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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 2743 2886 3001
Sales growth (%) 9,9 5,2 4
EBITDA 745 787 847
EBITDA margin (%) 27,1 27,3 28,2
EBIT adj 258 332 383
EBIT adj margin (%) 9,4 11,5 12,8
Pretax profit 65 202 253
EPS rep 0,16 0,53 0,62
EPS growth (%) 86,4 225,4 18
EPS adj 0,67 0,98 1,05
DPS 0,15 0,2 0,22
EV/EBITDA (x) 6,2 5,8 5,3
EV/EBIT adj (x) 18 13,8 11,7
P/E (x) 52,2 16 13,6
P/E adj (x) 12,7 8,6 8,1
EV/sales (x) 1,7 1,6 1,5
FCF yield (%) 7,5 6,8 8,5
Dividend yield (%) 1,8 2,4 2,6
Net IB debt/EBITDA 2,9 2,7 2,4
SEKm 2019 2020e 2021e
Sales 2743 2886 3001
COGS 0 0 0
Gross profit 2743 2886 3001
Other operating items -1999 -2099 -2154
EBITDA 745 787 847
Depreciation on tangibles -260 -237 -255
Depreciation on intangibles 0 0 0
EBITA 401 466 508
Goodwill impairment charges 0 0 0
Other impairment and amortisation -146 -134 -125
EBIT 254 332 383
Other financial items 0 0 0
Net financial items -190 -130 -130
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 65 202 253
Tax -61 -71 -89
Net profit 4 132 165
Minority interest 44 25 20
Net profit discontinued 0 0 0
Net profit to shareholders 48 157 185
EPS 0,16 0,53 0,62
EPS Adj 0,67 0,98 1,05
Total extraordinary items after tax -4 0 0
Tax rate (%) -93,8 -35 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 27,1 27,3 28,2
EBITA margin (%) 14,6 16,2 16,9
EBIT margin (%) 9,3 11,5 12,8
Pretax margin (%) 2,4 7 8,4
Net margin (%) 0,1 4,6 5,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 9,9 5,2 4
EBITDA growth (%) 47,9 5,7 7,6
EBIT growth (%) 23,7 30,5 15,4
Net profit growth (%) 164,9 3161,6 25,2
EPS growth (%) 86,4 225,4 18
Profitability 2019 2020 2021
ROE (%) 4,6 13,6 14,6
ROE Adj (%) 19 25,3 24,4
ROCE (%) 7,6 8,7 9,8
ROCE Adj(%) 12 12,2 13
ROIC (%) 0,5 6,1 7
ROIC Adj (%) 0,5 6,1 7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 749 787 847
EBITDA Adj margin (%) 27,3 27,3 28,2
EBITA Adj 405 466 508
EBITA Adj margin (%) 14,8 16,2 16,9
EBIT Adj 258 332 383
EBIT Adj margin (%) 9,4 11,5 12,8
Pretax profit Adj 215 336 378
Net profit Adj 154 266 289
Net profit to shareholders Adj 198 291 309
Net Adj margin (%) 5,6 9,2 9,6
SEKm 2019 2020e 2021e
Net debt / market cap (%) 131,7 86,8 83,7
Equity ratio (%) 22,2 23,7 25,4
Net IB debt adj. / equity (%) 209 188,5 166,3
Current ratio (%) 125,2 130,7 139,7
EBITDA / net interest (%) 392,1 606,9 653,3
Net IB debt / EBITDA (%) 293,6 271,7 243,6
Interest cover (%) 211,1 359,4 391,6
EBITDA 745 787 847
Net financial items -190 -130 -130
Paid tax -61 -71 -89
Non-cash items -42 -84 -84
Cash flow before change in WC 452 502 545
Change in WC 14 -11 -11
Operating cash flow 467 491 534
CAPEX tangible fixed assets -278 -320 -321
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 189 171 213
Dividend paid -35 -44 -58
Share issues and buybacks 0 0 0
Other non cash items -648 38 31
Decrease in net IB debt -590 48 75
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 1345 1345 1345
Indefinite intangible assets 0 0 0
Definite intangible assets 670 561 466
Tangible fixed assets 1350 1455 1544
Other fixed assets 97 97 97
Fixed assets 3743 3735 3725
Inventories 0 0 0
Receivables 429 485 522
Other current assets 0 0 0
Cash and liquid assets 531 575 646
Total assets 4704 4795 4893
Shareholders equity 1091 1204 1330
Minority -45 -70 -90
Total equity 1046 1134 1241
Long-term debt 2359 2359 2359
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 321 284 253
Short-term debt 78 78 78
Accounts payable 619 664 690
Other current liabilities 0 0 0
Total liabilities and equity 3331 3868 4704
Net IB debt 2186 2138 2064
Net IB debt excl. pension debt 2186 2138 2064
Capital invested 3553 3556 3557
Working capital -190 -179 -168
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2511 2511 2511
Net IB debt Adj 2186 2138 2064
Market value of minority -45 -70 -90
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4653 4580 4485
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 64 60,8 62
Capital invested turnover (%) 84,8 81,2 84,4
Capital employed turnover (%) 81,5 75,8 77
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 22,2 22,6
Working capital / sales (%) -6,7 -6,4 -5,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 209 188,5 166,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,16 0,53 0,62
Dividend per share Adj 0,1 0,2 0,2
EPS Adj 0,67 0,98 1,05
BVPS 3,76 4,15 4,58
BVPS Adj -3,18 -2,42 -1,66
Net IB debt / share 7,5 7,4 7,1
Share price 5,72 8,49 8,49
Market cap. (m) 1660 2465 2465
Valuation 2019 2020 2021
P/E 52,2 16 13,6
EV/sales 1,7 1,59 1,49
EV/EBITDA 6,2 5,8 5,3
EV/EBITA 11,6 9,8 8,8
EV/EBIT 18,3 13,8 11,7
Dividend yield (%) 1,8 2,4 2,6
FCF yield (%) 7,5 6,8 8,5
P/BVPS 2,26 2,05 1,85
P/BVPS Adj -2,67 -3,51 -5,12
P/E Adj 12,7 8,6 8,1
EV/EBITDA Adj 6,2 5,8 5,3
EV/EBITA Adj 11,5 9,8 8,8
EV/EBIT Adj 18 13,8 11,7
EV/cap. employed 1,2 1,2 1,1
Investment ratios 2019 2020 2021
Capex / sales 10,1 11,1 10,7
Capex / depreciation 106,9 135,2 125,8
Capex tangibles / tangible fixed assets 20,6 22 20,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 19,2 16,3 16,5

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)

Main shareholders - Opus Group

Main shareholders Share capital % Voting shares % Verified
Searchlight Capital Partners 79.4 % 79.4 % 19 Jan 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
Dimensional Fund Advisors 3.2 % 3.2 % 30 Nov 2019
Invesco 1.8 % 1.8 % 31 Dec 2019
Swedbank Försäkring 1.4 % 1.4 % 31 Dec 2019
Avanza Pension 1.3 % 1.3 % 31 Dec 2019
AXA 1.2 % 1.2 % 31 Dec 2019
Magnus Greko och Jörgen Hentschel 1.1 % 1.1 % 16 Jan 2020
Source: Holdings by Modular Finance AB

Insider list - Opus Group

Name Quantity Code Date
Thomas Fournier - 128 790 SELL 16 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
Magnus Greko - 50 000 SELL 3 Jan 2020
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

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