Industry

Industrials

Sector

Construction & Engineering

Country

Denmark

Company description

FLSmidth & Co. was founded in 1882 and today employs close to 13.000 people worldwide. FLSmidth supplies the minerals and cement industries with several services ranging from engineering, single machines and complete processing plants. The company has been one of the leading suppliers to the global cement industry since its foundation. In-house ressources are primarily engineers who develop, design, install and service equipment, with manufacturing mostly outsourced to external suppliers.

Market cap.

DKKm 14,610

Share price

DKK 293

Earnings per share (EPS)

DKK 13

Dividend per share (DPS)

DKK 9

Price / earnings

22.8x

Price / sales

0.8x

Price / book value

1.8x

Enterprise value / EBITDA

9.2x

CEO

Thomas Schulz

Chairman of the Board of Directors

Vagn Ove Soerensen

CFO

Lars Vestergaard

Investor relations

Nicolai Mauritzen

Ticker symbol

FLS

Stock exchange

Nasdaq OMX Copenhagen

ISIN code

DK0010234467

Phone

0045 3618 1800

Website

flsmidth.com

Address

Vigerslev Alle 77, 2500 Valby Copenhagen

Income statements

DKKm 20082009201020112012201320142015201620172018
Sales 25,28523,13420,18620,53824,84925,48220,49919,68218,19218,00018,750
Other income 00000000000
Total income 25,28523,13420,18620,53824,84925,48220,49919,68218,19218,00018,750
Total expenses -22,481-20,401-17,760-18,001-22,107-24,168-18,398-17,809-16,634-16,217-16,926
EBITDA 2,8042,7332,4262,5372,7421,3142,1011,8731,5581,7831,824
Depreciation tangible assets -168-242-249-190-240-272-278-291-269-247-239
Write-downs tangible assets 000000000-210
EBITA 2,6362,4912,1772,3472,5021,0421,8231,5821,2891,5151,585
Amortisation intangible assets -227-230-187-230-514-1,312-407-441-408-400-365
Income from associated companies 00000000000
Earnings before interest and taxes (EBIT) 2,4092,2611,9902,1171,988-2701,4161,1418811,1151,220
Financial income 1,4741,1019898421,0051,4081,3991,6521,2031,345930
Financial expenses -1,760-1,254-1,107-921-1,066-1,664-1,536-1,908-1,257-1,656-1,091
Income from associated companies 000000000-80
Earnings before taxes (EBT) 2,1232,1081,8722,0381,927-5261,2798858277961,059
Taxes -667-403-590-682-653-202-398-282-237-379-248
Profit from continuing operations 1,4561,7051,2821,3561,274-728881603590417811
Discontinued operations 59-41-48129-56-68-178-68-343-176
Minorities 066-1038-1-4-427
Net profit or loss 1,5151,6701,2841,4271,306-77681242151876642

Cash flow statements

DKKm 20082009201020112012201320142015201620172018
EBITDA 2,8042,7332,4262,5372,7421,3142,1011,8731,5581,7831,824
Net interest paid -119-236-68-1851-123-86-50-70-45-37
Taxes paid -664-411-458-812-708-682-411-338-441-329-380
Investments in working capital 313305-616-583-226-893168-733526-140-502
Other operating cash items -10795124-139227-474-214-126-204-520
Cash flow from operations (CFFO) 2,3242,4701,3351,1481,720-1571,2985381,4471,065385
Capital expenditures (capex) -663-244-681-733-890-594-414-123-194-113-285
Acquisitions -208-286-84-926-2,513-50-2000000
Disposals 00391157716873000
Other investing cash items 00000000000
Cash flow from investing activities -871-530-726-1,648-3,398-567-598750-194-113-285
Free cash flow to equity holders (FCFE) 1,4531,940609-500-1,678-7247001,2881,253952100
Dividends paid -366-105-262-482-471-467-104-446-197-296-421
Share buy-backs -120-99-90-153-668-195-6-1-186-42
New share issues 28000001023143000
Increase/(decrease) in debt -1,121-358-433802,5671,444-514-707-689-764-250
Other financing cash flows 128194-4-127-48-118-55-72106
Cash flow from financing activities (CFFF) -1,471-335-600-4961,816261-814-1,128-928-1,018-607
Discontinued activities and other 0000000000
Net cash flow / Change in cash position 1,6059-996138-463-114160325-66-507

Balance sheets

DKKm 20082009201020112012201320142015201620172018
Goodwill 3,2633,3693,6634,1194,8524,0944,2754,3624,4934,2184,238
Other intangible assets 2,2592,3202,4853,0324,3353,6423,4783,1162,8222,4152,280
Total intangible assets 5,5225,6896,1487,1519,1877,7367,7537,4787,3156,6336,518
Fixed tangible assets 1,8951,9522,2832,5612,7673,1752,7022,6222,5512,2482,235
Shares and associated companies 333198901707942
Other financial assets 59296359645990125000
Deferred tax assets 7747917281,0149701,1319791,0961,1171,0941,174
Other non-current assets 2015971030000
Total fixed assets 8,2558,4649,24010,79513,00412,11911,53611,32111,15310,0549,969
Inventories 1,8021,7601,9602,2922,6022,5752,6282,4452,3552,3322,685
Trade receivables 5,0634,2704,2385,5545,9155,0995,0264,8844,5334,3244,586
Other current assets 4,8335,0194,7635,4978,8146,4576,2004,5894,6234,2723,628
Cash and cash equivalents 7842,3892,3981,4021,5401,0779631,1231,4481,382875
Total current assets 12,48213,43813,35914,74518,87115,20814,81713,04112,95912,31011,774
Total assets 20,73721,90222,59925,54031,87527,32726,35324,36224,11222,36421,743
Equity 5,0136,6048,0858,8609,3706,8887,7207,9478,4218,0008,256
Non-controlling interests (minorities) 2223544749344135413810
Shareholders equity 5,0356,6278,1398,9079,4196,9227,7617,9828,4628,0388,266
Pension liabilities 200246219207289159263278296271270
Deferred tax liabilities 628682813886882541552380379371313
Long-term provisions 710739602530515688551509349306499
Convertible debt 00000000000
Long-term debt 1,4501,1711,1581,1773,8175,3754,1294,7913,9301,8302,627
Other long-term liabilities 1,115500353733675521373270230305248
Total long-term liabilities 4,1033,3383,1453,5336,1787,2845,8686,2285,1843,0833,957
Short-term debt 922441265381781,40187201,120175
Trade payables 2,7482,4212,1922,6823,0923,2832,7362,5463,0372,9163,322
Other current liabilities 8,7599,4929,11910,29212,6489,6618,5867,5197,4097,2076,023
Total current liabilities 11,59911,93711,31513,10016,27813,12212,72310,15210,46611,2439,520
Total equity and liabilities 20,73721,90222,59925,54031,87527,32826,35224,36224,11222,36421,743

Growth rates

[%] 20082009201020112012201320142015201620172018
Sales growth 0.0%-9.0%-13.0%2.0%21.0%3.0%-20.0%-4.0%-8.0%-1.0%4.0%
EBITDA growth 0.0%-3.0%-11.0%5.0%8.0%-52.0%60.0%-11.0%-17.0%14.0%2.0%
EBITA growth 0.0%-6.0%-13.0%8.0%7.0%-58.0%75.0%-13.0%-19.0%18.0%5.0%
EBIT growth 0.0%-6.0%-12.0%6.0%-6.0%-114.0%-624.0%-19.0%-23.0%27.0%9.0%
EBT growth 0.0%-1.0%-11.0%9.0%-5.0%-127.0%-343.0%-31.0%-7.0%-4.0%33.0%
Earnings growth 0.0%10.0%-23.0%11.0%-8.0%-159.0%-205.0%-48.0%23.0%-85.0%745.0%

Margins

[%] 20082009201020112012201320142015201620172018
EBITDA-margin 11.0%12.0%12.0%12.0%11.0%5.0%10.0%10.0%9.0%10.0%10.0%
EBITA-margin 10.0%11.0%11.0%11.0%10.0%4.0%9.0%8.0%7.0%8.0%8.0%
EBIT-margin 10.0%10.0%10.0%10.0%8.0%-1.0%7.0%6.0%5.0%6.0%7.0%
EBT-margin 8.0%9.0%9.0%10.0%8.0%-2.0%6.0%5.0%5.0%4.0%6.0%
Earnings-margin 6.0%7.0%6.0%7.0%5.0%-3.0%4.0%2.0%3.0%0.0%3.0%

Other key figures

DKKm 20082009201020112012201320142015201620172018
Tax rate 31.0%19.0%32.0%33.0%34.0%-38.0%31.0%32.0%29.0%48.0%23.0%
Net working capital balance (NWC) 191-864-3503691,5911,1872,5321,8531,0658051,554
Net interest bearing debt (NIBD) 958-948-1,0171083,1044,6354,8304,0332,7981,8392,197
Invested capital (including goodwill) 5,9935,6797,1229,01512,52311,55712,59112,01511,2609,87710,463
Invested capital (excluding goodwill) 2,7302,3103,4594,8967,6717,4638,3167,6536,7675,6596,225
Enterprise value (EV) 10,44018,29026,98017,74520,10519,41418,18115,77417,13219,67716,807

Share data

20082009201020112012201320142015201620172018
Shares outstanding, millions (excl. treasury) 5252535252504949495050
Market capitalisation (DKKm) 9,48219,23827,99717,63717,00114,77913,35111,74114,33417,83814,610
Market capitalisation (DKKm) 9,48219,23827,99717,63717,00114,77913,35111,74114,33417,83814,610
Share price (DKK) 181.0367.0532.0337.5327.2296.1272.3240.0293.0361.3293.1
Earnings per share (EPS), (DKK) 28.931.924.427.325.1-15.316.58.610.61.512.9
Dividend per share (DPS), (DKK) 0.05.09.09.09.02.09.04.06.08.09.0

Price multiples

20082009201020112012201320142015201620172018
Price/Earnings (P/E) 6.3x11.5x21.8x12.4x13.0x-19.1x16.4x27.9x27.7x234.7x22.8x
Price/Sales (P/S) 0.4x0.8x1.4x0.9x0.7x0.6x0.7x0.6x0.8x1.0x0.8x
Price/Book value (P/B) 1.9x2.9x3.5x2.0x1.8x2.2x1.7x1.5x1.7x2.2x1.8x

Enterprise value (EV) multiples

20082009201020112012201320142015201620172018
Enterprise value/Sales (EV/Sales) 0.4x0.8x1.3x0.9x0.8x0.8x0.9x0.8x0.9x1.1x0.9x
Enterprise value/EBITDA (EV/EBITDA) 3.7x6.7x11.1x7.0x7.3x14.8x8.7x8.4x11.0x11.0x9.2x
Enterprise value/EBITA (EV/EBITA) 4.0x7.3x12.4x7.6x8.0x18.6x10.0x10.0x13.3x13.0x10.6x
Enterprise value/EBIT (EV/EBIT) 4.3x8.1x13.6x8.4x10.1x-71.9x12.8x13.8x19.5x17.7x13.8x