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Opus Group

Environmental and safety control of vehicles

Headquartered in Gothenburg, Sweden, Opus Group offers vehicle inspection programs for safety testing and emission controls, equipment sales and servicing, and support of advanced vehicles globally. Opus operates in both centralised and decentralised vehicle inspection programs, with the decentralised programs concentrated to the US. Opus also offers Equipment-as-a-Service contracts to decentralised workshops in parts of the US. While Sweden is an important division for Opus, the company is the market leader in the US and is present in Latin America, Pakistan, Spain, the UK and Australia.

Demand for Opus’s offering is mainly driven by the world’s current and future fleet of vehicles, with the company positioned to meet the inspection requirements of advanced vehicles. Authorities focusing on how to prevent and reduce traffic accidents and on reducing pollution of cities is leading to tightening requirements for safety and emissions, which also increases the demand for Opus’s services. A further roll-out of EaaS contracts in open markets will strengthen the firm’s operating margins.

A key risk for Opus is increased competition both in the Swedish market as well as internationally. Furthermore, losing procurements for new or ongoing contracts in the open US market would weaken Opus’s position as a market leader. As a part of Opus’s growth strategy, expansions to low- and middle-income countries and markets are expected. Thus, Opus faces the inherent political, financial and operational risks that come with the expansion into these areas.

SEKm 2018 2019e 2020e
Sales 2497 2718 2855
Sales growth (%) 34,4 8,8 5
EBITDA 504 638 681
EBITDA margin (%) 20,2 23,5 23,9
EBIT adj 202 259 308
EBIT adj margin (%) 8,1 9,5 10,8
Pretax profit 50 60 193
EPS rep 0,09 0,16 0,51
EPS growth (%) -68,2 84,8 215,5
EPS adj 0,59 0,68 0,95
DPS 0,12 0,15 0,2
EV/EBITDA (x) 5,9 5,3 4,9
EV/EBIT adj (x) 14,9 13,1 10,8
P/E (x) 54,8 32,8 10,4
P/E adj (x) 8,1 7,8 5,5
EV/sales (x) 1,2 1,3 1,2
FCF yield (%) -36,3 10,4 10,7
Dividend yield (%) 2,5 2,8 3,8
Net IB debt/EBITDA 3,2 2,9 2,7
SEKm 2018 2019e 2020e
Sales 2497 2718 2855
COGS 0 0 0
Gross profit 2497 2718 2855
Other operating items -1994 -2080 -2174
EBITDA 504 638 681
Depreciation on tangibles -146 -234 -242
Depreciation on intangibles 0 0 0
EBITA 358 404 440
Goodwill impairment charges 0 0 0
Other impairment and amortisation -152 -149 -132
EBIT 206 255 308
Other financial items 0 0 0
Net financial items -155 -195 -115
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 60 193
Tax -57 -39 -68
Net profit -6 21 125
Minority interest 32 27 25
Net profit discontinued 0 0 0
Net profit to shareholders 26 48 150
EPS 0,09 0,16 0,51
EPS Adj 0,59 0,68 0,95
Total extraordinary items after tax 4 -4 0
Tax rate (%) -112,3 -65,2 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 20,2 23,5 23,9
EBITA margin (%) 14,3 14,9 15,4
EBIT margin (%) 8,2 9,4 10,8
Pretax margin (%) 2 2,2 6,8
Net margin (%) -0,2 0,8 4,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 34,4 8,8 5
EBITDA growth (%) 63,5 26,6 6,8
EBIT growth (%) 92,6 24 20,7
Net profit growth (%) -108,4 435 502,9
EPS growth (%) -68,2 84,8 215,5
Profitability 2018 2019 2020
ROE (%) 2,7 4,6 13,1
ROE Adj (%) 17,9 19,2 24,6
ROCE (%) 7,4 8 8,9
ROCE Adj(%) 12,8 12,8 12,7
ROIC (%) -1 2,9 6,2
ROIC Adj (%) -1 2,9 6,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 500 642 681
EBITDA Adj margin (%) 20 23,6 23,9
EBITA Adj 354 408 440
EBITA Adj margin (%) 14,2 15 15,4
EBIT Adj 202 259 308
EBIT Adj margin (%) 8,1 9,5 10,8
Pretax profit Adj 198 213 325
Net profit Adj 142 174 257
Net profit to shareholders Adj 174 201 282
Net Adj margin (%) 5,7 6,4 9
SEKm 2018 2019e 2020e
Net debt / market cap (%) 87,2 122,2 119,3
Equity ratio (%) 25,5 24,2 25,6
Net IB debt adj. / equity (%) 161,7 178 161,3
Current ratio (%) 137 137,2 142,5
EBITDA / net interest (%) 324,6 326,6 592,7
Net IB debt / EBITDA (%) 317 294,2 269,1
Interest cover (%) 230,5 206,9 382,5
EBITDA 504 638 681
Net financial items -155 -195 -115
Paid tax -57 -39 -68
Non-cash items 41 60 0
Cash flow before change in WC 333 463 499
Change in WC 18 -16 -12
Operating cash flow 323 448 487
CAPEX tangible fixed assets -836 -285 -320
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -513 163 167
Dividend paid -15 -35 -44
Share issues and buybacks 0 0 0
Other non cash items -166 -386 -43
Decrease in net IB debt -631 -280 44
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 675 592 486
Tangible fixed assets 990 1377 1473
Other fixed assets 86 91 91
Fixed assets 3096 3406 3395
Inventories 0 0 0
Receivables 387 453 508
Other current assets 0 0 0
Cash and liquid assets 384 497 540
Total assets 3868 4355 4443
Shareholders equity 1001 1092 1199
Minority -14 -38 -63
Total equity 987 1054 1136
Long-term debt 1981 2294 2294
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 337 315 277
Short-term debt 0 79 79
Accounts payable 563 613 657
Other current liabilities 0 0 0
Total liabilities and equity 3007 3331 3868
Net IB debt 1596 1877 1833
Net IB debt excl. pension debt 1596 1877 1833
Capital invested 2920 3246 3246
Working capital -176 -160 -148
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1414 1565 1565
Net IB debt Adj 1596 1877 1833
Market value of minority -14 -38 -63
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2996 3404 3335
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,4 66,1 64,9
Capital invested turnover (%) 97,8 88,2 87,9
Capital employed turnover (%) 90,4 85 82,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,3 21,6 22,2
Working capital / sales (%) -6,7 -6,2 -5,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 161,7 178 161,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,09 0,16 0,51
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,59 0,68 0,95
BVPS 3,45 3,76 4,13
BVPS Adj -3,51 -2,91 -2,18
Net IB debt / share 5,5 6,5 6,3
Share price 6,3 5,29 5,29
Market cap. (m) 1830 1536 1536
Valuation 2018 2019 2020
P/E 54,8 32,8 10,4
EV/sales 1,2 1,25 1,17
EV/EBITDA 5,9 5,3 4,9
EV/EBITA 8,4 8,4 7,6
EV/EBIT 14,6 13,3 10,8
Dividend yield (%) 2,5 2,8 3,8
FCF yield (%) -36,3 10,4 10,7
P/BVPS 1,39 1,41 1,28
P/BVPS Adj -1,36 -1,82 -2,43
P/E Adj 8,1 7,8 5,5
EV/EBITDA Adj 6 5,3 4,9
EV/EBITA Adj 8,5 8,3 7,6
EV/EBIT Adj 14,9 13,1 10,8
EV/cap. employed 1 1 1
Investment ratios 2018 2019 2020
Capex / sales 33,5 10,5 11,2
Capex / depreciation 572,8 121,9 132,3
Capex tangibles / tangible fixed assets 84,4 20,7 21,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,7 17 16,4

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Media

Opus Group: Interview with CEO Lothar Geilen (Q4 2017)
Opus Group - Interview with CEO Lothar Geilen (Q2 2017)

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Main shareholders

Opus Group

Main shareholders Share capital % Voting shares % Verified
RWC Asset Management 19.9 % 19.9 % 30 Jun 2019
Magnus Greko och Jörgen Hentschel 14.5 % 14.5 % 23 Aug 2019
Lothar Geilen 6.8 % 6.8 % 30 Jun 2019
Andra AP-fonden 6.4 % 6.4 % 30 Jun 2019
Henrik Wagner Jørgensen 3.5 % 3.5 % 30 Jun 2019
Rickard Andersson 3.2 % 3.2 % 30 Jun 2019
Dimensional Fund Advisors 3.2 % 3.2 % 31 Jul 2019
Avanza Pension 3.0 % 3.0 % 30 Jun 2019
Swedbank Försäkring 1.3 % 1.3 % 30 Jun 2019
AXA 1.0 % 1.0 % 31 May 2019
Source: Holdings by Modular Finance AB

Insider list

Opus Group

Name Quantity Code Date
HÅKAN ERIXON + 15 761 BUY 3 Sep 2019
HÅKAN ERIXON + 10 000 BUY 2 Sep 2019
HÅKAN ERIXON + 5 000 BUY 2 Sep 2019
HÅKAN ERIXON + 5 000 BUY 2 Sep 2019
HÅKAN ERIXON + 4 239 BUY 2 Sep 2019
Magnus Greko - 134 465 SELL 23 Aug 2019
AB Kommandoran + 94 348 BUY 18 Dec 2018
AB Kommandoran + 5 652 BUY 12 Dec 2018
AB Kommandoran + 18 530 BUY 22 Nov 2018
Per Rosén - 151 725 SELL 31 Aug 2018

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