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 2018 2019e 2020e
Sales 2497 2743 2886
Sales growth (%) 34,4 9,9 5,2
EBITDA 504 745 787
EBITDA margin (%) 20,2 27,1 27,3
EBIT adj 202 258 332
EBIT adj margin (%) 8,1 9,4 11,5
Pretax profit 50 65 202
EPS rep 0,09 0,16 0,53
EPS growth (%) -68,2 86,4 225,4
EPS adj 0,59 0,67 0,98
DPS 0,12 0,15 0,2
EV/EBITDA (x) 5,9 6 5,6
EV/EBIT adj (x) 14,9 17,3 13,2
P/E (x) 54,8 48,4 14,9
P/E adj (x) 8,1 11,7 8
EV/sales (x) 1,2 1,6 1,5
FCF yield (%) -36,3 8,1 7,4
Dividend yield (%) 2,5 1,9 2,5
Net IB debt/EBITDA 3,2 2,9 2,7
SEKm 2018 2019e 2020e
Sales 2497 2743 2886
COGS 0 0 0
Gross profit 2497 2743 2886
Other operating items -1994 -1999 -2099
EBITDA 504 745 787
Depreciation on tangibles -146 -260 -237
Depreciation on intangibles 0 0 0
EBITA 358 401 466
Goodwill impairment charges 0 0 0
Other impairment and amortisation -152 -146 -134
EBIT 206 254 332
Other financial items 0 0 0
Net financial items -155 -190 -130
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 50 65 202
Tax -57 -61 -71
Net profit -6 4 132
Minority interest 32 44 25
Net profit discontinued 0 0 0
Net profit to shareholders 26 48 157
EPS 0,09 0,16 0,53
EPS Adj 0,59 0,67 0,98
Total extraordinary items after tax 4 -4 0
Tax rate (%) -112,3 -93,8 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 20,2 27,1 27,3
EBITA margin (%) 14,3 14,6 16,2
EBIT margin (%) 8,2 9,3 11,5
Pretax margin (%) 2 2,4 7
Net margin (%) -0,2 0,1 4,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 34,4 9,9 5,2
EBITDA growth (%) 63,5 47,9 5,7
EBIT growth (%) 92,6 23,7 30,5
Net profit growth (%) -108,4 164,9 3161,6
EPS growth (%) -68,2 86,4 225,4
Profitability 2018 2019 2020
ROE (%) 2,7 4,6 13,6
ROE Adj (%) 17,9 19 25,3
ROCE (%) 7,4 7,6 8,7
ROCE Adj(%) 12,8 12 12,2
ROIC (%) -1 0,5 6,1
ROIC Adj (%) -1 0,5 6,1
Adj earnings numbers 2018 2019 2020
EBITDA Adj 500 749 787
EBITDA Adj margin (%) 20 27,3 27,3
EBITA Adj 354 405 466
EBITA Adj margin (%) 14,2 14,8 16,2
EBIT Adj 202 258 332
EBIT Adj margin (%) 8,1 9,4 11,5
Pretax profit Adj 198 215 336
Net profit Adj 142 154 266
Net profit to shareholders Adj 174 198 291
Net Adj margin (%) 5,7 5,6 9,2
SEKm 2018 2019e 2020e
Net debt / market cap (%) 87,2 95,7 93,6
Equity ratio (%) 25,5 22,2 23,7
Net IB debt adj. / equity (%) 161,7 209 188,5
Current ratio (%) 137 125,2 130,7
EBITDA / net interest (%) 324,6 392,1 606,9
Net IB debt / EBITDA (%) 317 293,6 271,7
Interest cover (%) 230,5 211,1 359,4
EBITDA 504 745 787
Net financial items -155 -190 -130
Paid tax -57 -61 -71
Non-cash items 41 -42 -84
Cash flow before change in WC 333 452 502
Change in WC 18 14 -11
Operating cash flow 323 467 491
CAPEX tangible fixed assets -836 -278 -320
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -513 189 171
Dividend paid -15 -35 -44
Share issues and buybacks 0 0 0
Other non cash items -166 -648 38
Decrease in net IB debt -631 -590 48
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 675 670 561
Tangible fixed assets 990 1350 1455
Other fixed assets 86 97 97
Fixed assets 3096 3743 3735
Inventories 0 0 0
Receivables 387 429 485
Other current assets 0 0 0
Cash and liquid assets 384 531 575
Total assets 3868 4704 4795
Shareholders equity 1001 1091 1204
Minority -14 -45 -70
Total equity 987 1046 1134
Long-term debt 1981 2359 2359
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 337 321 284
Short-term debt 0 78 78
Accounts payable 563 619 664
Other current liabilities 0 0 0
Total liabilities and equity 3007 3331 3868
Net IB debt 1596 2186 2138
Net IB debt excl. pension debt 1596 2186 2138
Capital invested 2920 3553 3556
Working capital -176 -190 -179
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1414 2328 2328
Net IB debt Adj 1596 2186 2138
Market value of minority -14 -45 -70
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 2996 4469 4397
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 69,4 64 60,8
Capital invested turnover (%) 97,8 84,8 81,2
Capital employed turnover (%) 90,4 81,5 75,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,3 21,5 22,2
Working capital / sales (%) -6,7 -6,7 -6,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 161,7 209 188,5
SEKm 2018 2019e 2020e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,09 0,16 0,53
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,59 0,67 0,98
BVPS 3,45 3,76 4,15
BVPS Adj -3,51 -3,18 -2,42
Net IB debt / share 5,5 7,5 7,4
Share price 6,3 7,87 7,87
Market cap. (m) 1830 2285 2285
Valuation 2018 2019 2020
P/E 54,8 48,4 14,9
EV/sales 1,2 1,63 1,52
EV/EBITDA 5,9 6 5,6
EV/EBITA 8,4 11,2 9,4
EV/EBIT 14,6 17,6 13,2
Dividend yield (%) 2,5 1,9 2,5
FCF yield (%) -36,3 8,1 7,4
P/BVPS 1,39 2,09 1,9
P/BVPS Adj -1,36 -2,47 -3,25
P/E Adj 8,1 11,7 8
EV/EBITDA Adj 6 6 5,6
EV/EBITA Adj 8,5 11 9,4
EV/EBIT Adj 14,9 17,3 13,2
EV/cap. employed 1 1,2 1,1
Investment ratios 2018 2019 2020
Capex / sales 33,5 10,1 11,1
Capex / depreciation 572,8 106,9 135,2
Capex tangibles / tangible fixed assets 84,4 20,6 22
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,7 19,2 16,3

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
RWC Asset Management LLP 19.9 % 19.9 % 30 Sep 2019
Magnus Greko och Jörgen Hentschel 14.5 % 14.5 % 4 Dec 2019
Lothar Geilen 6.8 % 6.8 % 30 Sep 2019
Andra AP-fonden 6.4 % 6.4 % 30 Sep 2019
Henrik Wagner Jørgensen 3.4 % 3.4 % 30 Sep 2019
Rickard Andersson 3.2 % 3.2 % 30 Sep 2019
Dimensional Fund Advisors 3.2 % 3.2 % 31 Oct 2019
Avanza Pension 2.9 % 2.9 % 30 Sep 2019
Swedbank Försäkring 1.3 % 1.3 % 30 Sep 2019
AXA 1.0 % 1.0 % 31 Aug 2019
Source: Holdings by Modular Finance AB

Insider list - Opus Group

Name Quantity Code Date
Magnus Greko - 50 000 SELL 4 Dec 2019
Olle Lindkvist - 49 398 SELL 2 Dec 2019
Olle Lindkvist + 20 000 BUY 4 Sep 2019
Olle Lindkvist + 20 000 BUY 4 Sep 2019
HÅKAN ERIXON + 15 761 BUY 3 Sep 2019
Olle Lindkvist + 29 398 BUY 2 Sep 2019
HÅKAN ERIXON + 5 000 BUY 2 Sep 2019
Olle Lindkvist + 29 398 BUY 2 Sep 2019
HÅKAN ERIXON + 4 239 BUY 2 Sep 2019
Magnus Greko - 134 465 SELL 23 Aug 2019

Show More