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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 2696 2834
Sales growth (%) 34,4 7,9 5,1
EBITDA 504 623 661
EBITDA margin (%) 20,2 23,1 23,3
EBIT adj 202 231 280
EBIT adj margin (%) 8,1 8,6 9,9
Pretax profit 50 98 170
EPS rep 0,09 0,29 0,47
EPS growth (%) -68,2 229,8 64,9
EPS adj 0,59 0,85 1,04
DPS 0,12 0,15 0,2
EV/EBITDA (x) 5,9 5,8 5,2
EV/EBIT adj (x) 14,9 15,6 12,4
P/E (x) 54,8 21,1 12,8
P/E adj (x) 8,1 7,1 5,9
EV/sales (x) 1,2 1,3 1,2
FCF yield (%) -36,3 6,6 10
Dividend yield (%) 2,5 2,5 3,3
Net IB debt/EBITDA 3,2 3 2,6
SEKm 2018 2019e 2020e
Sales 2497 2696 2834
COGS 0 0 0
Gross profit 2497 2696 2834
Other operating items -1994 -2072 -2173
EBITDA 504 623 661
Depreciation on tangibles -146 -226 -215
Depreciation on intangibles 0 0 0
EBITA 358 397 446
Goodwill impairment charges 0 0 0
Other impairment and amortisation -152 -166 -166
EBIT 206 231 280
Other financial items 0 0 0
Net financial items -155 -134 -111
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 98 170
Tax -57 -47 -59
Net profit -6 50 110
Minority interest 32 35 30
Net profit discontinued 0 0 0
Net profit to shareholders 26 85 140
EPS 0,09 0,29 0,47
EPS Adj 0,59 0,85 1,04
Total extraordinary items after tax 4 0 0
Tax rate (%) -112,3 -48,4 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 20,2 23,1 23,3
EBITA margin (%) 14,3 14,7 15,7
EBIT margin (%) 8,2 8,6 9,9
Pretax margin (%) 2 3,6 6
Net margin (%) -0,2 1,9 3,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 34,4 7,9 5,1
EBITDA growth (%) 63,5 23,8 6,1
EBIT growth (%) 92,6 12,5 21,1
Net profit growth (%) -108,4 910,6 119,2
EPS growth (%) -68,2 229,8 64,9
Profitability 2018 2019 2020
ROE (%) 2,7 8,2 12,5
ROE Adj (%) 17,9 24,2 27,3
ROCE (%) 7,4 7,3 8,2
ROCE Adj(%) 12,8 12,5 13
ROIC (%) -1 3,9 5,8
ROIC Adj (%) -1 3,9 5,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 500 623 661
EBITDA Adj margin (%) 20 23,1 23,3
EBITA Adj 354 397 446
EBITA Adj margin (%) 14,2 14,7 15,7
EBIT Adj 202 231 280
EBIT Adj margin (%) 8,1 8,6 9,9
Pretax profit Adj 198 263 336
Net profit Adj 142 216 276
Net profit to shareholders Adj 174 251 306
Net Adj margin (%) 5,7 8 9,8
SEKm 2018 2019e 2020e
Net debt / market cap (%) 87,2 106,4 99,6
Equity ratio (%) 25,5 23,8 24,9
Net IB debt adj. / equity (%) 161,7 182,1 160,1
Current ratio (%) 137 140,1 155,7
EBITDA / net interest (%) 324,6 465,7 598
Net IB debt / EBITDA (%) 317 300,2 264,9
Interest cover (%) 230,5 296,7 403,6
EBITDA 504 623 661
Net financial items -155 -134 -111
Paid tax -57 -47 -59
Non-cash items 41 -8 16
Cash flow before change in WC 333 434 507
Change in WC 18 -36 -9
Operating cash flow 323 398 498
CAPEX tangible fixed assets -836 -279 -319
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -513 119 179
Dividend paid -15 -35 -44
Share issues and buybacks 0 0 0
Other non cash items -103 -359 -16
Decrease in net IB debt -631 -275 120
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 675 581 440
Tangible fixed assets 990 1332 1374
Other fixed assets 86 93 93
Fixed assets 3096 3352 3253
Inventories 0 0 0
Receivables 387 476 522
Other current assets 0 0 0
Cash and liquid assets 384 493 613
Total assets 3868 4321 4387
Shareholders equity 1001 1074 1170
Minority -14 -46 -76
Total equity 987 1028 1094
Long-term debt 1981 2288 2288
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 337 313 276
Short-term debt 0 77 77
Accounts payable 563 615 652
Other current liabilities 0 0 0
Total liabilities and equity 3007 3331 3868
Net IB debt 1596 1871 1752
Net IB debt excl. pension debt 1596 1871 1752
Capital invested 2920 3212 3122
Working capital -176 -139 -130
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1414 1793 1793
Net IB debt Adj 1596 1871 1752
Market value of minority -14 -46 -76
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2996 3618 3469
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,4 65,8 65,1
Capital invested turnover (%) 97,8 87,9 89,5
Capital employed turnover (%) 90,4 84,8 82,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,3 21,9 22,4
Working capital / sales (%) -6,7 -5,8 -4,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 161,7 182,1 160,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,09 0,29 0,47
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,59 0,85 1,04
BVPS 3,45 3,7 4,03
BVPS Adj -3,51 -2,94 -2,12
Net IB debt / share 5,5 6,4 6
Share price 6,3 6,06 6,06
Market cap. (m) 1830 1759 1759
Valuation 2018 2019 2020
P/E 54,8 21,1 12,8
EV/sales 1,2 1,34 1,22
EV/EBITDA 5,9 5,8 5,2
EV/EBITA 8,4 9,1 7,8
EV/EBIT 14,6 15,6 12,4
Dividend yield (%) 2,5 2,5 3,3
FCF yield (%) -36,3 6,6 10
P/BVPS 1,39 1,64 1,5
P/BVPS Adj -1,36 -2,06 -2,86
P/E Adj 8,1 7,1 5,9
EV/EBITDA Adj 6 5,8 5,2
EV/EBITA Adj 8,5 9,1 7,8
EV/EBIT Adj 14,9 15,6 12,4
EV/cap. employed 1 1,1 1
Investment ratios 2018 2019 2020
Capex / sales 33,5 10,4 11,3
Capex / depreciation 572,8 123,4 148,5
Capex tangibles / tangible fixed assets 84,4 20,9 23,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,7 17 15,6

Equity research

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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 % 31 Mar 2019
Magnus Greko och Jörgen Hentschel 14.6 % 14.6 % 31 Mar 2019
Lothar Geilen 6.8 % 6.8 % 31 Mar 2019
Andra AP-fonden 6.4 % 6.4 % 30 Jun 2019
Avanza Pension 6.2 % 6.2 % 30 Jun 2019
Henrik Wagner Jørgensen 3.5 % 3.5 % 31 Mar 2019
Dimensional Fund Advisors 3.2 % 3.2 % 31 May 2019
Rickard Andersson 2.9 % 2.9 % 31 Mar 2019
Swedbank Försäkring 1.3 % 1.3 % 30 Jun 2019
AXA 1.0 % 1.0 % 31 Mar 2019
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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