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Eolus Vind

Nordic wind power developer

Eolus is a leading Nordic wind power developer listed on Nasdaq Stockholm Small Cap. The core business is to construct wind power facilities in favorable wind locations and transfer them to customers as turnkey solutions. This has been Eolus' mission since its inception in 1990. It has gained extensive experience and expertise in the construction of wind power facilities and a broad network of landowners, authorities, investors, sub-contractors and wind turbine manufacturers. Eolus has established a combined capacity of 900+ MW, which is about 13% of the wind power constructed in Sweden.

Faster realization of priority projects than our assumptions. De-risked operation through release of own windfarms and lower impairment risks. Potential expansion to new areas within sustainable energy.

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

SEKm 2018 2019e 2020e
Sales 1367 1998 2316
Sales growth (%) 28,3 46,2 15,9
EBITDA 217 215 387
EBITDA margin (%) 15,9 10,7 16,7
EBIT adj 202 210 383
EBIT adj margin (%) 14,8 10,5 16,6
Pretax profit 199 205 380
EPS rep 7,8 7,28 12,19
EPS growth (%) 693 -6,7 67,5
EPS adj 7,8 7,28 12,19
DPS 1,5 1,7 1,8
EV/EBITDA (x) 2,7 9,7 3,9
EV/EBIT adj (x) 2,9 9,9 4
P/E (x) 4,9 13,5 8
P/E adj (x) 4,9 13,5 8
EV/sales (x) 0,4 1 0,7
FCF yield (%) 25,2 1,2 24,2
Dividend yield (%) 3,9 1,7 1,8
Net IB debt/EBITDA -1,7 -1,7 -2,4
SEKm 2018 2019e 2020e
Sales 1367 1998 2316
COGS -1077 -1700 -1839
Gross profit 290 298 477
Other operating items -73 -83 -90
EBITDA 217 215 387
Depreciation on tangibles -15 -5 -4
Depreciation on intangibles 0 0 0
EBITA 202 210 383
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 202 210 383
Other financial items 0 0 0
Net financial items -4 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 199 205 380
Tax -5 -24 -76
Net profit 194 181 304
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 194 181 304
EPS 7,8 7,28 12,19
EPS Adj 7,8 7,28 12,19
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,3 -11,6 -20
Gross margin (%) 21,2 14,9 20,6
EBITDA margin (%) 15,9 10,7 16,7
EBITA margin (%) 14,8 10,5 16,6
EBIT margin (%) 14,8 10,5 16,6
Pretax margin (%) 14,5 10,3 16,4
Net margin (%) 14,2 9,1 13,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 28,3 46,2 15,9
EBITDA growth (%) 241,2 -1,1 80,4
EBIT growth (%) 403,1 3,6 82,8
Net profit growth (%) 693 -6,7 67,5
EPS growth (%) 693 -6,7 67,5
Profitability 2018 2019 2020
ROE (%) 26,3 20,7 28,4
ROE Adj (%) 26,3 20,7 28,4
ROCE (%) 21,6 16,1 24,7
ROCE Adj(%) 21,6 16,1 24,7
ROIC (%) 36,2 32,1 62,8
ROIC Adj (%) 36,2 32,1 62,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 217 215 387
EBITDA Adj margin (%) 15,9 10,7 16,7
EBITA Adj 202 210 383
EBITA Adj margin (%) 14,8 10,5 16,6
EBIT Adj 202 210 383
EBIT Adj margin (%) 14,8 10,5 16,6
Pretax profit Adj 199 205 380
Net profit Adj 194 181 304
Net profit to shareholders Adj 194 181 304
Net Adj margin (%) 14,2 9,1 13,1
SEKm 2018 2019e 2020e
EBITDA 217 215 387
Net financial items -4 -5 -4
Paid tax -5 -24 -76
Non-cash items -44 122 30
Cash flow before change in WC 165 309 338
Change in WC 76 -178 256
Operating cash flow 242 131 594
CAPEX tangible fixed assets -1 -5 -2
CAPEX intangible fixed assets 0 -96 0
Acquisitions and disposals 0 0 0
Free cash flow 241 30 592
Dividend paid -37 -37 -42
Share issues and buybacks 0 0 0
Other non cash items 0 20 0
Decrease in net IB debt 203 -7 549
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 96 51 21
Tangible fixed assets 52 34 32
Other fixed assets 29 25 25
Fixed assets 177 110 78
Inventories 882 306 152
Receivables 96 639 349
Other current assets 0 0 0
Cash and liquid assets 740 844 1393
Total assets 1895 1899 1973
Shareholders equity 816 939 1200
Minority 0 0 0
Total equity 816 939 1200
Long-term debt 369 153 153
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 77 46 46
Short-term debt 0 327 327
Accounts payable 633 423 235
Other current liabilities 0 11 11
Total liabilities and equity 1270 901 1895
Net IB debt -371 -364 -913
Net IB debt excl. pension debt -371 -364 -913
Capital invested 522 632 344
Working capital 345 523 267
EV breakdown 2018 2019 2020
Market cap. diluted (m) 956 2441 2441
Net IB debt Adj -371 -364 -913
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 585 2077 1527
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 97,8 105,3 119,6
Capital invested turnover (%) 250,4 346,1 474,3
Capital employed turnover (%) 145,6 153,5 149,5
Inventories / sales (%) 49,6 29,7 9,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,9 26,4 14,2
Working capital / sales (%) 28 21,7 17
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -45,5 -38,8 -76,1
Net debt / market cap (%) -49,5 -26,9 -37,4
Equity ratio (%) 43,1 49,5 60,9
Net IB debt adj. / equity (%) -45,5 -38,8 -76,1
Current ratio (%) 271,4 235,1 330,5
EBITDA / net interest (%) 6147 4717,3 10157,9
Net IB debt / EBITDA (%) -170,9 -169,5 -235,8
Interest cover (%) 5729,1 4607 10053
SEKm 2018 2019e 2020e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 7,8 7,28 12,19
Dividend per share Adj 1,5 1,7 1,8
EPS Adj 7,8 7,28 12,19
BVPS 32,76 37,71 48,2
BVPS Adj 28,9 35,66 47,36
Net IB debt / share -14,9 -14,6 -36,7
Share price 30,07 54,39 98
Market cap. (m) 749 1355 2441
Valuation 2018 2019 2020
P/E 4,9 13,5 8
EV/sales 0,43 1,04 0,66
EV/EBITDA 2,7 9,7 3,9
EV/EBITA 2,9 9,9 4
EV/EBIT 2,9 9,9 4
Dividend yield (%) 3,9 1,7 1,8
FCF yield (%) 25,2 1,2 24,2
P/BVPS 1,17 2,6 2,03
P/BVPS Adj 1,33 2,75 2,07
P/E Adj 4,9 13,5 8
EV/EBITDA Adj 2,7 9,7 3,9
EV/EBITA Adj 2,9 9,9 4
EV/EBIT Adj 2,9 9,9 4
EV/cap. employed 0,5 1,5 0,9
Investment ratios 2018 2019 2020
Capex / sales 0,1 5,1 0,1
Capex / depreciation 6,4 2010,7 50
Capex tangibles / tangible fixed assets 1,8 13,9 6,2
Capex intangibles / definite intangibles 0 188,6 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 28,4 14,7 12,4

Equity research

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Media

Eolus Vind - Interview with CEO Per Witalisson (in Swedish)
Eolus Vind - Company presentation with CEO Per Witalisson (in Swedish)

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Main shareholders

Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.3 % 30 Jun 2019
Hans-Göran Stennert 3.6 % 11.8 % 15 Nov 2018
Åke Johansson 3.1 % 6.9 % 30 Jun 2019
Avanza Pension 5.6 % 3.9 % 30 Jun 2019
Nordnet Pensionsförsäkring 2.4 % 1.7 % 30 Jun 2019
Swedbank Försäkring 1.9 % 1.3 % 30 Jun 2019
Anna Benjamin 1.4 % 0.9 % 30 Jun 2019
Lannebo Fonder 1.3 % 0.9 % 31 Aug 2019
Wallenstam Värdepapper AB 1.2 % 0.8 % 30 Jun 2019
Åkerbo Härads Brandstodsbolag 1.2 % 0.8 % 30 Jun 2019
Source: Holdings by Modular Finance AB

Insider list

Eolus Vind

Name Quantity Code Date
Per Witalisson + 1 405 TILLD 4 Dec 2018
Karl Sven Daniel Olsson + 941 TILLD 4 Dec 2018
Anna Catarina Persson + 918 TILLD 4 Dec 2018
Per Witalisson - 3 000 SELL 27 Nov 2017
Per Witalisson + 3 000 BUY 27 Nov 2017
Borgunda Fastighets Aktiebolag + 9 760 BUY 12 Jun 2017
Borgunda Gård AB + 9 760 BUY 12 Jun 2017
Hans Emanuel Linnarson + 2 500 BUY 22 Nov 2016
PER WITALISSON + 7 500 BUY 7 Nov 2016
Hans Johansson + 35 500 * 30 Jan 2016

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