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Eolus Vind

Eolus Vind

Founded in 1990, Eolus is one of the leading developers of renewable energy in the Nordics and the company is active in the whole value chain from development of green field projects to construction of renewable projects in wind, solar and battery storage. The company offers attractive and competitive investments in the Nordic, European countries, and the United States. Eolus has a project portfolio of ~26 GW.

Sustainability information

Lower investment activity in wind power facilities. Political risks and dependence on electricity prices. Construction risk.

SEKm 2024 2025e 2026e
Sales 851 3864 2068
Sales growth (%) -63 354 -46,5
EBITDA 298 516 393
EBITDA margin (%) 35 13,4 19
EBIT adj. 328 504 373
EBIT adj. margin (%) 38,5 13 18
Pretax profit 272 454 353
EPS 6,18 13,64 10,91
EPS growth (%) -73 N/A -20
EPS adj. 7,09 13,64 10,91
DPS 2,25 2,5 2,75
EV/EBITDA (x) 11 1,7 0,7
EV/EBIT adj. (x) 10 1,7 0,7
P/E (x) 7,8 3,5 4,4
P/E adj. (x) 6,8 3,5 4,4
EV/sales (x) 3,87 0,23 0,13
FCF yield (%) -149,2 184,3 55,8
Le. adj. FCF yld. (%) -149,2 184,3 55,8
Dividend yield (%) 4,7 5,2 5,7
Net IB debt/EBITDA (x) 6,8 -0,7 -2,5
Le. adj. ND/EBITDA (x) 6 -0,7 -2,5
SEKm 2024 2025e 2026e
Sales 851 3864 2068
COGS -199 -3072 -1315
Gross profit 652 792 753
Other operating items -354 -276 -360
EBITDA 298 516 393
Depreciation and amortisation -10 -12 -20
of which leasing depreciation 0 0 0
EBITA 288 504 373
EO Items N/A N/A N/A
Operating EO items 0 0 N/A
Impairment and PPA amortisation 0 0 0
EBIT 288 504 373
Net financial items -16 -50 -20
Pretax profit 272 454 353
Tax -118 -114 -81
Net profit 154 339 272
Minority interest 0 0 0
Net profit to shareholders 154 340 272
Net profit discontinued 0 0 N/A
EPS 6,18 13,64 10,91
EPS adj. 7,09 13,64 10,91
Leasing payments 0 0 0
Tax rate (%) 43,4 25,2 23
Total extraordinary items after tax 0 0 0
Gross margin (%) 76,6 20,5 36,4
EBITDA margin (%) 35 13,4 19
EBITA margin (%) 33,8 13 18
EBIT margin (%) 33,8 13 18
Pre-tax margin (%) 32 11,7 17,1
Net margin (%) 18,1 8,8 13,1
Sales growth (%) -63 354 -46,5
EBITDA growth (%) -61,4 73,1 -23,9
EBITA growth (%) -62,3 75 -26
EBIT growth (%) -62,3 75 -26
Net profit growth (%) -73 120,5 -20
EPS growth (%) -73 N/A -20
Profitability N/A N/A N/A
ROE (%) 9,7 19,3 13,8
ROE adj. (%) 11,1 19,3 13,8
ROCE (%) 9 15,1 14,2
ROCE adj. (%) 10,2 15,1 14,2
ROIC (%) 5,9 14,1 21,1
ROIC adj. (%) 6,8 14,1 21,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 338 516 393
EBITDA adj. margin (%) 39,7 13,4 19
EBITDA lease adj. 338 516 393
EBITDA lease adj. margin (%) 39,7 13,4 19
EBITA adj. 328 504 373
EBITA adj. margin (%) 38,5 13 18
EBIT adj. 328 504 373
EBIT adj. margin (%) 38,5 13 18
Pretax profit Adj. 312 454 353
Net profit Adj. 177 339 272
Net profit to shareholders adj. 177 340 272
Net adj. margin (%) 20,8 8,8 13,1
SEKm 2024 2025e 2026e
EBITDA 298 516 393
Goodwill 0 0 0
Net financial items -16 -50 -20
Other intangible assets 0 0 0
Paid tax -118 -114 -81
Tangible fixed assets 280 39 23
Non-cash items 52 -115 0
Right-of-use asset 0 0 0
Cash flow before change in WC 216 236 292
Total other fixed assets 40 37 37
Change in working capital -2012 1984 384
Fixed assets 320 76 60
Operating cash flow -1796 2220 675
Inventories 3407 1648 1252
Capex tangible fixed assets 1 -3 -4
Receivables 7 193 103
Acquisitions and Disposals 0 0 0
Capex intangible fixed assets 0 0 N/A
Other current assets 472 579 310
Free cash flow -1795 2217 671
Cash and liquid assets 356 950 1559
Dividend paid -56 -56 -62
Total assets 4562 3446 3284
Other non-cash items 1 257 0
Shareholders equity 1666 1860 2069
Share issues and buybacks 0 0 0
Minority 79 78 78
Leasing liability amortisation 0 0 N/A
Total equity 1745 1938 2147
Long-term debt 808 568 568
Total other long-term liabilities 40 43 43
Pension debt 0 0 N/A
Short-term debt 1598 8 8
Convertible debt 0 0 N/A
Accounts payable 128 386 207
Leasing liability 0 0 0
Other current liabilities 242 502 310
Total liabilities and equity 4562 3446 3284
Net IB debt 2040 -381 -990
Net IB debt excl. pension debt 2040 -381 -990
Net IB debt excl. leasing 2040 -381 -990
Capital employed 4151 2514 2724
Capital invested 3785 1558 1158
Working capital 3516 1532 1148
Market cap. diluted (m) 1203 1203 1203
Net IB debt adj. 2040 -381 -990
Market value of minority 79 78 78
Reversal of conv. debt assumed equity N/A N/A N/A
EV 3292 870 261
Total assets turnover (%) 23,1 96,5 61,5
Reversal of shares and participations -30 -30 0
Working capital/sales (%) 294,9 65,3 64,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 116,9 -19,6 -46,1
Net debt / market cap (%) 169,6 -31,6 -82,3
Equity ratio (%) 38,3 56,2 65,4
Net IB debt adj. / equity (%) 116,9 -19,6 -46,1
Current ratio 2,15 3,76 6,14
EBITDA/net interest 18,6 10,3 19,6
Net IB debt/EBITDA (x) 6,8 -0,7 -2,5
Net IB debt/EBITDA lease adj. (x) 6 -0,7 -2,5
Interest coverage 18 10,1 18,6
SEKm 2024 2025e 2026e
Shares outstanding adj. 25 25 25
Diluted shares adj. 25 25 25
EPS 6,18 13,64 10,91
Dividend per share 2,25 2,5 2,75
EPS adj. 7,09 13,64 10,91
BVPS 66,89 74,68 83,09
BVPS adj. 66,89 74,68 83,09
Net IB debt/share 81,91 -15,28 -39,73
Share price 48,3 48,3 48,3
Market cap. (m) 1203 1203 1203
P/E (x) 7,8 3,5 4,4
EV/sales (x) 3,87 0,23 0,13
EV/EBITDA (x) 11 1,7 0,7
EV/EBITA (x) 11,4 1,7 0,7
EV/EBIT (x) 11,4 1,7 0,7
Dividend yield (%) 4,7 5,2 5,7
FCF yield (%) -149,2 184,3 55,8
Le. adj. FCF yld. (%) -149,2 184,3 55,8
P/BVPS (x) 0,72 0,65 0,58
P/BVPS adj. (x) 0,72 0,65 0,58
P/E adj. (x) 6,8 3,5 4,4
EV/EBITDA adj. (x) 9,7 1,7 0,7
EV/EBITA adj. (x) 10 1,7 0,7
EV/EBIT adj. (x) 10 1,7 0,7
EV/CE (x) 0,8 0,3 0,1
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,1 0,2
Capex/depreciation -0,1 0,3 0,2
Capex tangibles / tangible fixed assets 0,3 7,7 17,4
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 3,58 30,77 86,96
Depreciation on intang / def. intang N/A N/A N/A

Equity research

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Media

Eolus Vind - Company presentation with CEO Per Witalisson
Eolus Vind - Company presentation with CEO Per Witalisson

Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.6 % 5 May 2025
Hans-Göran Stennert 4.0 % 12.1 % 31 Dec 2024
Åke Johansson 2.4 % 6.6 % 28 Apr 2025
Avanza Pension 7.9 % 5.4 % 28 Apr 2025
Nordnet Pensionsförsäkring 4.1 % 2.8 % 28 Apr 2025
Swedbank Robur Fonder 1.8 % 1.2 % 5 May 2025
Storebrand Asset Management 1.7 % 1.1 % 30 Apr 2025
Johan Unger med närstående 1.7 % 1.1 % 28 Apr 2025
MediumInvest A/S 1.6 % 1.1 % 28 Apr 2025
Andra AP-fonden 1.6 % 1.1 % 5 May 2025
Source: Holdings by Modular Finance AB