Industry

Industrials

Sector

Electrical Equipment

Country

Denmark

Company description

NKT A/S operates through four segments: Solutions, Applications, Service & Accessories and NKT Photonics. The company manufactures a range of cable and wire products. The company primarily serves the construction, mining, industrial, telecom and renewable sectors. NKT A/S is headquartered in Broendby, Denmark and was founded in 1891.

Market cap.

EURm 2,413

Share price

DKK 89

Earnings per share (EPS)

EUR -2

Dividend per share (DPS)

EUR 0

Price / earnings

-6.6x

Price / sales

0.2x

Price / book value

0.4x

Enterprise value / EBITDA

12.5x

CEO

Roland Andersen

Chairman of the Board of Directors

Jens Peter Olsen

CFO

Investor relations

Michael Nielsen

Ticker symbol

NKT

Stock exchange

ISIN code

Phone

0045 4348 2000

Website

nkt.com

Address

Vibeholms Alle 20, 2605 Broendby

Income statements

EURm 2015201620172018
Sales 1,2521,0461,4791,502
Other income 0000
Total income 1,2521,0461,4791,502
Total expenses -1,201-1,015-1,382-1,452
EBITDA 52319750
Depreciation tangible assets -36-33-60-66
Write-downs tangible assets -360-10
EBITA -21-236-17
Amortisation intangible assets -9-11-18-21
Income from associated companies 0000
Earnings before interest and taxes (EBIT) -30-1417-38
Financial income 43394366
Financial expenses -42-34-58-74
Income from associated companies 0000
Earnings before taxes (EBT) -28-83-46
Taxes -13-10-6-1
Profit from continuing operations -41-18-3-46
Discontinued operations 42309320
Minorities 000-2
Net profit or loss 112929-49

Cash flow statements

EURm 2015201620172018
EBITDA 52319750
Net interest paid -7-4-25-8
Taxes paid -16-15-323
Investments in working capital 4258-24-76
Other operating cash items 1038571-11
Cash flow from operations (CFFO) 17315488-42
Capital expenditures (capex) -65-76-94-61
Acquisitions -29-56-8010
Disposals 604020
Other investing cash items 0000
Cash flow from investing activities -88-132-493-61
Free cash flow to equity holders (FCFE) 8522-406-103
Dividends paid -13-1300
Share buy-backs 0000
New share issues 1115100
Increase/(decrease) in debt -79-5429487
Other financing cash flows -3629-1
Cash flow from financing activities (CFFF) -814832287
Discontinued activities and other 000
Net cash flow / Change in cash position 70-83-17

Balance sheets

EURm 2015201620172018
Goodwill 19527418401
Other intangible assets 13847180188
Total intangible assets 33374597589
Fixed tangible assets 367273699645
Shares and associated companies 17022
Other financial assets 7100
Deferred tax assets 63355028
Other non-current assets 0000
Total fixed assets 7873821,3481,264
Inventories 343142226220
Trade receivables 491207267339
Other current assets 5888188
Cash and cash equivalents 581284528
Total current assets 8971,365556595
Total assets 1,6841,7471,9051,859
Equity 809951816896
Non-controlling interests (minorities) 1000
Shareholders equity 810951816896
Pension liabilities 55535350
Deferred tax liabilities 4386046
Long-term provisions 20132919
Convertible debt 0000
Long-term debt 14483333268
Other long-term liabilities 0000
Total long-term liabilities 261157474383
Short-term debt 121178
Trade payables 554274582558
Other current liabilities 473552514
Total current liabilities 613639615581
Total equity and liabilities 1,6841,7471,9051,859

Growth rates

[%] 2015201620172018
Sales growth 0.0%-16.0%41.0%2.0%
EBITDA growth 0.0%-40.0%216.0%-49.0%
EBITA growth 0.0%-89.0%-1,652.0%-146.0%
EBIT growth 0.0%-54.0%-226.0%-317.0%
EBT growth 0.0%-71.0%-133.0%-1,850.0%
Earnings growth 0.0%1,110.0%7,576.0%-105.0%

Margins

[%] 2015201620172018
EBITDA-margin 4.0%3.0%7.0%3.0%
EBITA-margin -2.0%0.0%2.0%-1.0%
EBIT-margin -2.0%-1.0%1.0%-3.0%
EBT-margin -2.0%-1.0%0.0%-3.0%
Earnings-margin 0.0%1.0%63.0%-3.0%

Other key figures

EURm 2015201620172018
Tax rate -46.0%-119.0%231.0%-2.0%
Net working capital balance (NWC) 237609-96-5
Net interest bearing debt (NIBD) 15219348298
Invested capital (including goodwill) 9629701,1641,194
Invested capital (excluding goodwill) 767943747793
Enterprise value (EV) 1,3051,8201,380622

Share data

2015201620172018
Shares outstanding, millions (excl. treasury) 24272727
Market capitalisation (EURm) 8,60513,3887,6852,413
Market capitalisation (EURm) 1,1531,8011,032323
Share price (DKK) 356.9498.9283.389.0
Earnings per share (EPS), (EUR) 0.00.534.2-1.8
Dividend per share (DPS), (EUR) 0.50.00.00.0

Price multiples

2015201620172018
Price/Earnings (P/E) 1,153.0x148.8x1.1x-6.6x
Price/Sales (P/S) 0.9x1.7x0.7x0.2x
Price/Book value (P/B) 1.4x1.9x1.3x0.4x

Enterprise value (EV) multiples

2015201620172018
Enterprise value/Sales (EV/Sales) 1.0x1.7x0.9x0.4x
Enterprise value/EBITDA (EV/EBITDA) 25.3x59.3x14.2x12.5x
Enterprise value/EBITA (EV/EBITA) -62.8x-791.1x38.7x-37.7x
Enterprise value/EBIT (EV/EBIT) -44.2x-132.8x79.8x-16.6x