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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 2708 2849
Sales growth (%) 34,4 8,4 5,2
EBITDA 504 593 649
EBITDA margin (%) 20,2 21,9 22,8
EBIT adj 202 286 355
EBIT adj margin (%) 8,1 10,6 12,5
Pretax profit 50 192 260
EPS rep 0,09 0,54 0,67
EPS growth (%) -68,2 518,6 24,7
EPS adj 0,59 1,05 1,08
DPS 0,12 0,15 0,2
EV/EBITDA (x) 5,9 5,1 4,5
EV/EBIT adj (x) 14,9 10,6 8,2
P/E (x) 54,8 9,6 7,7
P/E adj (x) 8,1 5 4,8
EV/sales (x) 1,2 1,1 1
FCF yield (%) -36,3 6,4 9,8
Dividend yield (%) 2,5 2,9 3,8
Net IB debt/EBITDA 3,2 2,6 2,2
SEKm 2018 2019e 2020e
Sales 2497 2708 2849
COGS 0 0 0
Gross profit 2497 2708 2849
Other operating items -1994 -2114 -2200
EBITDA 504 593 649
Depreciation on tangibles -146 -157 -173
Depreciation on intangibles 0 0 0
EBITA 358 436 476
Goodwill impairment charges 0 0 0
Other impairment and amortisation -152 -150 -121
EBIT 206 286 355
Other financial items 0 0 0
Net financial items -155 -94 -95
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 192 260
Tax -57 -67 -91
Net profit -6 125 169
Minority interest 32 35 30
Net profit discontinued 0 0 0
Net profit to shareholders 26 160 199
EPS 0,09 0,54 0,67
EPS Adj 0,59 1,05 1,08
Total extraordinary items after tax 4 0 0
Tax rate (%) -112,3 -35 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 20,2 21,9 22,8
EBITA margin (%) 14,3 16,1 16,7
EBIT margin (%) 8,2 10,6 12,5
Pretax margin (%) 2 7,1 9,1
Net margin (%) -0,2 4,6 5,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 34,4 8,4 5,2
EBITDA growth (%) 63,5 17,8 9,4
EBIT growth (%) 92,6 39,1 24,3
Net profit growth (%) -108,4 2106,9 35,6
EPS growth (%) -68,2 518,6 24,7
Profitability 2018 2019 2020
ROE (%) 2,7 15 16,5
ROE Adj (%) 17,9 29,1 26,6
ROCE (%) 9,1 11 13,5
ROCE Adj(%) 15,7 16,7 18
ROIC (%) -1 6,6 8,1
ROIC Adj (%) -1 6,6 8,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 500 593 649
EBITDA Adj margin (%) 20 21,9 22,8
EBITA Adj 354 436 476
EBITA Adj margin (%) 14,2 16,1 16,7
EBIT Adj 202 286 355
EBIT Adj margin (%) 8,1 10,6 12,5
Pretax profit Adj 198 342 381
Net profit Adj 142 275 290
Net profit to shareholders Adj 174 310 320
Net Adj margin (%) 5,7 10,1 10,2
SEKm 2018 2019e 2020e
Net debt / market cap (%) 87,2 102,5 96,5
Equity ratio (%) 25,5 27,1 29,3
Net IB debt adj. / equity (%) 161,7 143,7 121,1
Current ratio (%) 137 147,7 160
EBITDA / net interest (%) 324,6 629,5 681,5
Net IB debt / EBITDA (%) 317 260,9 224,4
Interest cover (%) 230,5 462,6 500,3
EBITDA 504 593 649
Net financial items -155 -94 -95
Paid tax -57 -67 -91
Non-cash items 41 15 16
Cash flow before change in WC 333 447 479
Change in WC 18 -37 -8
Operating cash flow 323 410 470
CAPEX tangible fixed assets -836 -312 -319
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -513 99 151
Dividend paid -15 -35 -44
Share issues and buybacks 0 0 0
Other non cash items -103 -15 -16
Decrease in net IB debt -631 49 91
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 675 545 449
Tangible fixed assets 990 1087 1171
Other fixed assets 86 86 86
Fixed assets 3096 3063 3052
Inventories 0 0 0
Receivables 387 476 524
Other current assets 0 0 0
Cash and liquid assets 384 433 524
Total assets 3868 3972 4100
Shareholders equity 1001 1126 1282
Minority -14 -49 -79
Total equity 987 1077 1202
Long-term debt 1981 1981 1981
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 337 299 262
Short-term debt 0 0 0
Accounts payable 563 615 655
Other current liabilities 0 0 0
Total liabilities and equity 3007 3331 3868
Net IB debt 1596 1548 1456
Net IB debt excl. pension debt 1596 1548 1456
Capital invested 2834 2838 2834
Working capital -176 -139 -131
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1414 1538 1538
Net IB debt Adj 1596 1548 1456
Market value of minority -14 -49 -79
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2996 3037 2915
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,4 69,1 70,6
Capital invested turnover (%) 100,6 95,5 100,5
Capital employed turnover (%) 111,1 104 107,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,3 21,8 22,3
Working capital / sales (%) -6,7 -5,8 -4,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 161,7 143,7 121,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,09 0,54 0,67
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,59 1,05 1,08
BVPS 3,45 3,88 4,41
BVPS Adj -3,51 -2,63 -1,76
Net IB debt / share 5,5 5,3 5
Share price 6,3 5,2 5,2
Market cap. (m) 1830 1510 1510
Valuation 2018 2019 2020
P/E 54,8 9,6 7,7
EV/sales 1,2 1,12 1,02
EV/EBITDA 5,9 5,1 4,5
EV/EBITA 8,4 7 6,1
EV/EBIT 14,6 10,6 8,2
Dividend yield (%) 2,5 2,9 3,8
FCF yield (%) -36,3 6,4 9,8
P/BVPS 1,39 1,34 1,18
P/BVPS Adj -1,36 -1,98 -2,95
P/E Adj 8,1 5 4,8
EV/EBITDA Adj 6 5,1 4,5
EV/EBITA Adj 8,5 7 6,1
EV/EBIT Adj 14,9 10,6 8,2
EV/cap. employed 1,2 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 33,5 11,5 11,2
Capex / depreciation 572,8 198,2 185,2
Capex tangibles / tangible fixed assets 84,4 28,7 27,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,7 14,5 14,7

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Main shareholders

Opus Group

Main shareholders Share capital % Voting shares % Verified
RWC Fonder 19.9 % 19.9 % 31 Dec 2018
Magnus Greko och Jörgen Hentschel 14.6 % 14.6 % 31 Dec 2018
Lothar Geilen 6.8 % 6.8 % 31 Dec 2018
Andra AP-fonden 6.4 % 6.4 % 31 Dec 2018
Avanza Pension 6.1 % 6.1 % 31 Dec 2018
Henrik Wagner Jørgensen 3.5 % 3.5 % 31 Dec 2018
Dimensional Fund Advisors 3.2 % 3.2 % 28 Feb 2019
Nordnet Pensionsförsäkring 1.2 % 1.2 % 31 Dec 2018
Per Hamberg 1.0 % 1.0 % 31 Dec 2018
AXA 0.8 % 0.8 % 31 Dec 2018
Source: Holdings by Modular Finance AB

Insider list

Opus Group

Name Quantity Code Date
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
Magnus Greko - 200 000 SELL 22 Aug 2018
HÅKAN ERIXON + 20 000 BUY 16 Jul 2018
Magnus Greko - 70 000 SELL 3 Jul 2018
Dalfrid Invest AB +1 500 000 BUY 25 Jun 2018
AB Fenom +1 500 000 BUY 25 Jun 2018
AB Kommandoran -3 000 000 SELL 25 Jun 2018

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