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Prevas

Prevas

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Prevas is a technological consultancy firm specialised in products and production solutions, working within areas such as digitalisation, sustainability, connectivity, and life science. Prevas has diverse end markets: the most significant are life science, engineering, energy and defence. The company’s clients are global, but most of its personnel are located in Sweden. Prevas’ strategy is to provide critical value to its customers and therefore to sustain long client relationships.

Prevas is largely dependent on investment activities in its sectors (such as energy, engineering and life science), which can experience drawdowns in recessions. The company also needs to attract and retain qualified employees to sustain its operations, and there is a growing shortage of engineers in Sweden. That could lead to higher salaries and difficulties employing and retaining staff, as prospective employees have greater bargaining power.

Financials

SEKm 2025 2026e 2027e
Sales 1627 1717 1836
Sales growth (%) 2,5 5,5 7
EBITDA 165 205 245
EBITDA margin (%) 10,2 11,9 13,3
EBIT adj. 108 151 185
EBIT adj. margin (%) 6,7 8,8 10,1
Pretax profit 93 140 172
EPS 5,49 8,31 10,22
EPS growth (%) -22,9 51,2 23,1
EPS adj. 6,66 9,32 11,35
DPS 4 4,75 5
EV/EBITDA (x) 8,8 6,8 5,4
EV/EBIT adj. (x) 13,5 9,3 7,2
P/E (x) 16,1 10,6 8,6
P/E adj. (x) 13,3 9,5 7,8
EV/sales (x) 0,9 0,82 0,72
FCF yield (%) 10,5 12,8 15,4
Le. adj. FCF yld. (%) 7,3 9,9 12
Dividend yield (%) 4,5 5,4 5,7
Net IB debt/EBITDA (x) 1,6 1 0,5
Le. adj. ND/EBITDA (x) 0,9 0,3 -0,1
SEKm 2025 2026e 2027e
Sales 1627 1717 1836
COGS 0 0 0
Gross profit 1627 1717 1836
Other operating items -1462 -1512 -1591
EBITDA 165 205 245
Depreciation and amortisation -47 -42 -48
of which leasing depreciation -41 -36 -41
EBITA 118 163 197
EO Items -2 0 0
Impairment and PPA amortisation -12 -12 -13
EBIT 106 151 185
Net financial items -13 -12 -13
Pretax profit 93 140 172
Tax -20 -31 -38
Net profit 72 109 134
Minority interest 2 2 2
Net profit discontinued 0 0 0
Net profit to shareholders 74 111 136
EPS 5,49 8,31 10,22
EPS adj. 6,66 9,32 11,35
Total extraordinary items after tax -2 0 0
Leasing payments -41 -36 -41
Tax rate (%) 21,9 22 22
Gross margin (%) 100 100 100
EBITDA margin (%) 10,2 11,9 13,3
EBITA margin (%) 7,3 9,5 10,8
EBIT margin (%) 6,5 8,8 10,1
Pre-tax margin (%) 5,7 8,1 9,4
Net margin (%) 4,5 6,3 7,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 2,5 5,5 7
EBITDA growth (%) -5,4 23,9 19,7
EBITA growth (%) -10,7 38 21,1
EBIT growth (%) -13,7 42,7 22,2
Net profit growth (%) -21,4 50,2 23,1
EPS growth (%) -22,9 51,2 23,1
Profitability N/A N/A N/A
ROE (%) 11,5 16,6 18,7
ROE adj. (%) 13,8 18,4 20,4
ROCE (%) 10,5 14,9 17,2
ROCE adj. (%) 11,9 16,1 18,4
ROIC (%) 9,4 13,2 16,1
ROIC adj. (%) 9,6 13,2 16,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 168 205 245
EBITDA adj. margin (%) 10,3 11,9 13,3
EBITDA lease adj. 126 169 204
EBITDA lease adj. margin (%) 7,8 9,8 11,1
EBITA adj. 121 163 197
EBITA adj. margin (%) 7,4 9,5 10,8
EBIT adj. 108 151 185
EBIT adj. margin (%) 6,7 8,8 10,1
Pretax profit Adj. 108 152 185
Net profit Adj. 87 121 147
Net profit to shareholders adj. 88 123 149
Net adj. margin (%) 5,3 7 8
SEKm 2025 2026e 2027e
EBITDA 165 205 245
Goodwill 673 673 673
Net financial items -13 -12 -13
Other intangible assets 41 30 17
Paid tax -41 -31 -38
Tangible fixed assets 13 16 20
Non-cash items -11 0 0
Right-of-use asset 146 143 138
Cash flow before change in WC 100 162 194
Total other fixed assets 37 37 37
Change in working capital 44 -7 -10
Fixed assets 909 898 883
Operating cash flow 144 155 184
Inventories 2 3 3
Capex tangible fixed assets -3 -8 -9
Receivables 433 457 489
Capex intangible fixed assets -5 -1 -1
Other current assets 0 0 0
Acquisitions and Disposals -17 0 0
Cash and liquid assets 21 82 157
Free cash flow 119 146 175
Total assets 1366 1440 1532
Dividend paid -63 -52 -61
Shareholders equity 639 695 765
Share issues and buybacks 0 0 0
Minority 60 62 64
Leasing liability amortisation -36 -34 -38
Total equity 699 756 829
Other non-cash items 13 0 2
Long-term debt 87 87 87
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 148 148 145
Total other long-term liabilities 83 83 83
Short-term debt 49 49 49
Accounts payable 77 82 87
Other current liabilities 222 234 251
Total liabilities and equity 1366 1440 1532
Net IB debt 263 202 124
Net IB debt excl. pension debt 263 202 124
Net IB debt excl. leasing 115 54 -21
Capital employed 983 1040 1111
Capital invested 962 958 953
Working capital 136 143 153
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1138 1138 1138
Net IB debt adj. 263 202 124
Market value of minority 60 62 64
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1460 1401 1326
Total assets turnover (%) 116,1 122,4 123,6
Working capital/sales (%) 8,9 8,1 8,1
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 37,6 26,7 15
Net debt / market cap (%) 23,1 17,7 10,9
Equity ratio (%) 51,2 52,6 54,1
Net IB debt adj. / equity (%) 37,6 26,7 15
Current ratio 1,31 1,48 1,67
EBITDA/net interest 12,7 17,8 19,1
Net IB debt/EBITDA (x) 1,6 1 0,5
Net IB debt/EBITDA lease adj. (x) 0,9 0,3 -0,1
Interest coverage 9,1 14,2 15,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 13 13 13
Diluted shares adj. 13 13 13
EPS 5,49 8,31 10,22
Dividend per share 4 4,75 5
EPS adj. 6,66 9,32 11,35
BVPS 49,63 53,93 59,41
BVPS adj. -5,79 -0,58 5,9
Net IB debt/share 20,4 15,67 9,63
Share price 88,3 88,3 88,3
Market cap. (m) 1138 1138 1138
Valuation N/A N/A N/A
P/E (x) 16,1 10,6 8,6
EV/sales (x) 0,9 0,8 0,7
EV/EBITDA (x) 8,8 6,8 5,4
EV/EBITA (x) 12,4 8,6 6,7
EV/EBIT (x) 13,8 9,3 7,2
Dividend yield (%) 4,5 5,4 5,7
FCF yield (%) 10,5 12,8 15,4
Le. adj. FCF yld. (%) 7,3 9,9 12
P/BVPS (x) 1,78 1,64 1,49
P/BVPS adj. (x) -34,28 51 12,26
P/E adj. (x) 13,3 9,5 7,8
EV/EBITDA adj. (x) 8,7 6,8 5,4
EV/EBITA adj. (x) 12,1 8,6 6,7
EV/EBIT adj. (x) 13,5 9,3 7,2
EV/CE (x) 1,5 1,3 1,2
Investment ratios N/A N/A N/A
Capex/sales (%) 0,5 0,5 0,5
Capex/depreciation 1,3 1,6 1,5
Capex tangibles / tangible fixed assets 19,1 51,3 45,3
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 38,5 31,6 27,9

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Media

Prevas - Company presentation with CEO Magnus Welén
Prevas - Company presentation with President & CEO Magnus Welén

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Main shareholders - Prevas

Main shareholders Share capital % Voting shares % Verified
Göran Lundin 8.8 % 14.8 % 23 Dec 2025
Per Vannesjö 10.4 % 12.6 % 23 Dec 2025
DeVenture AB 10.4 % 12.0 % 23 Dec 2025
Avanza Pension 6.2 % 4.8 % 23 Dec 2025
Helena Lundin 4.2 % 3.3 % 23 Dec 2025
Amiral Gestion 4.0 % 3.1 % 31 Jul 2025
Magnus Lundin 3.2 % 2.5 % 23 Dec 2025
Ulrika Grönberg 2.9 % 2.2 % 23 Dec 2025
Amundi 2.6 % 2.0 % 31 Dec 2025
Nordnet Pensionsförsäkring 2.5 % 1.9 % 23 Dec 2025
Source: Holdings by Modular Finance AB