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Eolus Vind

Eolus Vind

SEKm 2020 2021e 2022e
Sales 2469 4742 1925
Sales growth (%) 21,5 92,1 -59,4
EBITDA 288 278 185
EBITDA margin (%) 11,7 5,9 9,6
EBIT adj 280 271 173
EBIT adj margin (%) 11,3 5,7 9
Pretax profit 183 262 161
EPS rep 7,96 8,51 3,96
EPS growth (%) 49,3 6,9 -53,5
EPS adj 7,96 8,51 3,96
DPS 0,25 0,25 0,25
EV/EBITDA (x) 19,4 14,9 22,8
EV/EBIT adj (x) 20 15,3 24,4
P/E (x) 29,7 20,7 44,5
P/E adj (x) 29,7 20,7 44,5
EV/sales (x) 2,3 0,9 2,2
FCF yield (%) -8,1 0,2 -1
Dividend yield (%) 0,1 0,1 0,1
Net IB debt/EBITDA -1,1 -0,9 -0,9
Lease adj. FCF yield (%) -8,1 0,2 -1
Lease adj. ND/EBITDA -1,1 -0,9 -0,9
SEKm 2020 2021e 2022e
Sales 2469 4742 1925
COGS -2124 -4364 -1671
Gross profit 345 378 254
Other operating items -56 -100 -69
EBITDA 288 278 185
Depreciation on tangibles -8 -4 -4
Depreciation on intangibles 0 0 0
EBITA 280 271 173
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 280 271 173
Other financial items 0 0 0
Net financial items -97 -8 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 183 262 161
Tax 16 -50 -32
Net profit 198 212 129
Minority interest 0 0 -30
Net profit discontinued 0 0 0
Net profit to shareholders 198 212 99
EPS 7,96 8,51 3,96
EPS Adj 7,96 8,51 3,96
Total extraordinary items after tax 0 0 0
Tax rate (%) 8,6 -19,2 -20
Gross margin (%) 14 8 13,2
EBITDA margin (%) 11,7 5,9 9,6
EBITA margin (%) 11,3 5,7 9
EBIT margin (%) 11,3 5,7 9
Pretax margin (%) 7,4 5,5 8,4
Net margin (%) 8 4,5 6,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 21,5 92,1 -59,4
EBITDA growth (%) 133,7 -3,7 -33,4
EBIT growth (%) 136,6 -3,4 -36,1
Net profit growth (%) 49,3 6,9 -39,2
EPS growth (%) 49,3 6,9 -53,5
Profitability 2020 2021 2022
ROE (%) 20,6 19 8
ROE Adj (%) 20,6 19 8
ROCE (%) 21,4 19,4 12,2
ROCE Adj(%) 21,4 19,4 12,2
ROIC (%) 66 23,5 12,2
ROIC Adj (%) 66 23,5 12,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 288 278 185
EBITDA Adj margin (%) 11,7 5,9 9,6
EBITA Adj 280 271 173
EBITA Adj margin (%) 11,3 5,7 9
EBIT Adj 280 271 173
EBIT Adj margin (%) 11,3 5,7 9
Pretax profit Adj 183 262 161
Net profit Adj 198 212 129
Net profit to shareholders Adj 198 212 99
Net Adj margin (%) 8 4,5 6,7
Depreciation and amortisation -8 -7 -12
Of which leasing depreciation -4 -2 -3
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 288 278 185
EBITDA lease Adj margin (%) 11,7 5,9 9,6
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 288 278 185
Net financial items -97 -8 -12
Paid tax 0 -50 -32
Non-cash items 81 0 30
Cash flow before change in WC 271 219 171
Change in WC -755 -23 -208
Operating cash flow -484 195 -38
CAPEX tangible fixed assets -16 -187 -6
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 21 0 0
Free cash flow -479 9 -43
Dividend paid -37 -50 -53
Share issues and buybacks 0 0 0
Other non cash items 162 -353 -205
Decrease in net IB debt -496 232 32
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 25 25 25
Definite intangible assets 0 0 0
Tangible fixed assets 30 211 208
Other fixed assets 28 28 28
Fixed assets 83 267 261
Inventories 477 978 1434
Receivables 16 47 19
Other current assets 541 541 541
Cash and liquid assets 691 421 325
Total assets 1808 2256 2581
Shareholders equity 1037 1199 1275
Minority -1 -1 29
Total equity 1036 1198 1304
Long-term debt 135 141 141
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 93 110 110
Short-term debt 252 23 23
Accounts payable 169 332 347
Other current liabilities 123 470 675
Total liabilities and equity 1808 2256 2581
Net IB debt -304 -257 -161
Net IB debt excl. pension debt -304 -257 -161
Capital invested 824 1032 1235
Working capital 741 765 973
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5898 4384 4384
Net IB debt Adj -304 -257 -161
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 5594 4127 4223
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 127,7 233,4 79,6
Capital invested turnover (%) 557,3 588,9 139,7
Capital employed turnover (%) 188,8 312 67,2
Inventories / sales (%) 24,8 10 42,1
Customer advances / sales (%) 6 0 0
Payables / sales (%) 8,1 3,6 16,2
Working capital / sales (%) 14,7 15,9 45,1
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -29,4 -21,5 -12,3
Net debt / market cap (%) -8,6 -5,9 -3,7
Equity ratio (%) 57,3 53,1 50,5
Net IB debt adj. / equity (%) -29,4 -21,5 -12,3
Current ratio (%) 316,8 240,9 222,1
EBITDA / net interest (%) 295,7 3394,3 1541,4
Net IB debt / EBITDA (%) -105,6 -92,6 -86,9
Interest cover (%) 287,4 3308,4 1441,4
Lease liability amortisation 0 0 0
Other intangible assets 25 23 20
Right-of-use asset 0 0 0
Total other fixed assets 28 33 33
Leasing liability 0 0 0
Total other long-term liabilities 93 91 91
Net IB debt excl. leasing -304 -257 -161
Net IB debt / EBITDA lease Adj (%) -105,6 -92,6 -86,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 7,96 8,51 3,96
Dividend per share Adj 0,3 0,3 0,3
EPS Adj 7,96 8,51 3,96
BVPS 41,63 48,14 51,18
BVPS Adj 41,63 48,14 51,18
Net IB debt / share -12,2 -10,3 -6,5
Share price 142,56 176 176
Market cap. (m) 3551 4384 4384
Valuation 2020 2021 2022
P/E 29,7 20,7 44,5
EV/sales 2,27 0,87 2,19
EV/EBITDA 19,4 14,9 22,8
EV/EBITA 20 15,3 24,4
EV/EBIT 20 15,3 24,4
Dividend yield (%) 0,1 0,1 0,1
FCF yield (%) -8,1 0,2 -1
P/BVPS 5,69 3,66 3,44
P/BVPS Adj 5,69 3,66 3,44
P/E Adj 29,7 20,7 44,5
EV/EBITDA Adj 19,4 14,9 22,8
EV/EBITA Adj 20 15,3 24,4
EV/EBIT Adj 20 15,3 24,4
EV/cap. employed 3,9 3 2,9
Investment ratios 2020 2021 2022
Capex / sales 0,7 3,9 0,3
Capex / depreciation 355,5 3379,2 64,2
Capex tangibles / tangible fixed assets 54,3 88,4 2,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,3 2,6 4,3
Lease adj. FCF yield (%) -8,1 0,2 -1

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.

44,4

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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24,5

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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2,2

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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3,5