Systems for climate control in airplanes

CTT Systems

CTT Systems develops climate control products for aircraft, including dehumidification systems to prevent condensation and humidifiers for crew and passenger wellbeing. CTT’s products are offered on the Boeing 787 and 777X as well as the Airbus A380 and A350. The company holds a majority market share within both dehumidification and humidification products and is a tier-1 supplier to the Boeing 787 and 777X.

Financials

CTT SYSTEMS

SEKm 2017 2018 2019
Sales 273 296 348
Sales growth (%) 8,7 8,4 17,6
EBITDA 66 90 100
EBITDA margin (%) 24 30,3 28,8
EBIT adj 58 87 92
EBIT adj margin (%) 21,2 29,2 26,5
Pretax profit 61 81 91
EPS rep 3,8 5,03 5,67
EPS growth (%) 26,3 32,7 12,5
EPS adj 3,8 5,22 5,67
DPS 2,75 3 3,25
EV/EBITDA (x) 31,4 26 23,3
EV/EBIT adj (x) 35,5 26,9 25,3
P/E (x) 44 37,5 33,4
P/E adj (x) 44 36,2 33,4
EV/sales (x) 7,5 7,9 6,7
FCF yield (%) 3,6 1,5 1,5
Dividend yield (%) 1,6 1,6 1,7
Net IB debt/EBITDA -0,5 -0,4 -0,3