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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 2023 2024e 2025e
Sales 1483 1545 1598
Sales growth (%) 12 4,2 3,4
EBITDA 205 208 220
EBITDA margin (%) 13,8 13,5 13,8
EBIT adj. 162 173 175
EBIT adj. margin (%) 11 11,2 11
Pretax profit 160 166 176
EPS 9,26 9,72 10,4
EPS growth (%) -0,4 5,1 6,9
EPS adj. 9,7 10,66 10,89
DPS 4,75 4,87 5,21
EV/EBITDA (x) 7,5 7,1 6,4
EV/EBIT adj. (x) 9,5 8,5 8,1
P/E (x) 13,1 12,4 11,6
P/E adj. (x) 12,5 11,3 11,1
EV/sales (x) 1,04 0,96 0,89
FCF yield (%) 9,7 9,9 11,2
Le. adj. FCF yld. (%) 7,7 7,9 9
Dividend yield (%) 3,9 4 4,3
Net IB debt/EBITDA (x) -0,2 -0,5 -0,8
Le. adj. ND/EBITDA (x) -0,5 -0,8 -1,1
SEKm 2023 2024e 2025e
Sales 1483 1545 1598
COGS 0 0 0
Gross profit 1483 1545 1598
Other operating items -1278 -1337 -1378
EBITDA 205 208 220
Depreciation and amortisation -35 -34 -37
of which leasing depreciation -31 -31 -33
EBITA 170 174 183
EO Items 0 -7 0
Impairment and PPA amortisation -7 -8 -8
EBIT 162 166 175
Net financial items -2 0 0
Pretax profit 160 166 176
Tax -39 -36 -36
Net profit 121 130 139
Minority interest -3 -6 -7
Net profit discontinued 0 0 0
Net profit to shareholders 118 124 133
EPS 9,26 9,72 10,4
EPS adj. 9,7 10,66 10,89
Total extraordinary items after tax 0 -6 0
Leasing payments -31 -31 -33
Tax rate (%) 24,4 21,8 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 13,8 13,5 13,8
EBITA margin (%) 11,5 11,3 11,5
EBIT margin (%) 11 10,7 11
Pre-tax margin (%) 10,8 10,7 11
Net margin (%) 8,2 8,4 8,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 12 4,2 3,4
EBITDA growth (%) 6,1 1,9 5,7
EBITA growth (%) 2,9 2,5 5,2
EBIT growth (%) 2 2,3 5,4
Net profit growth (%) -0,7 7,4 7,3
EPS growth (%) -0,4 5,1 6,9
Profitability N/A N/A N/A
ROE (%) 20,5 19,5 19
ROE adj. (%) 21,8 21,7 20,1
ROCE (%) 23,5 22,6 22,2
ROCE adj. (%) 24,6 24,7 23
ROIC (%) 21,9 22,7 24,1
ROIC adj. (%) 21,9 23,7 24,1
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 205 216 220
EBITDA adj. margin (%) 13,8 14 13,8
EBITDA lease adj. 173 185 187
EBITDA lease adj. margin (%) 11,7 12 11,7
EBITA adj. 170 181 183
EBITA adj. margin (%) 11,5 11,7 11,5
EBIT adj. 162 173 175
EBIT adj. margin (%) 11 11,2 11
Pretax profit Adj. 167 181 184
Net profit Adj. 128 144 147
Net profit to shareholders adj. 126 138 141
Net adj. margin (%) 8,7 9,3 9,2
SEKm 2023 2024e 2025e
EBITDA 205 208 220
Goodwill 406 406 406
Net financial items -2 0 0
Other intangible assets 32 27 22
Paid tax -39 -36 -36
Tangible fixed assets 10 11 11
Non-cash items -7 0 0
Right-of-use asset 54 55 55
Cash flow before change in WC 156 172 185
Total other fixed assets 5 5 5
Change in working capital 8 -12 -5
Fixed assets 507 503 498
Operating cash flow 164 160 180
Inventories 13 14 14
Capex tangible fixed assets -4 -4 -4
Receivables 342 340 352
Capex intangible fixed assets 0 -3 -3
Other current assets 86 124 128
Acquisitions and Disposals -11 0 0
Cash and liquid assets 112 149 223
Free cash flow 149 154 173
Total assets 1060 1130 1214
Dividend paid -58 -62 -66
Shareholders equity 605 667 733
Minority 35 41 47
Share issues and buybacks -7 0 0
Total equity 640 707 780
Leasing liability amortisation -31 -32 -33
Long-term debt 7 13 13
Other non-cash items 6 0 0
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 37 37 37
Total other long-term liabilities 48 48 48
Short-term debt 28 0 0
Accounts payable 51 62 64
Other current liabilities 249 263 272
Total liabilities and equity 1060 1130 1214
Net IB debt -45 -104 -178
Net IB debt excl. pension debt -45 -104 -178
Net IB debt excl. leasing -82 -141 -215
Capital employed 712 758 831
Capital invested 595 603 603
Working capital 141 153 158
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1545 1545 1545
Net IB debt adj. -45 -104 -178
Market value of minority 35 41 47
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1535 1482 1415
Total assets turnover (%) 144,2 141,1 136,3
Working capital/sales (%) 9,8 9,5 9,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -7 -14,8 -22,8
Net debt / market cap (%) -2,9 -6,8 -11,5
Equity ratio (%) 60,3 62,6 64,3
Net IB debt adj. / equity (%) -7 -14,8 -22,8
Current ratio 1,68 1,93 2,13
EBITDA/net interest 85,4 44861,5 459,7
Net IB debt/EBITDA (x) -0,2 -0,5 -0,8
Net IB debt/EBITDA lease adj. (x) -0,5 -0,8 -1,1
Interest coverage 70,9 37457,1 381,8
SEKm 2023 2024e 2025e
Shares outstanding adj. 13 13 13
Diluted shares adj. 13 13 13
EPS 9,26 9,72 10,4
Dividend per share 4,75 4,87 5,21
EPS adj. 9,7 10,66 10,89
BVPS 47,34 52,2 57,4
BVPS adj. 13,06 18,34 23,94
Net IB debt/share -3,51 -8,18 -13,91
Share price 121 121 121
Market cap. (m) 1545 1545 1545
Valuation N/A N/A N/A
P/E (x) 13,1 12,4 11,6
EV/sales (x) 1,04 0,96 0,89
EV/EBITDA (x) 7,5 7,1 6,4
EV/EBITA (x) 9 8,5 7,7
EV/EBIT (x) 9,5 8,9 8,1
Dividend yield (%) 3,9 4 4,3
FCF yield (%) 9,7 9,9 11,2
Le. adj. FCF yld. (%) 7,7 7,9 9
P/BVPS (x) 2,56 2,32 2,11
P/BVPS adj. (x) 7,77 5,92 4,72
P/E adj. (x) 12,5 11,3 11,1
EV/EBITDA adj. (x) 7,5 6,9 6,4
EV/EBITA adj. (x) 9 8,2 7,7
EV/EBIT adj. (x) 9,5 8,5 8,1
EV/CE (x) 2,2 2 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 0,3 0,4 0,4
Capex/depreciation 1,3 1,8 1,8
Capex tangibles / tangible fixed assets 43,1 37,7 38,3
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 33,34 34,12 36,46

Equity research

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Göran Lundin 9.9 % 15.7 % 26 Mar 2024
Per Vannesjö 10.2 % 12.5 % 26 Mar 2024
DeVenture AB 10.3 % 12.0 % 26 Mar 2024
Amiral Gestion 9.6 % 7.4 % 29 Feb 2024
Helena Lundin 4.3 % 3.3 % 26 Mar 2024
Berenberg Funds 3.8 % 2.9 % 29 Feb 2024
Magnus Lundin 3.2 % 2.5 % 26 Mar 2024
Ulrika Grönberg 3.0 % 2.3 % 26 Mar 2024
Avanza Pension 2.6 % 2.0 % 26 Mar 2024
Staffan Bolinder 2.0 % 1.5 % 26 Mar 2024
Source: Holdings by Modular Finance AB