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Aktieanalys utförd av tredje part

Cavotec: Short-term softness from project timing - ABG

Cavotec Group

Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar

Ladda ner rapporten (PDF)
* Sales in line, EBIT adj. EUR +0.5m vs. ABGSCe* Orders -18% vs. ABGSCe, weighed by timing and customer caution* Strengthened profitability in IndustryQ3 resultsOrder intake came in at EUR 36m (-18% vs. ABGSCe 44m), flat y-o-y. Sales came in at EUR 36m (flat vs. ABGSCe 36m, -19% y-o-y). As expected, the company states that the lower volumes in the quarter are primarily due to the long lead times for Ports & Maritime orders, combined with continued customer caution. EBIT adj. was EUR -0.2m (vs. ABGSCe -0.7m). Industry showed signs of improving profitability (EBITDA EUR 3m vs ABGSCe 1m) as a result of the company's cost-saving and efficiency measures implemented in '24. EBIT has been adjusted for non-recurring costs of EUR 0.3m related to the relocation of Cavotec's registered office from Switzerland to Sweden. FCF lease adj. came in at EUR 2.0m (vs. ABGSCe -1.4m).Estimates and outlookOn numbers alone, '25e-'27e sales change by 0%, and EBIT adj. changes by EUR +0.5m. The company highlights its strong order backlog, noting that most deliveries will begin next year. Management adds that the short-term softness in order intake mainly reflects timing effects in large electrification projects. Despite continued customer uncertainty, it remains confident in the strength of its underlying markets.ValuationThe share has returned -15% L3M (vs. peer median +6% and OMXSALLS +5%), and is currently trading at 58x-16x '25e-'27e P/E on our pre-report estimates vs. the peer median of 22x-15x.
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