPS growth (%) -153,3 337,5 79,5
EPS adj -0,02 0,1 0,18
DPS 0 0 0
EV/EBITDA (x) 15,9 11,7 6,9
EV/EBIT adj (x) 40,2 20,7 9,8
P/E (x) -49,8 25,7 14,3
P/E adj (x) -92,8 25,7 14,3
EV/sales (x) 1,4 1,4 1,1
FCF yield (%) 7,6 4,2 6,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 1,2 0,5 0
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 17 31
EBITDA lease Adj margin (%) 7 9,8 14
Sales 158 176 219
COGS 0 0 0
Gross profit 158 176 219
Other operating items -145 -155 -184
EBITDA 14 22 35
Depreciation on tangibles -1 -1 0
Depreciation on intangibles 0 0 0
EBITA 4 12 25
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 4 12 25
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 13 24
Tax -1 -4 -7
Net profit -4 10 17
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -4 10 17
EPS -0,04 0,1 0,18
EPS Adj -0,02 0,1 0,18
Total extraordinary items after tax -1,9 0 0
Tax rate (%) 25,6 -29,6 -30
Gross margin (%) 100 100 100
EBITDA margin (%) 8,5 12,3 16
EBITA margin (%) 2,2 7 11,4
EBIT margin (%) 2,2 7 11,4
Pretax margin (%) -2 7,7 11,1
Net margin (%) -2,5 5,4 7,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -19,2 11,3 24,3
EBITDA growth (%) -37 60,2 62,4
EBIT growth (%) -71,5 251,2 102,9
Net profit growth (%) -153,1 338,2 79,5
EPS growth (%) -153,3 337,5 79,5
Profitability 2020 2021 2022
ROE (%) -3,7 8,6 13,8
ROE Adj (%) -2 8,6 13,8
ROCE (%) -1,1 10,2 15,7
ROCE Adj(%) 0,2 10,2 15,7
ROIC (%) 3,2 6,5 12,6
ROIC Adj (%) 4,9 6,5 12,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 15 22 35
EBITDA Adj margin (%) 9,7 12,3 16
EBITA Adj 5 12 25
EBITA Adj margin (%) 3,4 7 11,4
EBIT Adj 5 12 25
EBIT Adj margin (%) 3,4 7 11,4
Pretax profit Adj -1 13 24
Net profit Adj -2 10 17
Net profit to shareholders Adj -2 10 17
Net Adj margin (%) -1,3 5,4 7,8
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 -8 -19
Net IB debt / EBITDA lease Adj (%) -22,8 -48 -61,6
EBITDA 14 22 35
Net financial items -7 1 -1
Paid tax -1 -4 -7
Non-cash items 2 -3 0
Cash flow before change in WC 8 15 27
Change in WC 7 -2 -8
Operating cash flow 16 14 19
CAPEX tangible fixed assets 0 -2 -3
CAPEX intangible fixed assets -2 -1 -2
Acquisitions and disposals 2 0 0
Free cash flow 15 10 15
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 14 13
Other fixed assets 17 17 17
Fixed assets 103 101 100
Inventories 38 41 50
Receivables 37 43 51
Other current assets 3 3 3
Cash and liquid assets 19 25 36
Total assets 201 213 240
Shareholders equity 106 115 133
Minority 0 0 0
Total equity 106 115 133
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 30 41
Other current liabilities 25 22 22
Total liabilities and equity 201 213 240
Net IB debt 16 10 0
Net IB debt excl. pension debt 16 10 0
Capital invested 132 136 142
Working capital 29 35 43
EV breakdown 2020 2021 2022
Market cap. diluted (m) 199 244 244
Net IB debt Adj 16 10 0
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 216 254 244
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 77 85,3 96,8
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 18,2 17,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 15,4 9,1 -0,1
Net debt / market cap (%) 9,7 4,3 0
Equity ratio (%) 52,8 54,3 55,2
Net IB debt adj. / equity (%) 15,4 9,1 -0,1
Current ratio (%) 172,2 187,6 201,6
EBITDA / net interest (%) 854,3 1510,9 5862,8
Net IB debt / EBITDA (%) 120,7 48,4 -0,2
Interest cover (%) 221,5 858,6 4162,8
EURm 2020 2021e 2022e
Lease adj. FCF yield (%) 5,5 2,4 4,3
Net IB debt / share 0,2 0,1 0
Share price 1,79 2,59 2,59
Market cap. (m) 169 244 244
Valuation 2020 2021 2022
P/E -49,8 25,7 14,3
EV/sales 1,36 1,44 1,11
EV/EBITDA 15,9 11,7 6,9
EV/EBITA 61,5 20,7 9,8
EV/EBIT 61,5 20,7 9,8
Dividend yield (%) 0 0 0
FCF yield (%) 7,6 4,2 6,1
P/BVPS 1,88 2,11 1,84
P/BVPS Adj 3,68 3,8 2,98
P/E Adj -92,8 25,7 14,3
EV/EBITDA Adj 14 11,7 6,9
EV/EBITA Adj 40,2 20,7 9,8
EV/EBIT Adj 40,2 20,7 9,8
EV/cap. employed 1,5 1,7 1,5
Investment ratios 2020 2021 2022
Capex / sales 1,5 2 1,9
Capex / depreciation 42 69,8 73,1
Capex tangibles / tangible fixed assets 2,9 14,9 19,9
Capex intangibles / definite intangibles 28,5 22,3 26,3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 37 35,5 43,2
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS -0,04 0,1 0,18
Dividend per share Adj 0 0 0
EPS Adj -0,02 0,1 0,18
BVPS 1,12 1,23 1,41
BVPS Adj 0,58 0,68 0,87

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 36.2 % 36.2 % 30 Apr 2021
Fjärde AP-fonden 9.8 % 9.8 % 30 Apr 2021
Lannebo Fonder 8.6 % 8.6 % 30 Apr 2021
Fabio Cannavale 8.4 % 8.4 % 30 Apr 2021
Nordea Fonder 4.2 % 4.2 % 30 Apr 2021
Lancelot Asset Management AB 2.9 % 2.9 % 30 Apr 2021
Fondita Fonder 2.6 % 2.6 % 30 Apr 2021
Emma Jeppson 2.3 % 2.3 % 31 Mar 2020
Brevetti Stendalto 1.8 % 1.8 % 30 Sep 2020
PRI Pensionsgaranti 1.5 % 1.5 % 30 Apr 2021
Source: Holdings by Modular Finance AB

Insider list - Cavotec

Name Quantity Code Date
Juergen Strommer - 1 340 SELL 14 May 2021
Juergen Strommer - 10 000 SELL 14 May 2021
Juergen Strommer - 8 551 SELL 12 May 2021
Juergen Strommer - 8 238 SELL 12 May 2021
Juergen Strommer - 6 150 SELL 31 Mar 2021
Juergen Strommer - 11 635 SELL 31 Mar 2021
Juergen Strommer - 7 204 SELL 26 Mar 2021
Juergen Strommer - 10 005 SELL 11 Mar 2021
Memed Uzel + 504 BUY 10 Mar 2021
Giorgio Lingiardi - 10 000 SELL 8 Mar 2021

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