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Prevas

Prevas

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.

SEKm 2022 2023e 2024e
Sales 1303 1434 1491
Sales growth (%) 9,8 10 4
EBITDA 190 184 204
EBITDA margin (%) 14,6 12,9 13,7
EBIT adj 151 136 156
EBIT adj margin (%) 11,6 9,5 10,4
Pretax profit 149 134 155
EPS rep 8,95 7,64 8,99
EPS growth (%) 8,9 -14,6 17,6
EPS adj 9,4 8,27 9,61
DPS 3,5 3,82 4,49
EV/EBITDA (x) 8,1 8 6,8
EV/EBIT adj (x) 10,1 10,8 8,9
P/E (x) 13,6 16 13,6
P/E adj (x) 13 14,8 12,7
EV/sales (x) 1,2 1 0,9
FCF yield (%) 5,1 8,9 10,3
Dividend yield (%) 2,9 3,1 3,7
Net IB debt/EBITDA -0,1 -0,5 -0,8
Lease adj. FCF yield (%) 3,3 7,1 8,5
Lease adj. ND/EBITDA -0,4 -0,8 -1,2
SEKm 2022 2023e 2024e
Sales 1303 1434 1491
COGS 0 0 0
Gross profit 1303 1434 1491
Other operating items -1113 -1249 -1287
EBITDA 190 184 204
Depreciation and amortisation -33 -41 -40
Of which leasing depreciation -30 -38 -37
EBITA 157 144 164
EO items 0 0 0
Impairment and PPA amortisation -6 -8 -8
EBIT 151 136 156
Net financial items -3 -2 0
Pretax profit 149 134 155
Tax -30 -28 -32
Net profit 118 106 123
Minority interest 5 9 9
Net profit discontinued 0 0 0
Net profit to shareholders 123 115 132
EPS 8,95 7,64 8,99
EPS Adj 9,4 8,27 9,61
Total extraordinary items after tax 0 0 0
Leasing payments -30 -38 -37
Tax rate (%) -20,3 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 14,6 12,9 13,7
EBITA margin (%) 12,1 10 11
EBIT margin (%) 11,6 9,5 10,4
Pretax margin (%) 11,4 9,3 10,4
Net margin (%) 9,1 7,4 8,3
Growth rates Y/Y 2022 2023 2024
Sales growth (%) 9,8 10 4
EBITDA growth (%) 12,5 -2,9 10,6
EBIT growth (%) 12,2 -10,4 14,8
Net profit growth (%) 13,3 -10,2 16,1
EPS growth (%) 8,9 -14,6 17,6
Profitability 2022 2023 2024
ROE (%) 24,4 20,5 21,5
ROE Adj (%) 25,5 21,9 22,8
ROCE (%) 25,2 21 22,8
ROCE Adj(%) 26,2 22,3 23,9
ROIC (%) 23,5 19,8 22,9
ROIC Adj (%) 23,5 19,8 22,9
Adj earnings numbers 2022 2023 2024
EBITDA Adj 190 184 204
EBITDA Adj margin (%) 14,6 12,9 13,7
EBITDA lease Adj 160 147 167
EBITDA lease Adj margin (%) 12,3 10,2 11,2
EBITA Adj 157 144 164
EBITA Adj margin (%) 12,1 10 11
EBIT Adj 151 136 156
EBIT Adj margin (%) 11,6 9,5 10,4
Pretax profit Adj 154 142 163
Net profit Adj 124 114 131
Net profit to shareholders Adj 129 123 140
Net Adj margin (%) 9,5 8 8,8
SEKm 2022 2023e 2024e
EBITDA 190 184 204
Net financial items -3 -2 0
Paid tax -30 -28 -32
Non-cash items 0 0 0
Cash flow before change in WC 157 155 172
Change in WC -11 -11 -5
Operating cash flow 146 144 167
CAPEX tangible fixed assets -3 -4 -4
CAPEX intangible fixed assets -2 -2 -3
Acquisitions and disposals -61 0 0
Free cash flow 79 138 161
Dividend paid -25 -45 -49
Share issues and buybacks 0 0 0
Lease liability amortisation -27 -28 -29
Other non cash items -27 -11 -11
Balance Sheet (SEKm) 2022 2023 2024
Goodwill 362 362 362
Other intangible assets 23 18 12
Tangible fixed assets 32 33 33
Right-of-use asset 34 25 17
Total other fixed assets 2 2 2
Fixed assets 453 439 426
Inventories 3 3 3
Receivables 235 258 268
Other current assets 104 115 119
Cash and liquid assets 106 145 197
Total assets 901 960 1014
Shareholders equity 539 587 645
Minority 7 16 25
Total equity 545 603 669
Long-term debt 23 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 37 37 37
Total other long-term liabilities 32 32 32
Short-term debt 23 23 0
Accounts payable 52 57 60
Other current liabilities 189 208 216
Total liabilities and equity 901 960 1014
Net IB debt -25 -86 -161
Net IB debt excl. pension debt -25 -86 -161
Net IB debt excl. leasing -61 -123 -197
Capital invested 547 543 535
Working capital 100 111 116
EV breakdown 2022 2023 2024
Market cap. diluted (m) 1554 1554 1554
Net IB debt Adj -25 -86 -161
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 1529 1468 1393
Capital efficiency (%) 2022 2023 2024
Total assets turnover (%) 151,1 154,1 151,1
Working capital / sales (%) 7,2 7,4 7,6
Financial risk and debt service 2022 2023 2024
Net debt / equity (%) -4,5 -14,3 -24
Net debt / market cap (%) -1,6 -5,6 -10,3
Equity ratio (%) 60,5 62,8 66
Net IB debt adj. / equity (%) -4,5 -14,3 -24
Current ratio (%) 158,9 170,6 200,5
EBITDA / net interest (%) 6509 10493,8 68404,1
Net IB debt / EBITDA (%) -13 -46,8 -78,7
Net IB debt / EBITDA lease Adj (%) -38,3 -83,7 -118,1
Interest cover (%) 5391,9 8174,9 54919,1
SEKm 2022 2023e 2024e
EPS Adj 9,4 8,27 9,61
BVPS 42,3 46,12 50,62
BVPS Adj 12,07 16,33 21,24
Net IB debt / share -1,9 -6,8 -12,6
Share price 122 122 122
Market cap. (m) 1554 1554 1554
Valuation 2022 2023 2024
P/E 13,6 16 13,6
EV/sales 1,17 1,02 0,93
EV/EBITDA 8,1 8 6,8
EV/EBITA 9,7 10,2 8,5
EV/EBIT 10,1 10,8 8,9
Dividend yield (%) 2,9 3,1 3,7
FCF yield (%) 5,1 8,9 10,3
Lease adj. FCF yield (%) 3,3 7,1 8,5
P/BVPS 2,88 2,65 2,41
P/BVPS Adj 10,11 7,47 5,74
P/E Adj 13 14,8 12,7
EV/EBITDA Adj 8,1 8 6,8
EV/EBITA Adj 9,7 10,2 8,5
EV/EBIT Adj 10,1 10,8 8,9
EV/cap. employed 2,4 2,2 2
Investment ratios 2022 2023 2024
Capex / sales 0,4 0,4 0,4
Capex / depreciation 198,4 202,7 206,2
Capex tangibles / tangible fixed assets 10,6 11,4 11,6
Capex intangibles / definite intangibles 9,8 14,1 21,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 8,9 9,4 9,4
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 8,95 7,64 8,99
Dividend per share Adj 3,5 3,8 4,5

Equity research

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Media

Prevas - Company presentation with CEO Johan Strid

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Göran Lundin 10.0 % 15.3 % 28 Dec 2022
Per Vannesjö 10.2 % 12.1 % 28 Dec 2022
DeVenture AB 10.3 % 11.6 % 28 Dec 2022
Amiral Gestion 9.5 % 7.1 % 2 Dec 2022
Avanza Pension 4.6 % 3.4 % 28 Dec 2022
Helena Lundin 4.3 % 3.2 % 28 Dec 2022
Magnus Lundin 3.5 % 2.6 % 28 Dec 2022
Ulrika Grönberg 3.0 % 2.2 % 28 Dec 2022
Staffan Bolinder 2.7 % 2.0 % 28 Dec 2022
Johan Hagberg 2.6 % 1.9 % 28 Dec 2022
Source: Holdings by Modular Finance AB