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NYAB

NYAB

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NYAB is a construction company mainly focused on sustainable infrastructure and renewable energy projects in the north of Sweden and Finland. Typical projects include roads, railways, bridges, wind and solar power, and power grids. NYAB assumed its current form in the spring of 2022 through its merger with the Finnish Skarta Group. In 2024, the company moved its headquarters to Luleå and relisted its shares on the First North Premier Growth Market Stockholm, after previously being listed in Finland.

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.

Financials

EURm 2023 2024e 2025e
Sales 284 317 352
Sales growth (%) 5,4 11,8 10,8
EBITDA 21 26 33
EBITDA margin (%) 7,5 8,2 9,4
EBIT adj. 15 21 28
EBIT adj. margin (%) 5,4 6,6 8
Pretax profit 12 17 27
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) 18,2 14,7 11,1
EV/EBIT adj. (x) 25,6 18,2 13,2
P/E (x) 37,6 29,1 17,7
P/E adj. (x) 37,6 29,1 17,7
EV/sales (x) 1,37 1,2 1,05
FCF yield (%) 5,3 4,4 5,8
Le. adj. FCF yld. (%) 5,1 4,3 5,8
Dividend yield (%) 2,2 2,4 2,8
Net IB debt/EBITDA (x) -0,4 -0,5 -0,8
Le. adj. ND/EBITDA (x) -0,4 -0,6 -0,8
EURm 2023 2024e 2025e
Sales 284 317 352
COGS -220 -245 -270
Gross profit 64 73 82
Other operating items -42 -47 -48
EBITDA 21 26 33
Depreciation and amortisation -6 -5 -5
of which leasing depreciation 0 0 0
EBITA 15 21 28
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 15 21 28
Net financial items -3 -3 -1
Pretax profit 12 17 27
Tax -2 -3 -4
Net profit 11 15 23
Minority interest 0 -1 0
Net profit discontinued 0 0 0
Net profit to shareholders 11 14 23
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 15,4 15
Gross margin (%) 22,4 22,8 23,2
EBITDA margin (%) 7,5 8,2 9,4
EBITA margin (%) 5,4 6,6 8
EBIT margin (%) 5,4 6,6 8
Pre-tax margin (%) 4,4 5,5 7,7
Net margin (%) 3,8 4,7 6,6
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 5,4 11,8 10,8
EBITDA growth (%) -29,7 21,6 27,4
EBITA growth (%) -41 37,5 34,1
EBIT growth (%) -41 37,5 34,1
Net profit growth (%) -53,6 36,5 56,7
EPS growth (%) -63,5 29,2 64,1
Profitability N/A N/A N/A
ROE (%) 6 7,5 11,8
ROE adj. (%) 6 7,5 11,8
ROCE (%) 7,8 10,4 13,4
ROCE adj. (%) 7,8 10,4 13,4
ROIC (%) 7,4 9,9 13,4
ROIC adj. (%) 7,4 9,9 13,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 21 26 33
EBITDA adj. margin (%) 7,5 8,2 9,4
EBITDA lease adj. 21 26 33
EBITDA lease adj. margin (%) 7,5 8,2 9,4
EBITA adj. 15 21 28
EBITA adj. margin (%) 5,4 6,6 8
EBIT adj. 15 21 28
EBIT adj. margin (%) 5,4 6,6 8
Pretax profit Adj. 12 17 27
Net profit Adj. 11 15 23
Net profit to shareholders adj. 11 14 23
Net adj. margin (%) 3,8 4,7 6,6
EURm 2023 2024e 2025e
EBITDA 21 26 33
Goodwill 121 122 122
Net financial items -3 -3 -1
Other intangible assets 2 1 2
Paid tax -3 -2 0
Tangible fixed assets 13 14 14
Non-cash items 2 -1 -4
Right-of-use asset 3 4 4
Cash flow before change in WC 18 19 28
Total other fixed assets 19 21 21
Change in working capital 6 4 1
Fixed assets 158 163 163
Operating cash flow 24 23 29
Inventories 1 2 2
Capex tangible fixed assets -2 -4 -5
Receivables 84 71 78
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 -1 0
Cash and liquid assets 23 26 36
Free cash flow 22 18 24
Total assets 266 262 280
Dividend paid -9 -10 -12
Shareholders equity 185 191 203
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -1 0 0
Total equity 185 191 203
Other non-cash items -2 -3 0
Long-term debt 9 7 5
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 51 60
Other current liabilities 0 0 0
Total liabilities and equity 266 262 280
Net IB debt -8 -13 -25
Net IB debt excl. pension debt -8 -13 -25
Net IB debt excl. leasing -11 -16 -29
Capital employed 202 206 216
Capital invested 177 179 178
Working capital 26 22 21
EV breakdown N/A N/A N/A
Market cap. diluted (m) 411 411 411
Net IB debt adj. -6 -11 -23
Market value of minority 0 0 0
Reversal of shares and participations -17 -19 -19
Reversal of conv. debt assumed equity N/A N/A N/A
EV 388 381 369
Total assets turnover (%) 108,1 120,3 129,9
Working capital/sales (%) 10,2 7,4 6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -4,4 -6,6 -12,3
Net debt / market cap (%) -2 -3,1 -6,1
Equity ratio (%) 69,6 73 72,4
Net IB debt adj. / equity (%) -3 -5,6 -11,4
Current ratio 1,69 1,78 1,82
EBITDA/net interest 7,8 7,6 43,4
Net IB debt/EBITDA (x) -0,4 -0,5 -0,8
Net IB debt/EBITDA lease adj. (x) -0,4 -0,6 -0,8
Interest coverage 4,9 5,7 27,9
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 -0,02 -0,03
Share price 6,66 6,66 6,66
Market cap. (m) 411 411 411
Valuation N/A N/A N/A
P/E (x) 37,6 29,1 17,7
EV/sales (x) 1,37 1,2 1,05
EV/EBITDA (x) 18,2 14,7 11,1
EV/EBITA (x) 25,6 18,2 13,2
EV/EBIT (x) 25,6 18,2 13,2
Dividend yield (%) 2,2 2,4 2,8
FCF yield (%) 5,3 4,4 5,8
Le. adj. FCF yld. (%) 5,1 4,3 5,8
P/BVPS (x) 2,22 2,15 2,03
P/BVPS adj. (x) 6,41 5,98 5,12
P/E adj. (x) 37,6 29,1 17,7
EV/EBITDA adj. (x) 18,2 14,7 11,1
EV/EBITA adj. (x) 25,6 18,2 13,2
EV/EBIT adj. (x) 25,6 18,2 13,2
EV/CE (x) 1,9 1,8 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,9 1,3 1,5
Capex/depreciation 0,4 0,8 1
Capex tangibles / tangible fixed assets 19,2 29,7 36,9
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 47,81 35,37 35,71

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Holding Investment Förvaltning i Luleå AB 34.8 % 34.8 % 26 Sep 2024
Säthergrens Entreprenad AB 10.5 % 10.5 % 26 Sep 2024
Jukka Juola 8.9 % 8.9 % 29 Jul 2024
Fredrik Karkiainen 5.3 % 5.3 % 26 Sep 2024
PM Ruukki Oy 3.8 % 3.8 % 28 Aug 2024
Kim Wiio 3.4 % 3.4 % 28 Aug 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 % 26 Sep 2024
Source: Holdings by Modular Finance AB