Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Opus Group

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 2019 2020e 2021e
Sales 2691 2872 2984
Sales growth (%) 7,8 6,7 3,9
EBITDA 692 720 789
EBITDA margin (%) 25,7 25,1 26,4
EBIT adj 205 290 346
EBIT adj margin (%) 7,6 10,1 11,6
Pretax profit 14 164 220
EPS rep 0,01 0,45 0,55
EPS growth (%) -91,5 5935 23,7
EPS adj 0,5 0,86 0,94
DPS 0,15 0,2 0,22
EV/EBITDA (x) 6,6 5,8 5,3
EV/EBIT adj (x) 22,3 14,3 12
P/E (x) 1137,3 14,4 11,7
P/E adj (x) 16,8 7,5 6,8
EV/sales (x) 1,7 1,4 1,4
FCF yield (%) 7,2 -4 6,5
Dividend yield (%) 1,8 3,1 3,4
Net IB debt/EBITDA 3,1 3,2 3
SEKm 2019 2020e 2021e
Sales 2691 2872 2984
COGS 0 0 0
Gross profit 2691 2872 2984
Other operating items -1999 -2152 -2195
EBITDA 692 720 789
Depreciation on tangibles -265 -224 -244
Depreciation on intangibles 0 0 0
EBITA 342 412 460
Goodwill impairment charges 0 0 0
Other impairment and amortisation -142 -122 -115
EBIT 201 290 346
Other financial items 0 0 0
Net financial items -186 -125 -125
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 14 164 220
Tax -52 -58 -77
Net profit -38 107 143
Minority interest 40 25 20
Net profit discontinued 0 0 0
Net profit to shareholders 2 132 163
EPS 0,01 0,45 0,55
EPS Adj 0,5 0,86 0,94
Total extraordinary items after tax -4 0 0
Tax rate (%) -365,2 -35 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 25,7 25,1 26,4
EBITA margin (%) 12,7 14,3 15,4
EBIT margin (%) 7,5 10,1 11,6
Pretax margin (%) 0,5 5,7 7,4
Net margin (%) -1,4 3,7 4,8
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 7,8 6,7 3,9
EBITDA growth (%) 37,4 4 9,6
EBIT growth (%) -2,5 44,5 19,2
Net profit growth (%) -508,5 382,7 33,9
EPS growth (%) -91,5 5935 23,7
Profitability 2019 2020 2021
ROE (%) 0,2 12,5 14,2
ROE Adj (%) 14,7 24,1 24,2
ROCE (%) 6,1 8 9,4
ROCE Adj(%) 10,6 11,4 12,5
ROIC (%) -17,1 5,5 6,3
ROIC Adj (%) -17,4 5,5 6,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 696 720 789
EBITDA Adj margin (%) 25,9 25,1 26,4
EBITA Adj 346 412 460
EBITA Adj margin (%) 12,9 14,3 15,4
EBIT Adj 205 290 346
EBIT Adj margin (%) 7,6 10,1 11,6
Pretax profit Adj 160 287 335
Net profit Adj 108 229 258
Net profit to shareholders Adj 148 254 278
Net Adj margin (%) 4 8 8,6
SEKm 2019 2020e 2021e
Net debt / market cap (%) 127,6 124,2 125
Equity ratio (%) 21,8 23 24,7
Net IB debt adj. / equity (%) 218 224 208,3
Current ratio (%) 108,8 97,8 97,1
EBITDA / net interest (%) 371,3 573,8 628,8
Net IB debt / EBITDA (%) 306,2 322,1 295,7
Interest cover (%) 183,7 328,5 367
EBITDA 692 720 789
Net financial items -186 -125 -125
Paid tax -52 -58 -77
Non-cash items -126 -84 -84
Cash flow before change in WC 327 453 502
Change in WC 118 -116 -11
Operating cash flow 446 337 491
CAPEX tangible fixed assets -267 -413 -368
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 178 -76 124
Dividend paid -35 -44 -58
Share issues and buybacks 0 0 0
Other non cash items -472 38 78
Decrease in net IB debt -522 -200 -14
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1345 1435 1435
Indefinite intangible assets 0 0 0
Definite intangible assets 611 517 432
Tangible fixed assets 1275 1393 1492
Other fixed assets 95 95 95
Fixed assets 3608 3717 3727
Inventories 0 0 0
Receivables 351 482 519
Other current assets 0 0 0
Cash and liquid assets 506 302 283
Total assets 4464 4501 4530
Shareholders equity 1010 1098 1203
Minority -38 -63 -83
Total equity 972 1035 1120
Long-term debt 2272 2272 2272
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 223 185 107
Short-term debt 72 72 72
Accounts payable 645 661 686
Other current liabilities 0 0 0
Total liabilities and equity 4464 4501 4530
Net IB debt 2119 2319 2333
Net IB debt excl. pension debt 2119 2319 2333
Capital invested 3313 3539 3560
Working capital -294 -178 -167
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2485 1902 1902
Net IB debt Adj 2119 2319 2333
Market value of minority -38 -63 -83
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4566 4158 4152
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 64,6 64,1 66,1
Capital invested turnover (%) 86,3 83,8 84,1
Capital employed turnover (%) 82 79,2 80,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,4 22,7 22,6
Working capital / sales (%) -8,7 -8,2 -5,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 218 224 208,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,01 0,45 0,55
Dividend per share Adj 0,1 0,2 0,2
EPS Adj 0,5 0,86 0,94
BVPS 3,48 3,78 4,14
BVPS Adj -3,26 -2,94 -2,29
Net IB debt / share 7,3 8 8
Share price 5,72 6,43 6,43
Market cap. (m) 1660 1867 1867
Valuation 2019 2020 2021
P/E 1137,3 14,4 11,7
EV/sales 1,7 1,45 1,39
EV/EBITDA 6,6 5,8 5,3
EV/EBITA 13,3 10,1 9
EV/EBIT 22,8 14,3 12
Dividend yield (%) 1,8 3,1 3,4
FCF yield (%) 7,2 -4 6,5
P/BVPS 2,41 1,7 1,55
P/BVPS Adj -2,58 -2,19 -2,81
P/E Adj 16,8 7,5 6,8
EV/EBITDA Adj 6,6 5,8 5,3
EV/EBITA Adj 13,2 10,1 9
EV/EBIT Adj 22,3 14,3 12
EV/cap. employed 1,3 1,1 1,1
Investment ratios 2019 2020 2021
Capex / sales 9,9 14,4 12,3
Capex / depreciation 100,8 184,6 150,4
Capex tangibles / tangible fixed assets 21 29,6 24,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,8 16,1 16,4

Equity research

Read earlier research

Media

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

Main shareholders - Opus Group

Main shareholders Share capital % Voting shares % Verified
Searchlight Capital Partners 83.3 % 83.3 % 13 Feb 2020
Andra AP-fonden 6.9 % 6.9 % 31 Dec 2019
Henrik Wagner Jørgensen 3.4 % 3.4 % 30 Sep 2019
Rickard Andersson 3.2 % 3.2 % 30 Sep 2019
Swedbank Försäkring 1.4 % 1.4 % 31 Dec 2019
Avanza Pension 1.3 % 1.3 % 31 Dec 2019
Magnus Greko och Jörgen Hentschel 1.1 % 1.1 % 16 Jan 2020
AXA 1.1 % 1.1 % 31 Dec 2019
Per Hamberg dödsbo 1.0 % 1.0 % 31 Dec 2019
Elementa Management 0.8 % 0.8 % 31 Dec 2019
Source: Holdings by Modular Finance AB

Insider list - Opus Group

Name Quantity Code Date
Thomas Fournier + 32 805 Redemp 14 Feb 2020
Alfredo Granai + 68 776 ALTM 14 Feb 2020
Per Rosén - 279 950 SELL 14 Feb 2020
Alfredo Granai - 68 776 SELL 14 Feb 2020
Per Rosén + 99 680 ALTM 14 Feb 2020
Lothar Geilen +11 193 788 BUY 13 Feb 2020
Anne-Lie Lind - 65 000 SELL 20 Jan 2020
Magnus Greko -39 004 684 SELL 16 Jan 2020
Per Rosén - 592 181 SELL 16 Jan 2020
Lothar Geilen -19 628 132 SELL 16 Jan 2020

Show More