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Eksterne analyser

Cavotec: Strong Q4 but cautious outlook - ABG

Cavotec Group

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier

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* Sales +34% vs EBIT adj. EUR 3.9m vs. ABGSCe 0.7m
* Orders in line vs. ABGSCe, several large orders in the quarter
* Market still cautious, cost saving initiatives in 2026


Q4 results

Cavotec reported strong Q4 results with a beat on all line items. Order intake came in at EUR 48m (in line vs. ABGSCe 48m). Sales came in at EUR 50m (+34% vs. ABGSCe 37m), +9% y-o-y (+11% org.). EBIT adj. was EUR 3.9m (vs. ABGSCe 0.70m), for a margin of +8% (ABGSCe 1.9%). EBIT has been adjusted for a one-off of EUR 0.24m related to the relocation of Cavotec's registered office from Switzerland to Sweden. Industry showed improved margins, with an EBITDA margin of 16% (vs. ABGSCe 4.3%), thanks to the recently implemented change programmes. While, Ports & Maritime reported weaker EBITDA margins y-o-y (12% vs. 18% LY). Cash flow was strong in the quarter and FCF lease adj. came in at EUR 4.4m (vs. ABGSCe -1.4m).


Estimates and outlook

On numbers alone, '25e-'27e sales change by +8%, and EBIT adj. changes by +EUR 3m. While Q4 was a strong quarter, management says the outlook is uncertain and customers remain cautious, so the company has decided to initiate cost savings heading into 2026.


Valuation

The share has returned -15% L3M (vs. peer median +17% and OMXSALLS +11%), and is currently trading at 39x-19x '26e-'27e P/E on our pre-report estimates vs. the peer median of 21x-18x.
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