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Eurocon

Engineering consultancy with broad competence

Eurocon Consulting, a consulting service company founded in 1990, provides the forestry, energy, mining, and chemistry markets with engineering services. The offering covers the whole life cycle of customer investment, from preliminary study to implementation, deployment and maintenance. The customers are almost exclusively major industrial companies and municipalities. The company’s main vision is to be the obvious choice for customers and employees who want to build and optimize for a sustainable future.

Eurocon has a solid financial position with stable cash flows. This positions Eurocon for further acquisitions, which in turn will generate most of the firm’s future growth. Together with its consultancy offering, Eurocon also provides customers with its developed software Sitebase. The software scales well with increased volumes and can hence strengthen the company’s operating margins.

The markets that Eurocon is exposed to are cyclical markets such as mining and forestry, and hence, Eurocon is dependent on investments in these markets. As other consulting businesses are experiencing as well, hiring consultants is hard, and especially within engineering. As the company grows, keeping competent and experienced employees is essential.

SEKm 2018 2019e 2020e
Sales 253 280 300
Sales growth (%) 5,8 10,8 6,9
EBITDA 28 35 41
EBITDA margin (%) 11,3 12,6 13,7
EBIT adj 25 23 29
EBIT adj margin (%) 9,8 8,2 9,6
Pretax profit 31 23 29
EPS rep 0,6 0,41 0,51
EPS growth (%) 18,8 -31,3 24,8
EPS adj 0,6 0,41 0,51
DPS 0,35 0,35 0,45
EV/EBITDA (x) 8,7 8,1 7
EV/EBIT adj (x) 10 12,5 10
P/E (x) 10,1 16,1 12,9
P/E adj (x) 10,1 16,1 12,9
EV/sales (x) 1 1 1
FCF yield (%) 5,8 5 8,6
Dividend yield (%) 5,8 5,3 6,8
Net IB debt/EBITDA -0,3 0 0
SEKm 2018 2019e 2020e
Sales 253 280 300
COGS -20 -29 -31
Gross profit 233 251 268
Other operating items -205 -215 -227
EBITDA 28 35 41
Depreciation on tangibles -4 -12 -12
Depreciation on intangibles 0 0 0
EBITA 25 23 29
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 25 23 29
Other financial items 0 0 0
Net financial items 6 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 31 23 29
Tax -6 -5 -6
Net profit 26 18 22
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 26 18 22
EPS 0,6 0,41 0,51
EPS Adj 0,6 0,41 0,51
Total extraordinary items after tax 0 0 0
Tax rate (%) -18,4 -22 -22
Gross margin (%) 92,3 89,5 89,6
EBITDA margin (%) 11,3 12,6 13,7
EBITA margin (%) 9,8 8,2 9,6
EBIT margin (%) 9,8 8,2 9,6
Pretax margin (%) 12,4 8,2 9,6
Net margin (%) 10,1 6,4 7,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 5,8 10,8 6,9
EBITDA growth (%) -7,9 24,4 16,2
EBIT growth (%) -10,7 -7 24,7
Net profit growth (%) 18,8 -29,8 24,8
EPS growth (%) 18,8 -31,3 24,8
Profitability 2018 2019 2020
ROE (%) 30,6 19,8 23,5
ROE Adj (%) 30,6 19,8 23,5
ROCE (%) 28,9 23,9 27,3
ROCE Adj(%) 28,9 23,9 27,3
ROIC (%) 24,8 17,9 18,5
ROIC Adj (%) 24,8 17,9 18,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 28 35 41
EBITDA Adj margin (%) 11,3 12,6 13,7
EBITA Adj 25 23 29
EBITA Adj margin (%) 9,8 8,2 9,6
EBIT Adj 25 23 29
EBIT Adj margin (%) 9,8 8,2 9,6
Pretax profit Adj 31 23 29
Net profit Adj 26 18 22
Net profit to shareholders Adj 26 18 22
Net Adj margin (%) 10,1 6,4 7,5
SEKm 2018 2019e 2020e
EBITDA 28 35 41
Net financial items 6 0 0
Paid tax -6 -5 -6
Non-cash items 0 0 0
Cash flow before change in WC 29 30 35
Change in WC -5 -3 -4
Operating cash flow 6 25 28
CAPEX tangible fixed assets 9 -3 -3
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -7 0
Free cash flow 15 14 25
Dividend paid -15 -15 -15
Share issues and buybacks 0 -7 0
Other non cash items -11 2 0
Decrease in net IB debt -11 -6 9
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 52 62 62
Indefinite intangible assets 0 0 0
Definite intangible assets 4 4 4
Tangible fixed assets 7 4 5
Other fixed assets 4 29 29
Fixed assets 66 99 100
Inventories 0 0 0
Receivables 82 92 99
Other current assets 0 0 0
Cash and liquid assets 12 10 11
Total assets 160 201 210
Shareholders equity 89 92 99
Minority 0 0 0
Total equity 89 92 99
Long-term debt 0 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 1 3 3
Short-term debt 2 10 10
Accounts payable 65 73 75
Other current liabilities 0 0 0
Total liabilities and equity 117 151 157
Net IB debt -9 0 -1
Net IB debt excl. pension debt -9 0 -1
Capital invested 83 118 124
Working capital 17 20 24
EV breakdown 2018 2019 2020
Market cap. diluted (m) 257 288 288
Net IB debt Adj -9 0 -1
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 248 288 287
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 161,4 155,5 145,8
Capital invested turnover (%) 309,9 278,6 247,4
Capital employed turnover (%) 295,2 290,7 284,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 24,6 24,6 24,7
Working capital / sales (%) 5,5 6,5 7,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -10,5 0,2 -1
Net debt / market cap (%) -3,3 0,1 -0,3
Equity ratio (%) 55,6 45,6 47
Net IB debt adj. / equity (%) -10,5 0,2 -1
Current ratio (%) 138,5 123,4 129,3
EBITDA / net interest (%) -438,8 35415,4 41151,7
Net IB debt / EBITDA (%) -32,6 0,6 -2,3
Interest cover (%) -381,9 23051,4 28740,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 43 44 44
Fully diluted shares Adj 43 44 44
EPS 0,6 0,41 0,51
Dividend per share Adj 0,3 0,3 0,5
EPS Adj 0,6 0,41 0,51
BVPS 2,08 2,1 2,26
BVPS Adj 0,77 0,59 0,75
Net IB debt / share N/A N/A N/A
Share price 6,6 6,6 6,6
Market cap. (m) 282 288 288
Valuation 2018 2019 2020
P/E 10,1 16,1 12,9
EV/sales 0,98 1,03 0,96
EV/EBITDA 8,7 8,1 7
EV/EBITA 10 12,5 10
EV/EBIT 10 12,5 10
Dividend yield (%) 5,8 5,3 6,8
FCF yield (%) 5,8 5 8,6
P/BVPS 2,9 3,14 2,92
P/BVPS Adj 7,82 11,16 8,76
P/E Adj 10,1 16,1 12,9
EV/EBITDA Adj 8,7 8,1 7
EV/EBITA Adj 10 12,5 10
EV/EBIT Adj 10 12,5 10
EV/cap. employed 2,7 2,8 2,6
Investment ratios 2018 2019 2020
Capex / sales -3,4 1 1
Capex / depreciation -234,2 22,7 24,1
Capex tangibles / tangible fixed assets -125 73,3 55,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 53,4 323,2 230,1

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Main shareholders

Eurocon

Main shareholders Share capital % Voting shares % Verified
Ronald Andersson 10.4 % 10.4 % 31 Mar 2019
Nordea Fonder 9.2 % 9.2 % 31 Mar 2019
Avanza Pension 8.2 % 8.2 % 31 Mar 2019
Ulf Rask 4.7 % 4.7 % 31 Mar 2019
Christer Svanholm 4.3 % 4.3 % 31 Mar 2019
Fredrik Forsgren 4.2 % 4.2 % 31 Mar 2019
Johan Westman 3.8 % 3.8 % 31 Mar 2019
Mikael Lindqvist 2.7 % 2.7 % 31 Mar 2019
Peter Johansson 2.6 % 2.6 % 31 Mar 2019
Nils Lindström 2.3 % 2.3 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Eurocon

Name Quantity Code Date
Johan Westman + 10 000 BUY 27 Feb 2018
Johan Westman + 3 932 BUY 25 Jan 2018
Tord Kostet - 10 000 SELL 16 Nov 2017
Tord Kostet - 14 655 SELL 7 Nov 2017
Tord Kostet - 9 979 SELL 31 Aug 2017
Tord Kostet - 99 796 SELL 31 Aug 2017
Johan Westman BUY 21 Jul 2017
Johan Westman + 10 000 BUY 21 Jul 2017
Johan Westman + 250 000 BUY 21 Jul 2017
Johan Westman + 20 000 BUY 19 Jul 2017

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