Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

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 2020 2021e 2022e
Sales 2469 4722 1070
Sales growth (%) 21,5 91,3 -77,3
EBITDA 288 321 58
EBITDA margin (%) 11,7 6,8 5,4
EBIT adj 280 317 54
EBIT adj margin (%) 11,3 6,7 5
Pretax profit 183 311 48
EPS rep 7,96 9,99 1,53
EPS growth (%) 49,3 25,5 -84,7
EPS adj 7,96 9,99 1,53
DPS 2,5 0,38 1,25
EV/EBITDA (x) 19,4 13,8 75,9
EV/EBIT adj (x) 19,9 14 81,5
P/E (x) 29,7 20 130,4
P/E adj (x) 29,7 20 130,4
EV/sales (x) 2,3 0,9 4,1
FCF yield (%) -8,1 5,3 1,9
Dividend yield (%) 1,1 0,2 0,6
Net IB debt/EBITDA -1,1 -1,7 -10,1
Lease adj. FCF yield (%) -8,1 5,3 1,9
Lease adj. ND/EBITDA -1,1 -1,7 -9,8
SEKm 2020 2021e 2022e
Sales 2469 4722 1070
COGS -2124 -4319 -959
Gross profit 345 403 111
Other operating items -56 -82 -53
EBITDA 288 321 58
Depreciation on tangibles -8 -4 -4
Depreciation on intangibles 0 0 0
EBITA 280 317 54
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 280 317 54
Other financial items 0 0 0
Net financial items -97 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 183 311 48
Tax 16 -62 -10
Net profit 198 249 38
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 198 249 38
EPS 7,96 9,99 1,53
EPS Adj 7,96 9,99 1,53
Total extraordinary items after tax 0 0 0
Tax rate (%) 8,6 -20 -20
Gross margin (%) 14 8,5 10,4
EBITDA margin (%) 11,7 6,8 5,4
EBITA margin (%) 11,3 6,7 5
EBIT margin (%) 11,3 6,7 5
Pretax margin (%) 7,4 6,6 4,5
Net margin (%) 8 5,3 3,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 21,5 91,3 -77,3
EBITDA growth (%) 133,7 11,5 -82
EBIT growth (%) 136,6 13,3 -83
Net profit growth (%) 49,3 25,5 -84,7
EPS growth (%) 49,3 25,5 -84,7
Profitability 2020 2021 2022
ROE (%) 20,6 21,9 3,1
ROE Adj (%) 20,6 21,9 3,1
ROCE (%) 21,4 21 3,4
ROCE Adj(%) 21,4 21 3,4
ROIC (%) 68,7 31,7 5,6
ROIC Adj (%) 68,7 31,7 5,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 288 321 58
EBITDA Adj margin (%) 11,7 6,8 5,4
EBITA Adj 280 317 54
EBITA Adj margin (%) 11,3 6,7 5
EBIT Adj 280 317 54
EBIT Adj margin (%) 11,3 6,7 5
Pretax profit Adj 183 311 48
Net profit Adj 198 249 38
Net profit to shareholders Adj 198 249 38
Net Adj margin (%) 8 5,3 3,6
Depreciation and amortisation -8 -4 -4
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 288 321 58
EBITDA lease Adj margin (%) 11,7 6,8 5,4
SEKm 2020 2021e 2022e
EBITDA 288 321 58
Net financial items -97 -6 -6
Paid tax 0 -62 -10
Non-cash items 81 0 0
Cash flow before change in WC 271 253 42
Change in WC -755 25 56
Operating cash flow -484 278 98
CAPEX tangible fixed assets -16 -14 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 21 0 0
Free cash flow -479 264 95
Dividend paid -37 -50 -62
Share issues and buybacks 0 0 0
Other non cash items 147 -44 32
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 40 39
Other fixed assets 28 28 28
Fixed assets 83 93 92
Inventories 477 472 428
Receivables 23 47 11
Other current assets 534 534 534
Cash and liquid assets 691 905 937
Total assets 1808 2052 2003
Shareholders equity 1036 1235 1211
Minority 0 0 0
Total equity 1036 1235 1211
Long-term debt 135 117 117
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 252 252 252
Accounts payable 169 170 177
Other current liabilities 124 168 136
Total liabilities and equity 1808 2052 2003
Net IB debt -319 -551 -583
Net IB debt excl. pension debt -319 -551 -583
Capital invested 809 794 738
Working capital 741 716 661
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5898 4981 4981
Net IB debt Adj -319 -551 -583
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 5579 4430 4398
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 127,7 244,7 52,8
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 15,4 64,3
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -30,8 -44,6 -48,2
Net debt / market cap (%) -9 -11,1 -11,7
Equity ratio (%) 57,3 60,2 60,5
Net IB debt adj. / equity (%) -30,8 -44,6 -48,2
Current ratio (%) 316,8 332,4 338,6
EBITDA / net interest (%) 295,7 5192,2 936,4
Net IB debt / EBITDA (%) -110,8 -171,5 -1006,8
Interest cover (%) 287,4 5127,6 871,7
Lease liability amortisation 0 0 0
Other intangible assets 25 25 25
Right-of-use asset 0 0 0
Total other fixed assets 28 28 28
Leasing liability 0 0 0
Total other long-term liabilities 93 110 110
Net IB debt excl. leasing -304 -536 -568
Net IB debt / EBITDA lease Adj (%) -105,6 -166,8 -980,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 7,96 9,99 1,53
Dividend per share Adj 2,5 0,4 1,3
EPS Adj 7,96 9,99 1,53
BVPS 41,59 49,59 48,62
BVPS Adj 41,59 49,59 48,62
Net IB debt / share -12,2 -21,5 -22,8
Share price 142,56 200 200
Market cap. (m) 3551 4981 4981
Valuation 2020 2021 2022
P/E 29,7 20 130,4
EV/sales 2,26 0,94 4,11
EV/EBITDA 19,4 13,8 75,9
EV/EBITA 19,9 14 81,5
EV/EBIT 19,9 14 81,5
Dividend yield (%) 1,1 0,2 0,6
FCF yield (%) -8,1 5,3 1,9
P/BVPS 5,69 4,03 4,11
P/BVPS Adj 5,69 4,03 4,11
P/E Adj 29,7 20 130,4
EV/EBITDA Adj 19,4 13,8 75,9
EV/EBITA Adj 19,9 14 81,5
EV/EBIT Adj 19,9 14 81,5
EV/cap. employed 3,9 2,8 2,8
Investment ratios 2020 2021 2022
Capex / sales 0,7 0,3 0,3
Capex / depreciation 200 353,6 80,3
Capex tangibles / tangible fixed assets 54,3 35,3 8,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 27,1 10 10,2
Lease adj. FCF yield (%) -8,1 5,3 1,9

Equity research

Read earlier research

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 % 15.6 % 31 Dec 2020
Hans-Göran Stennert 3.6 % 11.8 % 31 Aug 2020
Åke Johansson 2.4 % 6.6 % 31 Dec 2020
Avanza Pension 3.7 % 2.5 % 31 Dec 2020
MediumInvest A/S 2.7 % 1.8 % 31 Dec 2020
Länsförsäkringar Fonder 2.5 % 1.7 % 31 Jan 2021
ODIN Fonder 1.9 % 1.3 % 31 Jan 2021
Lannebo Fonder 1.5 % 1.1 % 31 Jan 2021
Anna Benjamin 1.4 % 0.9 % 31 Dec 2020
BG Fund Management Luxembourg 1.3 % 0.9 % 31 Jan 2021
Source: Holdings by Modular Finance AB

Insider list - Eolus Vind

Name Quantity Code Date
Hans Johansson + 20 000 BUY 20 Mar 2020
Hans-Göran Stennert + 1 000 BUY 13 Mar 2020
Hans Johansson - 18 750 SELL 9 Mar 2020
Per Witalisson - 4 375 SELL 13 Feb 2020
Anna Catarina Persson + 506 ALTM 6 Feb 2020
Per Witalisson + 410 BUY 6 Feb 2020
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

Show More