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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 2021 2022e 2023e
Sales 1187 1303 1434
Sales growth (%) 53,8 9,8 10
EBITDA 169 190 184
EBITDA margin (%) 14,2 14,6 12,9
EBIT adj 135 151 136
EBIT adj margin (%) 11,4 11,6 9,5
Pretax profit 128 149 134
EPS rep 8,21 8,95 7,64
EPS growth (%) 79,9 8,9 -14,6
EPS adj 8,45 9,4 8,27
DPS 2 3,5 3,82
EV/EBITDA (x) 7,4 8,1 8
EV/EBIT adj (x) 9,3 10,1 10,8
P/E (x) 12,1 13,6 16
P/E adj (x) 11,8 13 14,8
EV/sales (x) 1,1 1,2 1
FCF yield (%) 7,4 5,1 8,9
Dividend yield (%) 2 2,9 3,1
Net IB debt/EBITDA -0,1 -0,1 -0,5
Lease adj. FCF yield (%) 5,3 3,3 7,1
Lease adj. ND/EBITDA -0,4 -0,4 -0,8
SEKm 2021 2022e 2023e
Sales 1187 1303 1434
COGS 0 0 0
Gross profit 1187 1303 1434
Other operating items -1018 -1113 -1249
EBITDA 169 190 184
Depreciation and amortisation -31 -33 -41
Of which leasing depreciation -29 -30 -38
EBITA 138 157 144
EO items 0 0 0
Impairment and PPA amortisation -3 -6 -8
EBIT 135 151 136
Net financial items -7 -3 -2
Pretax profit 128 149 134
Tax -23 -30 -28
Net profit 105 118 106
Minority interest 0 5 9
Net profit discontinued 0 0 0
Net profit to shareholders 104 123 115
EPS 8,21 8,95 7,64
EPS Adj 8,45 9,4 8,27
Total extraordinary items after tax 0 0 0
Leasing payments -29 -30 -38
Tax rate (%) -18,1 -20,3 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 14,2 14,6 12,9
EBITA margin (%) 11,6 12,1 10
EBIT margin (%) 11,4 11,6 9,5
Pretax margin (%) 10,7 11,4 9,3
Net margin (%) 8,8 9,1 7,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 53,8 9,8 10
EBITDA growth (%) 83,1 12,5 -2,9
EBIT growth (%) 105,4 12,2 -10,4
Net profit growth (%) 130,2 13,3 -10,2
EPS growth (%) 79,9 8,9 -14,6
Profitability 2021 2022 2023
ROE (%) 29,9 24,4 20,5
ROE Adj (%) 30,7 25,5 21,9
ROCE (%) 31,8 25,2 21
ROCE Adj(%) 32,5 26,2 22,3
ROIC (%) 32,5 23,5 19,8
ROIC Adj (%) 32,5 23,5 19,8
Adj earnings numbers 2021 2022 2023
EBITDA Adj 169 190 184
EBITDA Adj margin (%) 14,2 14,6 12,9
EBITDA lease Adj 140 160 147
EBITDA lease Adj margin (%) 11,8 12,3 10,2
EBITA Adj 138 157 144
EBITA Adj margin (%) 11,6 12,1 10
EBIT Adj 135 151 136
EBIT Adj margin (%) 11,4 11,6 9,5
Pretax profit Adj 131 154 142
Net profit Adj 107 124 114
Net profit to shareholders Adj 107 129 123
Net Adj margin (%) 9,1 9,5 8
SEKm 2021 2022e 2023e
EBITDA 169 190 184
Net financial items -7 -3 -2
Paid tax -23 -30 -28
Non-cash items -37 0 0
Cash flow before change in WC 101 157 155
Change in WC -23 -11 -11
Operating cash flow 79 146 144
CAPEX tangible fixed assets -4 -3 -4
CAPEX intangible fixed assets -1 -2 -2
Acquisitions and disposals 21 -61 0
Free cash flow 94 79 138
Dividend paid 0 -25 -45
Share issues and buybacks 1 0 0
Lease liability amortisation -27 -27 -28
Other non cash items -114 -27 -11
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 325 362 362
Other intangible assets 27 23 18
Tangible fixed assets 7 32 33
Right-of-use asset 37 34 25
Total other fixed assets 2 2 2
Fixed assets 397 453 439
Inventories 0 3 3
Receivables 218 235 258
Other current assets 86 104 115
Cash and liquid assets 122 106 145
Total assets 824 901 960
Shareholders equity 469 539 587
Minority 2 7 16
Total equity 472 545 603
Long-term debt 45 23 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 23
Accounts payable 51 52 57
Other current liabilities 164 189 208
Total liabilities and equity 824 901 960
Net IB debt -18 -25 -86
Net IB debt excl. pension debt -18 -25 -86
Net IB debt excl. leasing -54 -61 -123
Capital invested 480 547 543
Working capital 89 100 111
EV breakdown 2021 2022 2023
Market cap. diluted (m) 1269 1554 1554
Net IB debt Adj -18 -25 -86
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 1251 1529 1468
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 185,7 151,1 154,1
Working capital / sales (%) 4,4 7,2 7,4
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) -3,8 -4,5 -14,3
Net debt / market cap (%) -1,7 -1,6 -5,6
Equity ratio (%) 57,2 60,5 62,8
Net IB debt adj. / equity (%) -3,8 -4,5 -14,3
Current ratio (%) 166,5 158,9 170,6
EBITDA / net interest (%) 2293,1 6509 10493,8
Net IB debt / EBITDA (%) -10,5 -13 -46,8
Net IB debt / EBITDA lease Adj (%) -38,8 -38,3 -83,7
Interest cover (%) 1873,4 5391,9 8174,9
SEKm 2021 2022e 2023e
EPS Adj 8,45 9,4 8,27
BVPS 36,86 42,3 46,12
BVPS Adj 9,22 12,07 16,33
Net IB debt / share -1,4 -1,9 -6,8
Share price 82,45 122 122
Market cap. (m) 1050 1554 1554
Valuation 2021 2022 2023
P/E 12,1 13,6 16
EV/sales 1,05 1,17 1,02
EV/EBITDA 7,4 8,1 8
EV/EBITA 9,1 9,7 10,2
EV/EBIT 9,3 10,1 10,8
Dividend yield (%) 2 2,9 3,1
FCF yield (%) 7,4 5,1 8,9
Lease adj. FCF yield (%) 5,3 3,3 7,1
P/BVPS 2,7 2,88 2,65
P/BVPS Adj 10,8 10,11 7,47
P/E Adj 11,8 13 14,8
EV/EBITDA Adj 7,4 8,1 8
EV/EBITA Adj 9,1 9,7 10,2
EV/EBIT Adj 9,3 10,1 10,8
EV/cap. employed 2,2 2,4 2,2
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,4 0,4
Capex / depreciation 230,7 198,4 202,7
Capex tangibles / tangible fixed assets 58,3 10,6 11,4
Capex intangibles / definite intangibles 4,9 9,8 14,1
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 33,9 8,9 9,4
Shares outstanding adj. 13 13 13
Fully diluted shares Adj 13 13 13
EPS 8,21 8,95 7,64
Dividend per share Adj 2 3,5 3,8

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Göran Lundin 10.0 % 15.3 % 28 Sep 2022
Per Vannesjö 10.2 % 12.1 % 28 Sep 2022
DeVenture AB 10.3 % 11.6 % 28 Sep 2022
Amiral Gestion 9.8 % 7.3 % 9 Nov 2022
Avanza Pension 4.9 % 3.6 % 28 Sep 2022
Helena Lundin 4.3 % 3.2 % 28 Sep 2022
Magnus Lundin 3.5 % 2.6 % 28 Sep 2022
Ulrika Grönberg 3.0 % 2.2 % 28 Sep 2022
Johan Hagberg 2.6 % 1.9 % 28 Sep 2022
Nordnet Pensionsförsäkring 2.5 % 1.9 % 28 Sep 2022
Source: Holdings by Modular Finance AB