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NYAB

NYAB

NYAB is an infrastructure company based in northern Sweden (HQ in Luleå). Typical projects include construction of roads, bridges, railways and power lines. NYAB primarily acts as a main contractor focusing on project design and management in close collaboration with the customers while it outsources most of the construction work. The business is thus asset-light (~70% of workforce are white-collar, 85% of costs are variable), supporting its industry-leading profitability. Its biggest customer is Svenska Kraftnät, which plans to 3x its grid investments coming years. NYAB target sales CAGR and EBIT margins exceeding 10% and 7.5%.

The key concern for NYAB is managing the risks taken in projects: earnings risk being burdened by write downs if projects unexpectedly grow in scope and/or complexity, leading to higher costs. There are also general risks of margin contractions in strong markets, if subcontractors raise prices faster than expected. Other risks include (but are not limited to) those associated with M&A execution, a softer construction market, financial leverage, below-expectation performance in acquired units post-acquisition, overall cost inflation, and employee retention.

EURm 2023 2024e 2025e
Sales 280 324 366
Sales growth (%) 10,7 15,4 13
EBITDA 21 26 33
EBITDA margin (%) 7,6 8,1 9,1
EBIT adj. 18 22 29
EBIT adj. margin (%) 6,3 6,9 8
Pretax profit 12 17 26
EPS 0,02 0,02 0,03
EPS growth (%) -63,5 29,2 64,1
EPS adj. 0,02 0,02 0,03
DPS 0,01 0,01 0,02
EV/EBITDA (x) 14,3 11,8 9,1
EV/EBIT adj. (x) 17,2 13,9 10,4
P/E (x) 28,6 22,4 14,3
P/E adj. (x) 23,7 21 13,7
EV/sales (x) 1,09 0,96 0,83
FCF yield (%) 6,9 3,3 5,4
Le. adj. FCF yld. (%) 6,6 3 5,1
Dividend yield (%) 2,9 3,2 3,5
Net IB debt/EBITDA (x) -0,3 -0,1 -0,3
Le. adj. ND/EBITDA (x) -0,4 -0,3 -0,4
EURm 2023 2024e 2025e
Sales 280 324 366
COGS -220 -249 -282
Gross profit 60 75 84
Other operating items -39 -49 -51
EBITDA 21 26 33
Depreciation and amortisation -4 -4 -4
of which leasing depreciation 0 0 0
EBITA 18 22 29
EO Items 0 0 0
Impairment and PPA amortisation -3 -1 -1
EBIT 15 21 28
Net financial items -3 -4 -1
Pretax profit 12 17 26
Tax -2 -3 -5
Net profit 11 14 22
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 14 22
EPS 0,02 0,02 0,03
EPS adj. 0,02 0,02 0,03
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 13,1 17,4 17,4
Gross margin (%) 21,5 23,2 22,9
EBITDA margin (%) 7,6 8,1 9,1
EBITA margin (%) 6,3 6,9 8
EBIT margin (%) 5,4 6,6 7,6
Pre-tax margin (%) 4,4 5,3 7,2
Net margin (%) 3,9 4,4 6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 10,7 15,4 13
EBITDA growth (%) -29,7 22,1 27,4
EBITA growth (%) -33,5 25,3 30,5
EBIT growth (%) -41 39,6 31,5
Net profit growth (%) -53,6 31,2 53,5
EPS growth (%) -63,5 29,2 64,1
ROE (%) 6 7,4 11,1
ROE adj. (%) 7,4 8 11,7
ROCE (%) 7,8 10,6 13,5
ROCE adj. (%) 9,1 11,1 14
ROIC (%) 8,4 10 12,6
ROIC adj. (%) 8,4 10 12,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 21 26 33
EBITDA adj. margin (%) 7,6 8,1 9,1
EBITDA lease adj. 21 26 33
EBITDA lease adj. margin (%) 7,6 8,1 9,1
EBITA adj. 18 22 29
EBITA adj. margin (%) 6,3 6,9 8
EBIT adj. 18 22 29
EBIT adj. margin (%) 6,3 6,9 8
Pretax profit Adj. 15 18 28
Net profit Adj. 13 15 23
Net profit to shareholders adj. 14 15 23
Net adj. margin (%) 4,8 4,7 6,3
EURm 2023 2024e 2025e
EBITDA 21 26 33
Goodwill 121 122 122
Net financial items -3 -4 -1
Other intangible assets 2 1 1
Paid tax -3 -3 0
Tangible fixed assets 13 15 15
Non-cash items 1 -2 -5
Right-of-use asset 3 4 4
Cash flow before change in WC 16 17 27
Total other fixed assets 19 21 21
Change in working capital 8 -2 -5
Fixed assets 158 164 164
Operating cash flow 24 16 22
Inventories 1 1 2
Capex tangible fixed assets -2 -4 -5
Receivables 84 90 106
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 -1 0
Cash and liquid assets 23 18 21
Free cash flow 22 10 17
Total assets 266 273 293
Dividend paid -9 -10 -11
Shareholders equity 185 191 202
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -1 -1 -1
Total equity 185 191 202
Other non-cash items 1 -2 1
Long-term debt 9 6 4
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 3 4 4
Total other long-term liabilities 4 4 4
Short-term debt 4 4 4
Accounts payable 60 64 74
Other current liabilities 0 0 0
Total liabilities and equity 266 273 293
Net IB debt -6 -3 -9
Net IB debt excl. pension debt -6 -3 -9
Net IB debt excl. leasing -9 -7 -13
Capital employed 202 205 214
Capital invested 180 188 193
Working capital 26 28 33
Market cap. diluted (m) 312 312 312
Net IB debt adj. -6 -3 -9
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 307 309 303
Total assets turnover (%) 106,8 120,1 129,2
Working capital/sales (%) 10,3 8,3 8,4
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -3 -1,6 -4,4
Net debt / market cap (%) -1,8 -1 -2,8
Equity ratio (%) 69,6 69,9 68,8
Net IB debt adj. / equity (%) -3 -1,6 -4,4
Current ratio 1,69 1,61 1,64
EBITDA/net interest 7,8 6,5 22,3
Net IB debt/EBITDA (x) -0,3 -0,1 -0,3
Net IB debt/EBITDA lease adj. (x) -0,4 -0,3 -0,4
Interest coverage 5,7 5,2 16
EURm 2023 2024e 2025e
Shares outstanding adj. 707 707 707
Diluted shares adj. 707 707 707
EPS 0,02 0,02 0,03
Dividend per share 0,01 0,01 0,02
EPS adj. 0,02 0,02 0,03
BVPS 0,26 0,27 0,29
BVPS adj. 0,09 0,1 0,11
Net IB debt/share -0,01 0 -0,01
Share price 5,15 5,15 5,15
Market cap. (m) 312 312 312
P/E (x) 28,6 22,4 14,3
EV/sales (x) 1,09 0,96 0,83
EV/EBITDA (x) 14,3 11,8 9,1
EV/EBITA (x) 17,2 13,9 10,4
EV/EBIT (x) 20,2 14,6 10,9
Dividend yield (%) 2,9 3,2 3,5
FCF yield (%) 6,9 3,3 5,4
Le. adj. FCF yld. (%) 6,6 3 5,1
P/BVPS (x) 1,69 1,64 1,55
P/BVPS adj. (x) 4,87 4,57 3,95
P/E adj. (x) 23,7 21 13,7
EV/EBITDA adj. (x) 14,3 11,8 9,1
EV/EBITA adj. (x) 17,2 13,9 10,4
EV/EBIT adj. (x) 17,2 13,9 10,4
EV/CE (x) 1,5 1,5 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,3 1,5
Capex/depreciation 0,7 1,1 1,3
Capex tangibles / tangible fixed assets 19,2 28,1 37,1
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 27,71 25,41 28,12

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Holding Investment Förvaltning i Luleå AB 34.8 % 34.8 % 29 Oct 2024
Säthergrens Entreprenad AB 10.5 % 10.5 % 29 Oct 2024
Jukka Juola 8.9 % 8.9 % 29 Jul 2024
Fredrik Karkiainen 5.3 % 5.3 % 29 Oct 2024
PM Ruukki Oy 3.8 % 3.8 % 28 Aug 2024
Kim Wiio 3.4 % 3.4 % 21 Nov 2024
Capiloa Oy 3.3 % 3.3 % 29 Jul 2024
Martti Haapala 3.0 % 3.0 % 27 Jun 2024
Vivida Holding Oy 2.9 % 2.9 % 29 Jul 2024
Magnus Granljung 2.7 % 2.7 % 29 Oct 2024
Source: Holdings by Modular Finance AB