ENDÚR ASA Endúr ASA
Company Presentation
November 2021
Introduction to Endúr
Leading provider of
marine infrastructure and
aquaculture solutions
478 employees
Market capitalisation1):
NOK 810m
Company highlights | Portfolio companies and locations | |
- Leading full-service provider for marine infrastructure and aquaculture solutions in Norway and Sweden with ability to win large public and private sector projects
- Listed on Oslo Stock Exchange with a MCAP of NOK 810m1)
- Endúr identified two market segments as highly fragmented and
exposed to strong sustainability-driven megatrends, and has taken the role as a consolidator to establish a one-stop-shop for clients with scale
benefits
• The Group acquired BMO Entreprenør in December 2020, Artec Aqua
and Marcon in March 2021, and is now on track to overdeliver on itsMaritime announced 2022 revenue target of minimum NOK 2bn already in 2021
Business segments and revenue mix2) | ||
Marine infrastructure | Aquaculture solutions | Other3) |
BMO Entreprenør, Marcon, Installit | Artec Aqua, Sjøsterk | Maritime |
8% | ||
45% | ||
47% |
- As of 2 November 2021
2) | Based on Q2 revenue mix | 2 |
3) | Other includes services to other segments | |
Company highlights
- Substantial financial improvement in Q3 with an EBITDA of NOK 64m and a solid backlog of NOK ~2,200m
- Attractive growth and vast maintenance overhang in public infrastructure in Marine Infrastructure segment
- Unique competence and experience in near-water engineering and construction supporting strong and stable margins
- Strong growth and significant market potential in aquaculture segment, potential for value added consolidation
- Attractive turnkey offering in landbased fishfarming solutions backed by robust and flexible business model and unique water treatment competence
- New CEO with extensive infrastructure experience backed by a hands-on management team with proven industry track record
3
Leading player in rehabilitation and concrete structures
About BMO Entreprenør
- Leading Norwegian player in the rehabilitation of bridges, quays, dams and other concrete and steel structures since 1996
- Nationwide presence in Norway
- An experienced and competent organisation of ~150 employees
- Strong entrepreneurial spirit across the organization
Key service offerings
Key figures1)
Revenues | EBITDA | EBITDA-margin | ||||
19.4% | 18.0% | 17.0% | 14.1% | 7.8% | 17.2% | |
500 | 479 | |||||
363 | 399 | |||||
313 | 313 | |||||
61 | 65 | 53 | 70 | 37 | 69 | |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
Growth opportunities
Rehabilitation and maintenance of large infrastructure projects
Concrete and steel, surface treatments
Underwater services
- Diving and inspection on large projects
- ROV and seabed mapping
Specialised and niche adapted machinery and equipment to enable flexibility and competitive advantage in tenders
Exploit growth opportunities in a lagging rehabilitation market
Capitalize on opportunities from the electrification of large sea and rail projects
Pursue organic growth opportunities
1) EBITDA figures are NGAAP figures added operational leasing (actual for 2019 and 2020, and estimated NOK 7m per year for 2015-2018).
4
A multi-service marine infrastructure provider
About Marcon
• Leading Swedish company engaged in marine construction |
and civil engineering activities |
Key figures1)
Revenues EBITDA EBITDA-margin
18.7% | 18.7% | 18.7% | 20.2% | 19.9% | 19.9% |
• Established in 1982 by Jörn Ryberg |
• Footprint across Sweden with HQ in Ängelholm and offices in |
Stockholm, Malmö, Gothenburg, Sölvesborg, Härnösand and |
Kalmar |
243
357381
272
417433
Key service offerings
45 | 51 | 67 | 77 | 83 | 86 |
2015 | 2016 | 2017 | 2018 | 2019 | 2020 |
Growth opportunities
Marine services such as quays, piers, piping, sea lines and sea transport
Technical services such as sea level measurement, status assessments and bridge inspections
Construction diving, underwater inspection and repair work
Renewable energy assets
Capitalize on material overhang in public marine infrastructure maintenance
Organic growth by exploiting attractive stable markets
Exploit accretive M&A opportunities
- Presented figures represent reported figures under Swedish GAAP added operational leasing costs. Additionally, Marcon has under Swedish GAAP recognised revenues of SEK 37.3m during FY 18/19
and FY 19/20 which is currently in dispute. Under IFRS Marcon would not be able to recognise such revenues and reported revenues and EBITDA would have been lower. However, Endúr ASA is | 5 |
protected from any losses exceeding SEK 5m arising from this dispute |
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Disclaimer
Endur ASA published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 15:54:11 UTC.
