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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.

Sustainability Information

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 2024 2025e 2026e
Sales 1619 1789 1867
Sales growth (%) 9,2 10,5 4,4
EBITDA 184 227 264
EBITDA margin (%) 11,4 12,7 14,2
EBIT adj. 147 167 202
EBIT adj. margin (%) 9,1 9,3 10,8
Pretax profit 127 157 193
EPS 7,34 9,06 11,35
EPS growth (%) -20,7 23,4 25,3
EPS adj. 8,88 9,93 12,22
DPS 3,68 4,54 5,69
EV/EBITDA (x) 9,6 7,6 6,2
EV/EBIT adj. (x) 12 10,3 8,1
P/E (x) 15,3 12,4 9,9
P/E adj. (x) 12,7 11,3 9,2
EV/sales (x) 1,09 0,96 0,88
FCF yield (%) -10,6 9,7 13,9
Le. adj. FCF yld. (%) -12,9 7,4 11,5
Dividend yield (%) 3,3 4 5,1
Net IB debt/EBITDA (x) 1,6 1,1 0,6
Le. adj. ND/EBITDA (x) 0,9 0,5 0
SEKm 2024 2025e 2026e
Sales 1619 1789 1867
COGS 0 0 0
Gross profit 1619 1789 1867
Other operating items -1435 -1562 -1602
EBITDA 184 227 264
Depreciation and amortisation -41 -45 -48
of which leasing depreciation -37 -41 -43
EBITA 143 181 216
EO Items -15 0 0
Impairment and PPA amortisation -11 -14 -14
EBIT 132 167 202
Net financial items -5 -11 -9
Pretax profit 127 157 193
Tax -31 -32 -40
Net profit 96 124 154
Minority interest -3 -9 -9
Net profit discontinued 0 0 0
Net profit to shareholders 94 116 145
EPS 7,34 9,06 11,35
EPS adj. 8,88 9,93 12,22
Total extraordinary items after tax -11 0 0
Leasing payments -37 -41 -43
Tax rate (%) 24,1 20,6 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 11,4 12,7 14,2
EBITA margin (%) 8,8 10,1 11,6
EBIT margin (%) 8,1 9,3 10,8
Pre-tax margin (%) 7,8 8,8 10,4
Net margin (%) 5,9 6,9 8,2
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 9,2 10,5 4,4
EBITDA growth (%) -10,2 23,3 16,7
EBITA growth (%) -16 27 19,5
EBIT growth (%) -18,8 26,7 21,1
Net profit growth (%) -20,4 29,1 23,6
EPS growth (%) -20,7 23,4 25,3
Profitability N/A N/A N/A
ROE (%) 14,9 17 19,4
ROE adj. (%) 18,5 19,1 21,3
ROCE (%) 15,1 15,6 17,7
ROCE adj. (%) 18 16,9 18,9
ROIC (%) 13,8 14,6 17,4
ROIC adj. (%) 15,2 14,6 17,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 199 227 264
EBITDA adj. margin (%) 12,3 12,7 14,2
EBITDA lease adj. 162 186 221
EBITDA lease adj. margin (%) 10 10,4 11,8
EBITA adj. 158 181 216
EBITA adj. margin (%) 9,7 10,1 11,6
EBIT adj. 147 167 202
EBIT adj. margin (%) 9,1 9,3 10,8
Pretax profit Adj. 153 171 207
Net profit Adj. 118 138 168
Net profit to shareholders adj. 116 130 159
Net adj. margin (%) 7,3 7,7 9
SEKm 2024 2025e 2026e
EBITDA 184 227 264
Goodwill 653 671 671
Net financial items -5 -11 -9
Other intangible assets 52 43 32
Paid tax -31 -32 -40
Tangible fixed assets 10 11 11
Non-cash items 0 0 0
Right-of-use asset 149 141 132
Cash flow before change in WC 148 184 215
Total other fixed assets 5 5 5
Change in working capital -19 -17 -8
Fixed assets 869 871 851
Operating cash flow 129 167 208
Inventories 14 16 17
Capex tangible fixed assets -4 -5 -5
Receivables 356 394 411
Capex intangible fixed assets -3 -3 -3
Other current assets 130 143 149
Acquisitions and Disposals -275 -20 0
Cash and liquid assets 58 106 199
Free cash flow -153 139 200
Total assets 1427 1529 1627
Dividend paid -47 -58 -72
Shareholders equity 651 709 782
Minority 38 46 55
Share issues and buybacks 0 0 0
Total equity 689 755 837
Leasing liability amortisation -32 -33 -34
Long-term debt 213 213 213
Other non-cash items -100 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 137 137 137
Total other long-term liabilities 48 48 48
Short-term debt 0 0 0
Accounts payable 65 72 75
Other current liabilities 275 304 317
Total liabilities and equity 1427 1529 1627
Net IB debt 287 239 146
Net IB debt excl. pension debt 287 239 146
Net IB debt excl. leasing 150 102 9
Capital employed 1039 1106 1187
Capital invested 976 994 982
Working capital 160 177 185
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1438 1438 1438
Net IB debt adj. 287 239 146
Market value of minority 38 46 55
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1763 1723 1638
Total assets turnover (%) 130,2 121 118,3
Working capital/sales (%) 9,3 9,4 9,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 41,7 31,6 17,4
Net debt / market cap (%) 20 16,6 10,1
Equity ratio (%) 48,3 49,4 51,4
Net IB debt adj. / equity (%) 41,7 31,6 17,4
Current ratio 1,64 1,75 1,98
EBITDA/net interest 36,2 21,2 29,1
Net IB debt/EBITDA (x) 1,6 1,1 0,6
Net IB debt/EBITDA lease adj. (x) 0,9 0,5 0
Interest coverage 28,1 17 23,8
SEKm 2024 2025e 2026e
Shares outstanding adj. 13 13 13
Diluted shares adj. 13 13 13
EPS 7,34 9,06 11,35
Dividend per share 3,68 4,54 5,69
EPS adj. 8,88 9,93 12,22
BVPS 51,01 55,54 61,22
BVPS adj. -4,18 -0,37 6,15
Net IB debt/share 22,48 18,7 11,41
Share price 112,6 112,6 112,6
Market cap. (m) 1438 1438 1438
Valuation N/A N/A N/A
P/E (x) 15,3 12,4 9,9
EV/sales (x) 1,09 0,96 0,88
EV/EBITDA (x) 9,6 7,6 6,2
EV/EBITA (x) 12,4 9,5 7,6
EV/EBIT (x) 13,4 10,3 8,1
Dividend yield (%) 3,3 4 5,1
FCF yield (%) -10,6 9,7 13,9
Le. adj. FCF yld. (%) -12,9 7,4 11,5
P/BVPS (x) 2,21 2,03 1,84
P/BVPS adj. (x) -830,57 37,73 13
P/E adj. (x) 12,7 11,3 9,2
EV/EBITDA adj. (x) 8,9 7,6 6,2
EV/EBITA adj. (x) 11,2 9,5 7,6
EV/EBIT adj. (x) 12 10,3 8,1
EV/CE (x) 1,7 1,6 1,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,4 0,4
Capex/depreciation 1,7 1,7 1,7
Capex tangibles / tangible fixed assets 40,5 44,1 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 39,31 42,73 43,73

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Media

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

Main shareholders - Prevas

Main shareholders Share capital % Voting shares % Verified
Göran Lundin 8.9 % 14.9 % 23 Dec 2024
Per Vannesjö 10.1 % 12.4 % 23 Dec 2024
DeVenture AB 10.2 % 11.9 % 23 Dec 2024
Amiral Gestion 6.5 % 5.0 % 30 Nov 2024
Helena Lundin 4.2 % 3.3 % 23 Dec 2024
Avanza Pension 3.3 % 2.5 % 23 Dec 2024
Magnus Lundin 3.2 % 2.5 % 23 Dec 2024
Berenberg Funds 2.9 % 2.3 % 30 Nov 2024
Ulrika Grönberg 2.9 % 2.2 % 23 Dec 2024
Value Square NV 1.8 % 1.4 % 30 Nov 2024
Source: Holdings by Modular Finance AB