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Eolus Vind

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 2032 1351
Sales growth (%) 28,3 48,6 -33,5
EBITDA 217 123 335
EBITDA margin (%) 15,9 6,1 24,8
EBIT adj 202 118 331
EBIT adj margin (%) 14,8 5,8 24,5
Pretax profit 199 116 327
EPS rep 7,58 5,23 10,5
EPS growth (%) 693 -31 100,6
EPS adj 7,58 5,23 10,5
DPS 1,5 1,5 1,8
EV/EBITDA (x) 2,8 9,7 4,8
EV/EBIT adj (x) 3 10,1 4,8
P/E (x) 5,1 15 9,3
P/E adj (x) 5,1 15 9,3
EV/sales (x) 0,4 0,6 1,2
FCF yield (%) 24,5 23,3 3
Dividend yield (%) 3,9 1,9 1,8
Net IB debt/EBITDA -1,7 -6,5 -2,5
SEKm 2018 2019e 2020e
Sales 1367 2032 1351
COGS -1077 -1793 -950
Gross profit 290 239 401
Other operating items -73 -115 -66
EBITDA 217 123 335
Depreciation on tangibles -15 -5 -4
Depreciation on intangibles 0 0 0
EBITA 202 118 331
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 202 118 331
Other financial items 0 0 0
Net financial items -4 -2 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 199 116 327
Tax -5 17 -65
Net profit 194 133 261
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 194 133 261
EPS 7,58 5,23 10,5
EPS Adj 7,58 5,23 10,5
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,3 14,5 -20
Gross margin (%) 21,2 11,7 29,7
EBITDA margin (%) 15,9 6,1 24,8
EBITA margin (%) 14,8 5,8 24,5
EBIT margin (%) 14,8 5,8 24,5
Pretax margin (%) 14,5 5,7 24,2
Net margin (%) 14,2 6,5 19,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 28,3 48,6 -33,5
EBITDA growth (%) 241,2 -43,2 171,4
EBIT growth (%) 403,1 -41,5 179,4
Net profit growth (%) 693 -31,7 96,8
EPS growth (%) 693 -31 100,6
Profitability 2018 2019 2020
ROE (%) 26,3 15,6 26,1
ROE Adj (%) 26,3 15,6 26,1
ROCE (%) 21,6 10 25,3
ROCE Adj(%) 21,6 10 25,3
ROIC (%) 36,2 41,2 122,5
ROIC Adj (%) 36,2 41,2 122,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 217 123 335
EBITDA Adj margin (%) 15,9 6,1 24,8
EBITA Adj 202 118 331
EBITA Adj margin (%) 14,8 5,8 24,5
EBIT Adj 202 118 331
EBIT Adj margin (%) 14,8 5,8 24,5
Pretax profit Adj 199 116 327
Net profit Adj 194 133 261
Net profit to shareholders Adj 194 133 261
Net Adj margin (%) 14,2 6,5 19,3
SEKm 2018 2019e 2020e
EBITDA 217 123 335
Net financial items -4 -2 -4
Paid tax -5 17 -65
Non-cash items -44 108 3
Cash flow before change in WC 165 245 269
Change in WC 76 321 -195
Operating cash flow 242 567 74
CAPEX tangible fixed assets -1 -5 -2
CAPEX intangible fixed assets 0 -96 0
Acquisitions and disposals 0 0 0
Free cash flow 241 466 72
Dividend paid -37 -37 -37
Share issues and buybacks 0 0 0
Other non cash items 0 33 27
Decrease in net IB debt 203 429 35
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 96 54 24
Tangible fixed assets 52 32 30
Other fixed assets 29 25 25
Fixed assets 177 111 79
Inventories 882 472 467
Receivables 96 372 372
Other current assets 0 0 0
Cash and liquid assets 740 1103 1138
Total assets 1895 2058 2055
Shareholders equity 816 890 1114
Minority 0 0 0
Total equity 816 890 1114
Long-term debt 369 152 152
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 77 7 7
Short-term debt 0 151 151
Accounts payable 633 820 620
Other current liabilities 0 38 11
Total liabilities and equity 1270 901 1895
Net IB debt -371 -800 -835
Net IB debt excl. pension debt -371 -800 -835
Capital invested 522 135 297
Working capital 345 24 218
EV breakdown 2018 2019 2020
Market cap. diluted (m) 984 1998 2436
Net IB debt Adj -371 -800 -835
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 613 1198 1601
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 97,8 102,8 65,7
Capital invested turnover (%) 250,4 618,6 625,9
Capital employed turnover (%) 145,6 170,9 103,6
Inventories / sales (%) 49,6 33,3 34,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,9 35,8 53,3
Working capital / sales (%) 28 9,1 9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -45,5 -89,9 -74,9
Net debt / market cap (%) -49,5 -59,1 -34,3
Equity ratio (%) 43,1 43,2 54,2
Net IB debt adj. / equity (%) -45,5 -89,9 -74,9
Current ratio (%) 271,4 193,1 253
EBITDA / net interest (%) 6147 5246,4 8781,2
Net IB debt / EBITDA (%) -170,9 -648,9 -249,5
Interest cover (%) 5729,1 5034,9 8676,2
SEKm 2018 2019e 2020e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 26 25 25
EPS 7,58 5,23 10,5
Dividend per share Adj 1,5 1,5 1,8
EPS Adj 7,58 5,23 10,5
BVPS 32,76 35,73 44,72
BVPS Adj 28,9 33,56 43,76
Net IB debt / share -14,9 -32,1 -33,5
Share price 30,07 54,39 97,8
Market cap. (m) 749 1355 2436
Valuation 2018 2019 2020
P/E 5,1 15 9,3
EV/sales 0,45 0,59 1,18
EV/EBITDA 2,8 9,7 4,8
EV/EBITA 3 10,1 4,8
EV/EBIT 3 10,1 4,8
Dividend yield (%) 3,9 1,9 1,8
FCF yield (%) 24,5 23,3 3
P/BVPS 1,17 2,2 2,19
P/BVPS Adj 1,33 2,35 2,23
P/E Adj 5,1 15 9,3
EV/EBITDA Adj 2,8 9,7 4,8
EV/EBITA Adj 3 10,1 4,8
EV/EBIT Adj 3 10,1 4,8
EV/cap. employed 0,5 1 1,1
Investment ratios 2018 2019 2020
Capex / sales 0,1 5 0,1
Capex / depreciation 6,4 2028,3 50
Capex tangibles / tangible fixed assets 1,8 14,5 6,7
Capex intangibles / definite intangibles 0 177,8 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 28,4 15,6 13,4

Equity research

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Media

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

Main shareholders - Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.3 % 30 Sep 2019
Hans-Göran Stennert 3.6 % 11.8 % 30 Sep 2019
Åke Johansson 3.1 % 6.9 % 30 Sep 2019
Avanza Pension 4.9 % 3.3 % 4 Nov 2019
Nordnet Pensionsförsäkring 2.0 % 1.4 % 30 Sep 2019
Swedbank Försäkring 1.8 % 1.2 % 30 Sep 2019
Stiftelsen Riksbankens Jubileumsfond 1.4 % 1.0 % 30 Sep 2019
Anna Benjamin 1.4 % 0.9 % 30 Sep 2019
Wallenstam Värdepapper AB 1.2 % 0.8 % 30 Sep 2019
MediumInvest A/S 1.0 % 0.7 % 30 Sep 2019
Source: Holdings by Modular Finance AB

Insider list - Eolus Vind

Name Quantity Code Date
Per Witalisson - 3 225 SELL 30 Oct 2019
Per Witalisson + 3 225 BUY 30 Oct 2019
Per Witalisson + 1 405 ALTM 4 Dec 2018
Karl Sven Daniel Olsson + 941 ALTM 4 Dec 2018
Anna Catarina Persson + 918 ALTM 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

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