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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 2186 2500
Sales growth (%) 28,3 59,9 14,4
EBITDA 217 192 183
EBITDA margin (%) 15,9 8,8 7,3
EBIT adj 202 188 178
EBIT adj margin (%) 14,8 8,6 7,1
Pretax profit 199 178 176
EPS rep 7,8 6,11 6,09
EPS growth (%) 693 -21,6 -0,4
EPS adj 7,8 6,11 6,09
DPS 1,5 1,7 1,8
EV/EBITDA (x) 2,7 4,8 3,9
EV/EBIT adj (x) 2,9 5 4
P/E (x) 4,9 8,5 8,5
P/E adj (x) 4,9 8,5 8,5
EV/sales (x) 0,4 0,4 0,3
FCF yield (%) 25,2 2,1 19,8
Dividend yield (%) 3,9 3,3 3,5
Net IB debt/EBITDA -1,7 -1,9 -3,1
SEKm 2018 2019e 2020e
Sales 1367 2186 2500
COGS -1077 -1916 -2231
Gross profit 290 269 269
Other operating items -73 -77 -86
EBITDA 217 192 183
Depreciation on tangibles -15 -5 -5
Depreciation on intangibles 0 0 0
EBITA 202 188 178
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 202 188 178
Other financial items 0 0 0
Net financial items -4 -10 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 199 178 176
Tax -5 -26 -25
Net profit 194 152 152
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 194 152 152
EPS 7,8 6,11 6,09
EPS Adj 7,8 6,11 6,09
Total extraordinary items after tax 0 0 0
Tax rate (%) -2,3 -14,5 -14
Gross margin (%) 21,2 12,3 10,8
EBITDA margin (%) 15,9 8,8 7,3
EBITA margin (%) 14,8 8,6 7,1
EBIT margin (%) 14,8 8,6 7,1
Pretax margin (%) 14,5 8,1 7,1
Net margin (%) 14,2 7 6,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 28,3 59,9 14,4
EBITDA growth (%) 241,2 -11,4 -4,7
EBIT growth (%) 403,1 -7,2 -5,1
Net profit growth (%) 693 -21,6 -0,4
EPS growth (%) 693 -21,6 -0,4
Profitability 2018 2019 2020
ROE (%) 26,3 18,2 16,2
ROE Adj (%) 26,3 18,2 16,2
ROCE (%) 43,2 40,1 37,8
ROCE Adj(%) 43,2 40,1 37,8
ROIC (%) 40,2 39,8 45,6
ROIC Adj (%) 40,2 39,8 45,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 217 192 183
EBITDA Adj margin (%) 15,9 8,8 7,3
EBITA Adj 202 188 178
EBITA Adj margin (%) 14,8 8,6 7,1
EBIT Adj 202 188 178
EBIT Adj margin (%) 14,8 8,6 7,1
Pretax profit Adj 199 178 176
Net profit Adj 194 152 152
Net profit to shareholders Adj 194 152 152
Net Adj margin (%) 14,2 7 6,1
SEKm 2018 2019e 2020e
EBITDA 217 192 183
Net financial items -4 -10 -2
Paid tax -5 -26 -25
Non-cash items -87 -78 101
Cash flow before change in WC 122 79 257
Change in WC 119 49 0
Operating cash flow 242 127 257
CAPEX tangible fixed assets -1 -4 -2
CAPEX intangible fixed assets 0 -96 0
Acquisitions and disposals 0 0 0
Free cash flow 241 28 255
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 -10 213
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 96 65 27
Tangible fixed assets 52 39 36
Other fixed assets 29 24 24
Fixed assets 177 128 87
Inventories 882 819 819
Receivables 53 28 28
Other current assets 43 153 153
Cash and liquid assets 740 470 683
Total assets 1895 1598 1769
Shareholders equity 816 853 1025
Minority 0 0 0
Total equity 816 853 1025
Long-term debt 369 78 78
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 77 43 43
Short-term debt 0 31 31
Accounts payable 633 594 594
Other current liabilities 0 0 0
Total liabilities and equity 1270 901 1895
Net IB debt -371 -361 -574
Net IB debt excl. pension debt -371 -361 -574
Capital invested 450 357 316
Working capital 302 253 253
EV breakdown 2018 2019 2020
Market cap. diluted (m) 956 1293 1293
Net IB debt Adj -371 -361 -574
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 585 932 718
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 97,8 125,2 148,5
Capital invested turnover (%) 278,1 541,4 743,1
Capital employed turnover (%) 291,9 466,6 530,5
Inventories / sales (%) 49,6 38,9 32,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 27,9 28,1 23,8
Working capital / sales (%) 26,5 12,7 10,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -45,5 -42,3 -56
Net debt / market cap (%) -49,5 -27,9 -44,4
Equity ratio (%) 43,1 53,4 57,9
Net IB debt adj. / equity (%) -45,5 -42,3 -56
Current ratio (%) 271,4 235,4 269,5
EBITDA / net interest (%) 6147 1949,9 9427,3
Net IB debt / EBITDA (%) -170,9 -187,7 -313,1
Interest cover (%) 5729,1 1904 9168,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 7,8 6,11 6,09
Dividend per share Adj 1,5 1,7 1,8
EPS Adj 7,8 6,11 6,09
BVPS 32,76 34,26 41,14
BVPS Adj 28,9 31,63 40,06
Net IB debt / share -14,9 -14,5 -23,1
Share price 30,07 51,9 51,9
Market cap. (m) 749 1293 1293
Valuation 2018 2019 2020
P/E 4,9 8,5 8,5
EV/sales 0,43 0,43 0,29
EV/EBITDA 2,7 4,8 3,9
EV/EBITA 2,9 5 4
EV/EBIT 2,9 5 4
Dividend yield (%) 3,9 3,3 3,5
FCF yield (%) 25,2 2,1 19,8
P/BVPS 1,17 1,52 1,26
P/BVPS Adj 1,33 1,64 1,3
P/E Adj 4,9 8,5 8,5
EV/EBITDA Adj 2,7 4,8 3,9
EV/EBITA Adj 2,9 5 4
EV/EBIT Adj 2,9 5 4
EV/cap. employed 1,3 1,9 1,6
Investment ratios 2018 2019 2020
Capex / sales 0,1 4,6 0,1
Capex / depreciation 6,4 2207,3 39,7
Capex tangibles / tangible fixed assets 1,8 9,8 5,6
Capex intangibles / definite intangibles 0 147,2 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 28,4 11,7 14,1

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Main shareholders

Eolus Vind

Main shareholders Share capital % Voting shares % Verified
Domneåns Kraft AB 9.5 % 15.3 % 31 Dec 2018
Hans-Göran Stennert 3.6 % 11.8 % 15 Nov 2018
Åke Johansson 3.1 % 6.9 % 31 Dec 2018
Avanza Pension 6.1 % 4.2 % 31 Dec 2018
Johan Markensten 2.5 % 1.7 % 31 Dec 2018
Nordnet Pensionsförsäkring 2.5 % 1.7 % 31 Dec 2018
Swedbank Försäkring 2.0 % 1.3 % 31 Dec 2018
Marcus Thomasson 1.8 % 1.2 % 31 Dec 2018
Elementa Management 1.5 % 1.1 % 31 Dec 2018
Anna Benjamin 1.4 % 0.9 % 31 Dec 2018
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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