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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 2019 2020e 2021e
Sales 2032 1351 675
Sales growth (%) 48,6 -33,5 -50
EBITDA 123 335 359
EBITDA margin (%) 6,1 24,8 53,2
EBIT adj 118 331 355
EBIT adj margin (%) 5,8 24,5 52,6
Pretax profit 116 327 352
EPS rep 5,23 10,5 11,32
EPS growth (%) -31 100,6 7,8
EPS adj 5,23 10,5 11,32
DPS 1,5 1,8 2
EV/EBITDA (x) 9,7 6,5 5,4
EV/EBIT adj (x) 10,1 6,6 5,5
P/E (x) 15 11,5 10,7
P/E adj (x) 15 11,5 10,7
EV/sales (x) 0,6 1,6 2,9
FCF yield (%) 23,3 2,4 9,6
Dividend yield (%) 1,9 1,5 1,7
Net IB debt/EBITDA -6,5 -2,5 -3
SEKm 2019 2020e 2021e
Sales 2032 1351 675
COGS -1793 -950 -215
Gross profit 239 401 461
Other operating items -115 -66 -101
EBITDA 123 335 359
Depreciation on tangibles -5 -4 -4
Depreciation on intangibles 0 0 0
EBITA 118 331 355
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 118 331 355
Other financial items 0 0 0
Net financial items -2 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 327 352
Tax 17 -65 -70
Net profit 133 261 282
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 133 261 282
EPS 5,23 10,5 11,32
EPS Adj 5,23 10,5 11,32
Total extraordinary items after tax 0 0 0
Tax rate (%) 14,5 -20 -20
Gross margin (%) 11,7 29,7 68,2
EBITDA margin (%) 6,1 24,8 53,2
EBITA margin (%) 5,8 24,5 52,6
EBIT margin (%) 5,8 24,5 52,6
Pretax margin (%) 5,7 24,2 52,2
Net margin (%) 6,5 19,3 41,7
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 48,6 -33,5 -50
EBITDA growth (%) -43,2 171,4 7,4
EBIT growth (%) -41,5 179,4 7,5
Net profit growth (%) -31,7 96,8 7,8
EPS growth (%) -31 100,6 7,8
Profitability 2019 2020 2021
ROE (%) 15,6 26,1 22,9
ROE Adj (%) 15,6 26,1 22,9
ROCE (%) 10 25,3 23,1
ROCE Adj(%) 10 25,3 23,1
ROIC (%) 41,2 122,5 96,7
ROIC Adj (%) 41,2 122,5 96,7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 123 335 359
EBITDA Adj margin (%) 6,1 24,8 53,2
EBITA Adj 118 331 355
EBITA Adj margin (%) 5,8 24,5 52,6
EBIT Adj 118 331 355
EBIT Adj margin (%) 5,8 24,5 52,6
Pretax profit Adj 116 327 352
Net profit Adj 133 261 282
Net profit to shareholders Adj 133 261 282
Net Adj margin (%) 6,5 19,3 41,7
SEKm 2019 2020e 2021e
EBITDA 123 335 359
Net financial items -2 -4 -3
Paid tax 17 -65 -70
Non-cash items 108 3 3
Cash flow before change in WC 245 269 289
Change in WC 321 -195 1
Operating cash flow 567 74 290
CAPEX tangible fixed assets -5 -2 -2
CAPEX intangible fixed assets -96 0 0
Acquisitions and disposals 0 0 0
Free cash flow 466 72 288
Dividend paid -37 -37 -45
Share issues and buybacks 0 0 0
Other non cash items 33 27 0
Decrease in net IB debt 429 35 244
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 54 24 20
Tangible fixed assets 32 30 28
Other fixed assets 25 25 25
Fixed assets 111 79 73
Inventories 472 467 466
Receivables 372 372 372
Other current assets 0 0 0
Cash and liquid assets 1103 1138 1381
Total assets 2058 2055 2292
Shareholders equity 890 1114 1351
Minority 0 0 0
Total equity 890 1114 1351
Long-term debt 152 152 152
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 7 7
Short-term debt 151 151 151
Accounts payable 820 620 620
Other current liabilities 38 11 11
Total liabilities and equity 901 1895 2058
Net IB debt -800 -835 -1078
Net IB debt excl. pension debt -800 -835 -1078
Capital invested 135 297 291
Working capital 24 218 217
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1998 3019 3019
Net IB debt Adj -800 -835 -1078
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 1198 2184 1940
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 102,8 65,7 31,1
Capital invested turnover (%) 618,6 625,9 229,8
Capital employed turnover (%) 170,9 103,6 44
Inventories / sales (%) 33,3 34,8 69,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 35,8 53,3 91,8
Working capital / sales (%) 9,1 9 32,3
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -89,9 -74,9 -79,8
Net debt / market cap (%) -59,1 -27,6 -35,7
Equity ratio (%) 43,2 54,2 58,9
Net IB debt adj. / equity (%) -89,9 -74,9 -79,8
Current ratio (%) 193,1 253 284
EBITDA / net interest (%) 5246,4 8781,2 11789,6
Net IB debt / EBITDA (%) -648,9 -249,5 -300,1
Interest cover (%) 5034,9 8676,2 11658,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 5,23 10,5 11,32
Dividend per share Adj 1,5 1,8 2
EPS Adj 5,23 10,5 11,32
BVPS 35,73 44,72 54,24
BVPS Adj 33,56 43,76 53,42
Net IB debt / share -32,1 -33,5 -43,3
Share price 54,39 121,2 121,2
Market cap. (m) 1355 3019 3019
Valuation 2019 2020 2021
P/E 15 11,5 10,7
EV/sales 0,59 1,62 2,87
EV/EBITDA 9,7 6,5 5,4
EV/EBITA 10,1 6,6 5,5
EV/EBIT 10,1 6,6 5,5
Dividend yield (%) 1,9 1,5 1,7
FCF yield (%) 23,3 2,4 9,6
P/BVPS 2,2 2,71 2,23
P/BVPS Adj 2,35 2,77 2,27
P/E Adj 15 11,5 10,7
EV/EBITDA Adj 9,7 6,5 5,4
EV/EBITA Adj 10,1 6,6 5,5
EV/EBIT Adj 10,1 6,6 5,5
EV/cap. employed 1 1,5 1,2
Investment ratios 2019 2020 2021
Capex / sales 5 0,1 0,3
Capex / depreciation 2028,3 50 50
Capex tangibles / tangible fixed assets 14,5 6,7 7,2
Capex intangibles / definite intangibles 177,8 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,6 13,4 14,4

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 9.6 % 15.6 % 31 Dec 2019
Hans-Göran Stennert 3.6 % 11.8 % 30 Sep 2019
Åke Johansson 3.1 % 6.9 % 31 Dec 2019
Avanza Pension 4.7 % 3.2 % 31 Dec 2019
Swedbank Försäkring 1.5 % 1.0 % 31 Dec 2019
Nordnet Pensionsförsäkring 1.4 % 1.0 % 31 Dec 2019
Anna Benjamin 1.4 % 0.9 % 31 Dec 2019
Stiftelsen Riksbankens Jubileumsfond 1.3 % 0.9 % 31 Dec 2019
Wallenstam Värdepapper AB 1.2 % 0.8 % 31 Dec 2019
MediumInvest A/S 1.2 % 0.8 % 31 Dec 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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