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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 1835 2130
Sales growth (%) 28,3 34,2 16
EBITDA 217 177 234
EBITDA margin (%) 15,9 9,7 11
EBIT adj 202 173 229
EBIT adj margin (%) 14,8 9,4 10,7
Pretax profit 199 167 225
EPS rep 7,8 6,22 7,76
EPS growth (%) 693 -20,3 24,8
EPS adj 7,8 6,22 7,76
DPS 1,5 1,7 1,8
EV/EBITDA (x) 2,7 5,9 3,7
EV/EBIT adj (x) 2,9 6,1 3,8
P/E (x) 4,9 9,4 7,5
P/E adj (x) 4,9 9,4 7,5
EV/sales (x) 0,4 0,6 0,4
FCF yield (%) 25,2 4,5 16,2
Dividend yield (%) 3,9 2,9 3,1
Net IB debt/EBITDA -1,7 -2,3 -2,5
SEKm 2018 2019e 2020e
Sales 1367 1835 2130
COGS -1077 -1558 -1805
Gross profit 290 278 324
Other operating items -73 -100 -90
EBITDA 217 177 234
Depreciation on tangibles -15 -5 -6
Depreciation on intangibles 0 0 0
EBITA 202 173 229
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 202 173 229
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 199 167 225
Tax -5 -12 -31
Net profit 194 155 193
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 194 155 193
EPS 7,8 6,22 7,76
EPS Adj 7,8 6,22 7,76
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,3 -7,4 -14
Gross margin (%) 21,2 15,1 15,2
EBITDA margin (%) 15,9 9,7 11
EBITA margin (%) 14,8 9,4 10,7
EBIT margin (%) 14,8 9,4 10,7
Pretax margin (%) 14,5 9,1 10,6
Net margin (%) 14,2 8,4 9,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 28,3 34,2 16
EBITDA growth (%) 241,2 -18,3 32
EBIT growth (%) 403,1 -14,8 32,5
Net profit growth (%) 693 -20,3 24,8
EPS growth (%) 693 -20,3 24,8
Profitability 2018 2019 2020
ROE (%) 26,3 17,9 19,5
ROE Adj (%) 26,3 17,9 19,5
ROCE (%) 21,6 15,3 20
ROCE Adj(%) 21,6 15,3 20
ROIC (%) 37,7 38,7 60,3
ROIC Adj (%) 37,7 38,7 60,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 217 177 234
EBITDA Adj margin (%) 15,9 9,7 11
EBITA Adj 202 173 229
EBITA Adj margin (%) 14,8 9,4 10,7
EBIT Adj 202 173 229
EBIT Adj margin (%) 14,8 9,4 10,7
Pretax profit Adj 199 167 225
Net profit Adj 194 155 193
Net profit to shareholders Adj 194 155 193
Net Adj margin (%) 14,2 8,4 9,1
SEKm 2018 2019e 2020e
EBITDA 217 177 234
Net financial items -4 -5 -4
Paid tax -5 -12 -31
Non-cash items -87 -61 30
Cash flow before change in WC 122 99 229
Change in WC 119 66 8
Operating cash flow 242 165 238
CAPEX tangible fixed assets -1 -4 -2
CAPEX intangible fixed assets 0 -96 0
Acquisitions and disposals 0 0 0
Free cash flow 241 66 236
Dividend paid -37 -37 -42
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 203 28 193
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 96 50 20
Tangible fixed assets 52 39 35
Other fixed assets 29 22 22
Fixed assets 177 111 77
Inventories 882 932 923
Receivables 53 23 23
Other current assets 43 205 205
Cash and liquid assets 740 553 746
Total assets 1895 1824 1975
Shareholders equity 816 913 1064
Minority 0 0 0
Total equity 816 913 1064
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 38 38
Short-term debt 0 1 1
Accounts payable 633 719 719
Other current liabilities 0 0 0
Total liabilities and equity 1270 901 1895
Net IB debt -371 -400 -593
Net IB debt excl. pension debt -371 -400 -593
Capital invested 479 347 305
Working capital 302 236 227
EV breakdown 2018 2019 2020
Market cap. diluted (m) 956 1455 1455
Net IB debt Adj -371 -400 -593
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 1055 862
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 97,8 98,7 112,1
Capital invested turnover (%) 260,7 444,3 653,8
Capital employed turnover (%) 145,6 163 186,5
Inventories / sales (%) 49,6 49,4 43,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,9 36,8 33,8
Working capital / sales (%) 26,5 14,6 10,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -45,5 -43,8 -55,7
Net debt / market cap (%) -49,5 -27,5 -40,7
Equity ratio (%) 43,1 50,1 53,9
Net IB debt adj. / equity (%) -45,5 -43,8 -55,7
Current ratio (%) 271,4 238 263,7
EBITDA / net interest (%) 6147 3399,2 6135,4
Net IB debt / EBITDA (%) -170,9 -225,2 -253,1
Interest cover (%) 5729,1 3306,5 5988,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 7,8 6,22 7,76
Dividend per share Adj 1,5 1,7 1,8
EPS Adj 7,8 6,22 7,76
BVPS 32,76 36,67 42,73
BVPS Adj 28,9 34,65 41,92
Net IB debt / share -14,9 -16 -23,8
Share price 30,07 58,4 58,4
Market cap. (m) 749 1455 1455
Valuation 2018 2019 2020
P/E 4,9 9,4 7,5
EV/sales 0,43 0,57 0,4
EV/EBITDA 2,7 5,9 3,7
EV/EBITA 2,9 6,1 3,8
EV/EBIT 2,9 6,1 3,8
Dividend yield (%) 3,9 2,9 3,1
FCF yield (%) 25,2 4,5 16,2
P/BVPS 1,17 1,59 1,37
P/BVPS Adj 1,33 1,69 1,39
P/E Adj 4,9 9,4 7,5
EV/EBITDA Adj 2,7 5,9 3,7
EV/EBITA Adj 2,9 6,1 3,8
EV/EBIT Adj 2,9 6,1 3,8
EV/cap. employed 0,5 1 0,7
Investment ratios 2018 2019 2020
Capex / sales 0,1 5,4 0,1
Capex / depreciation 6,4 2059,8 35,6
Capex tangibles / tangible fixed assets 1,8 9,1 5,7
Capex intangibles / definite intangibles 0 191,8 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 28,4 12,6 16,1

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Main shareholders

Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.3 % 31 Mar 2019
Hans-Göran Stennert 3.6 % 11.8 % 15 Nov 2018
Åke Johansson 3.1 % 6.9 % 31 Mar 2019
Avanza Pension 6.3 % 4.3 % 31 Mar 2019
Nordnet Pensionsförsäkring 2.5 % 1.7 % 31 Mar 2019
Swedbank Försäkring 1.9 % 1.3 % 31 Mar 2019
Johan Markensten 1.9 % 1.3 % 31 Mar 2019
Anna Benjamin 1.4 % 0.9 % 31 Mar 2019
Åkerbo Härads Brandstodsbolag 1.4 % 0.9 % 31 Mar 2019
Elementa Management 1.2 % 0.8 % 31 Mar 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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