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Cavotec

Cavotec

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Cavotec is an international engineering group that designs and manufactures systems within power transmission and distribution, remote controlling and automation for end markets such as ports, maritime, airports, mining and tunnelling. Its Ports & Maritime segment provides systems such as automated mooring, motorised cable reels, shore power connection systems. The Industry segment offers motorised cable reels, power connectors and radio remote controls (RRC) for mining and general industry.

Sustainability information

Cavotec has recently undergone a significant turnaround, but due to external factors, we are yet to see a significant return to growth. Risks that could hold back growth further include a weaker economic cycle, competition from larger conglomerates and postponed decision-making by customers.

Financials

EURm 2025 2026e 2027e
Sales 159,73 164,34 185,66
Sales growth (%) -8,7 2,9 13
EBITDA 9 0 16
EBITDA margin (%) 5,7 0,2 8,4
EBIT adj. 4 -3 9
EBIT adj. margin (%) 2,5 -1,6 5
Pretax profit 1 -8 7
EPS -0,01 -0,08 0,05
EPS growth (%) N/A N/A N/A
EPS adj. -0,02 -0,05 0,05
DPS N/A N/A N/A
Dividend per share 0 0 0,03
EV/EBITDA (x) 14,4 412,3 9
EV/EBIT adj. (x) 33,5 -52,4 15,1
P/E (x) N/A N/A 24,01
P/E adj. (x) N/A N/A 24
EV/sales (x) 0,83 0,86 0,76
FCF yield (%) 10,3 -4,3 5,6
Le. adj. FCF yld. (%) 7,8 -7,1 3,1
Dividend yield (%) 0 0 2,5
Net IB debt/EBITDA (x) 1,1 55,1 1,2
Le. adj. ND/EBITDA (x) -0,6 -20,4 0,5
EURm 2025 2026e 2027e
Sales 159,73 164,34 185,66
COGS -78 -83 -95
Gross profit 82 81 90
Other operating items -73 -81 -75
EBITDA 9 0 16
Depreciation and amortisation -6 -6 -6
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -4 -4 -4
EBITA 3,17 -5,85 9,29
EO Items N/A N/A N/A
Operating EO items -1 -3 0
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT 3,16 -5,85 9,29
Net financial items -2 -2 -2
Pretax profit 1 -8 7
Tax -3 -1 -2
Net profit -1 -9 5
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -1 -9 5
EPS -0,01 -0,08 0,05
EPS adj. -0,02 -0,05 0,05
Total extraordinary items after tax 1 -3 0
Leasing payments -4 -4 -4
Tax rate (%) 205,9 -10,9 30
Gross margin (%) 51,3 49,4 48,7
EBITDA margin (%) 5,7 0,2 8,4
EBITA margin (%) 2 -3,6 5
EBIT margin (%) 2 -3,6 5
Pre-tax margin (%) 0,8 -4,8 3,9
Net margin (%) -0,9 -5,4 2,7
Sales growth (%) -8,7 2,9 13
EBITDA growth (%) -45 -96,3 4462,9
EBITA growth (%) -70,9 -284,2 -258,9
EBIT growth (%) -71 -285 -258,9
Net profit growth (%) -136,3 532,2 -157,9
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -2,5 -17,9 10,9
ROE adj. (%) -3,9 -10,8 10,9
ROCE (%) 3,8 -7,8 12,6
ROCE adj. (%) 4,8 -3,6 12,6
ROIC (%) -4,9 -10,2 10
ROIC adj. (%) -6,1 -4,7 10
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 10 3 16
EBITDA adj. margin (%) 6,2 2,1 8,4
EBITDA lease adj. 6 0 12
EBITDA lease adj. margin (%) 3,9 -0,2 6,3
EBITA adj. 4 -3 9
EBITA adj. margin (%) 2,5 -1,6 5
EBIT adj. 4 -3 9
EBIT adj. margin (%) 2,5 -1,6 5
Pretax profit Adj. 2 -5 7
Net profit Adj. -2 -5 5
Net profit to shareholders adj. -2 -5 5
Net adj. margin (%) -1,4 -3,2 2,7
EURm 2025 2026e 2027e
EBITDA 9 0 16
Goodwill 30 30 30
Net financial items -2 -2 -2
Other intangible assets 5 5 5
Paid tax -1 -2 -2
Tangible fixed assets 5 5 5
Non-cash items -2 5 0
Right-of-use asset 13 12 11
Cash flow before change in WC 4 1 11
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 6 6 6
Change in working capital 10 -5 -1
Fixed assets 59 57 56
Operating cash flow 14 -4 10
Inventories 31 34 38
Capex tangible fixed assets -1 -1 -1
Receivables 32 34 38
Capex intangible fixed assets -1 -1 -2
Other current assets 11 5 5
Acquisitions and Disposals 0 0 0
Cash and liquid assets 15 8 9
Free cash flow 13 -5 7
Total assets 148 137 147
Dividend paid 0 0 -3
Shareholders equity 53 46 48
Share issues and buybacks -7 2 0
Minority 0 0 0
Leasing liability amortisation -3 -3 -3
Total equity 53 46 48
Other non-cash items N/A N/A N/A
Other changes in net debt 3 -4 0
Long-term debt 10 14 14
Pension debt 1 1 1
Convertible debt 0 0 0
Leasing liability 14 13 13
Total other long-term liabilities 3 4 4
Short-term debt 0 0 0
Accounts payable 21 21 24
Other current liabilities 46 39 44
Total liabilities and equity 148 137 147
Net IB debt 10 19 18
Net IB debt excl. pension debt 9 18 17
Net IB debt excl. leasing -4 6 6
Capital employed 77 73 75
Capital invested 62 65 66
Working capital 7 12 14
Market cap. diluted (m) 122 122 122
Net IB debt adj. 10 19 18
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
EV 132 141 141
Reversal of conv. debt assumed equity N/A N/A N/A
Total assets turnover (%) 107,9 115,4 130,8
Working capital/sales (%) 7,3 5,7 6,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 18,3 41,4 38
Year N/A N/A N/A
Net debt / market cap (%) 7,9 15,4 14,8
Equity ratio (%) 35,7 33,3 32,5
Net IB debt adj. / equity (%) 18,3 41,4 38
Current ratio 1,32 1,34 1,33
EBITDA/net interest 5 0,2 7,8
Net IB debt/EBITDA (x) 1,1 55,1 1,2
Net IB debt/EBITDA lease adj. (x) -0,6 -20,4 0,5
Interest coverage 1,7 2,8 4,6
EURm 2025 2026e 2027e
Shares outstanding adj. 107 107 107
Diluted shares adj. 107 107 107
EPS -0,01 -0,08 0,05
Dividend per share 0 0 0,03
EPS adj. -0,02 -0,05 0,05
BVPS 0,49 0,43 0,45
BVPS adj. 0,17 0,11 0,13
Net IB debt/share 0,09 0,18 0,17
Share price 12,7 12,7 12,7
Market cap. (m) 122 122 122
P/E (x) N/A N/A 24,01
EV/sales (x) 0,83 0,86 0,76
EV/EBITDA (x) 14,4 412,3 9
EV/EBITA (x) 41,6 -24,2 15,1
EV/EBIT (x) 41,8 -24,2 15,1
Dividend yield (%) 0 0 2,5
FCF yield (%) 10,3 -4,3 5,6
Le. adj. FCF yld. (%) 7,8 -7,1 3,1
P/BVPS (x) 2,32 2,68 2,57
P/BVPS adj. (x) 6,9 10,75 9,1
P/E adj. (x) N/A N/A 24
EV/EBITDA adj. (x) 13,3 40,5 9
EV/EBITA adj. (x) 33,4 -52,4 15,1
EV/EBIT adj. (x) 33,5 -52,4 15,1
EV/CE (x) 1,7 1,9 1,9
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -1 -0,9 -1,7
Capex/depreciation 0,7 0,6 1,3
Capex tangibles / tangible fixed assets 15,3 14,6 28,7
Capex intangibles / definite intangibles 16,8 15,4 33,4
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 47,57 51,51 47,45

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Media

Cavotec - Company presentation with CEO David Pagels and CFO Joakim Wahlquist
Cavotec - Company presentation with CFO Glenn Withers

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Main shareholders - Cavotec

Main shareholders Share capital % Voting shares % Verified
Bure Equity 40.7 % 40.7 % 26 Jun 2026
Thomas von Koch 23.0 % 23.0 % 26 Jun 2026
Fjärde AP-fonden 5.4 % 5.4 % 26 Jun 2026
Nordea Funds 4.4 % 4.4 % 26 Jun 2026
Patrik Tigerschiöld med familj 1.5 % 1.5 % 31 Dec 2025
Fredrik Palmstierna 1.4 % 1.4 % 26 Jun 2026
Fondita Fund Management 1.4 % 1.4 % 26 Jun 2026
SEB Funds 1.2 % 1.2 % 30 Jun 2026
David Pagels 0.7 % 0.7 % 26 Jun 2026
Nordnet Pensionsförsäkring 0.6 % 0.6 % 26 Jun 2026
Source: Holdings by Modular Finance AB