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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 1337 5078
Sales growth (%) 48,6 -34,2 279,9
EBITDA 123 237 377
EBITDA margin (%) 6,1 17,7 7,4
EBIT adj 118 232 373
EBIT adj margin (%) 5,8 17,3 7,3
Pretax profit 116 220 370
EPS rep 5,33 8,75 11,89
EPS growth (%) -31,7 64,2 35,9
EPS adj 5,33 8,75 11,89
DPS 1,5 1,8 2
EV/EBITDA (x) 9,2 11,5 6,5
EV/EBIT adj (x) 9,6 11,8 6,6
P/E (x) 14,8 15,1 11,1
P/E adj (x) 14,8 15,1 11,1
EV/sales (x) 0,6 2 0,5
FCF yield (%) 18,9 -6,5 9,3
Dividend yield (%) 1,9 1,4 1,5
Net IB debt/EBITDA -6,7 -2,3 -2,2
SEKm 2019 2020e 2021e
Sales 2032 1337 5078
COGS -1793 -1038 -4608
Gross profit 239 299 470
Other operating items -115 -62 -94
EBITDA 123 237 377
Depreciation on tangibles -5 -5 -4
Depreciation on intangibles 0 0 0
EBITA 118 232 373
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 118 232 373
Other financial items 0 0 0
Net financial items -2 -11 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 116 220 370
Tax 17 -2 -74
Net profit 133 218 296
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 133 218 296
EPS 5,33 8,75 11,89
EPS Adj 5,33 8,75 11,89
Total extraordinary items after tax 0 0 0
Tax rate (%) 14,5 -1,1 -20
Gross margin (%) 11,7 22,4 9,3
EBITDA margin (%) 6,1 17,7 7,4
EBITA margin (%) 5,8 17,3 7,3
EBIT margin (%) 5,8 17,3 7,3
Pretax margin (%) 5,7 16,5 7,3
Net margin (%) 6,5 16,3 5,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 48,6 -34,2 279,9
EBITDA growth (%) -43,2 92,1 59,1
EBIT growth (%) -41,5 95,8 60,9
Net profit growth (%) -31,7 64,2 35,9
EPS growth (%) -31,7 64,2 35,9
Profitability 2019 2020 2021
ROE (%) 15,6 22,3 24,9
ROE Adj (%) 15,6 22,3 24,9
ROCE (%) 10 19,2 27,6
ROCE Adj(%) 10 19,2 27,6
ROIC (%) 50,4 74,7 56,3
ROIC Adj (%) 50,4 74,7 56,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 123 237 377
EBITDA Adj margin (%) 6,1 17,7 7,4
EBITA Adj 118 232 373
EBITA Adj margin (%) 5,8 17,3 7,3
EBIT Adj 118 232 373
EBIT Adj margin (%) 5,8 17,3 7,3
Pretax profit Adj 116 220 370
Net profit Adj 133 218 296
Net profit to shareholders Adj 133 218 296
Net Adj margin (%) 6,5 16,3 5,8
SEKm 2019 2020e 2021e
EBITDA 123 237 377
Net financial items -2 -11 -3
Paid tax 17 -2 -74
Non-cash items 203 -180 0
Cash flow before change in WC 341 43 300
Change in WC 324 -485 7
Operating cash flow 567 -215 307
CAPEX tangible fixed assets -101 -1 -2
CAPEX intangible fixed assets -96 0 0
Acquisitions and disposals 0 0 0
Free cash flow 370 -215 305
Dividend paid -37 -37 -45
Share issues and buybacks 0 0 0
Other non cash items 0 91 5
Decrease in net IB debt 424 -264 265
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 54 25 21
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 32 30 28
Other fixed assets 25 27 27
Fixed assets 111 83 76
Inventories 749 858 851
Receivables 61 183 183
Other current assets 34 137 137
Cash and liquid assets 1103 697 962
Total assets 2058 1957 2209
Shareholders equity 890 1065 1317
Minority 0 0 0
Total equity 890 1065 1317
Long-term debt 152 155 155
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 28 28
Short-term debt 151 3 3
Accounts payable 229 164 164
Other current liabilities 628 542 542
Total liabilities and equity 2058 1957 2209
Net IB debt -821 -557 -822
Net IB debt excl. pension debt -821 -557 -822
Capital invested 77 537 523
Working capital -14 471 464
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1960 3288 3288
Net IB debt Adj -821 -557 -822
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 1140 2731 2466
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 102,8 66,6 243,8
Capital invested turnover (%) 755,5 435,7 957,9
Capital employed turnover (%) 170,9 110,7 376,6
Inventories / sales (%) 40,1 60,1 16,8
Customer advances / sales (%) 15,1 23,4 6,5
Payables / sales (%) 9,1 14,7 3,2
Working capital / sales (%) 7,3 17,1 9,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -92,2 -52,2 -62,4
Net debt / market cap (%) -60,6 -16,9 -25
Equity ratio (%) 43,2 54,4 59,6
Net IB debt adj. / equity (%) -92,2 -52,2 -62,4
Current ratio (%) 193,1 264,3 300,7
EBITDA / net interest (%) 5246,3 2092,3 14958,8
Net IB debt / EBITDA (%) -665,6 -234,9 -218
Interest cover (%) 5034,9 2046,4 14800
SEKm 2019 2020e 2021e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 5,33 8,75 11,89
Dividend per share Adj 1,5 1,8 2
EPS Adj 5,33 8,75 11,89
BVPS 35,73 42,77 52,86
BVPS Adj 33,56 41,76 52,03
Net IB debt / share -32,9 -22,3 -33
Share price 54,39 132 132
Market cap. (m) 1355 3288 3288
Valuation 2019 2020 2021
P/E 14,8 15,1 11,1
EV/sales 0,56 2,04 0,49
EV/EBITDA 9,2 11,5 6,5
EV/EBITA 9,6 11,8 6,6
EV/EBIT 9,6 11,8 6,6
Dividend yield (%) 1,9 1,4 1,5
FCF yield (%) 18,9 -6,5 9,3
P/BVPS 2,2 3,09 2,5
P/BVPS Adj 2,35 3,16 2,54
P/E Adj 14,8 15,1 11,1
EV/EBITDA Adj 9,2 11,5 6,5
EV/EBITA Adj 9,6 11,8 6,6
EV/EBIT Adj 9,6 11,8 6,6
EV/cap. employed 1 2,2 1,7
Investment ratios 2019 2020 2021
Capex / sales 9,7 0 0
Capex / depreciation 3964,3 10,1 50
Capex tangibles / tangible fixed assets 316,8 1,7 7,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 15,6 17,1 14,1

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 Mar 2020
Hans-Göran Stennert 3.6 % 11.8 % 31 Aug 2019
Åke Johansson 2.8 % 6.9 % 31 Mar 2020
Avanza Pension 4.2 % 2.9 % 31 Mar 2020
MediumInvest A/S 2.3 % 1.5 % 31 Mar 2020
JP Morgan Asset Management 2.1 % 1.5 % 31 May 2020
ODIN Fonder 1.8 % 1.2 % 31 May 2020
Stiftelsen Riksbankens Jubileumsfond 1.5 % 1.0 % 31 Mar 2020
Swedbank Försäkring 1.4 % 1.0 % 31 Mar 2020
Anna Benjamin 1.4 % 0.9 % 31 Mar 2020
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

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