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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 2023 2024e 2025e
Sales 1483 1542 1595
Sales growth (%) 12 4 3,4
EBITDA 205 211 217
EBITDA margin (%) 13,8 13,7 13,6
EBIT adj. 162 168 171
EBIT adj. margin (%) 11 10,9 10,7
Pretax profit 160 168 172
EPS 9,26 9,93 10,15
EPS growth (%) -0,4 7,2 2,3
EPS adj. 9,7 10,42 10,65
DPS 4,75 4,98 5,09
EV/EBITDA (x) 7,3 6,8 6,4
EV/EBIT adj. (x) 9,2 8,6 8,1
P/E (x) 12,8 11,9 11,6
P/E adj. (x) 12,2 11,3 11,1
EV/sales (x) 1,01 0,94 0,86
FCF yield (%) 9,9 10,5 11,2
Le. adj. FCF yld. (%) 7,9 8,3 9,1
Dividend yield (%) 4 4,2 4,3
Net IB debt/EBITDA (x) -0,2 -0,5 -0,8
Le. adj. ND/EBITDA (x) -0,5 -0,8 -1,2
SEKm 2023 2024e 2025e
Sales 1483 1542 1595
COGS 0 0 0
Gross profit 1483 1542 1595
Other operating items -1278 -1331 -1378
EBITDA 205 211 217
Depreciation and amortisation -35 -35 -38
of which leasing depreciation -31 -31 -34
EBITA 170 176 179
EO Items 0 0 0
Impairment and PPA amortisation -7 -8 -8
EBIT 162 168 171
Net financial items -2 0 0
Pretax profit 160 168 172
Tax -39 -35 -35
Net profit 121 133 136
Minority interest -3 -7 -7
Net profit discontinued 0 0 0
Net profit to shareholders 118 127 130
EPS 9,26 9,93 10,15
EPS adj. 9,7 10,42 10,65
Total extraordinary items after tax 0 0 0
Leasing payments -31 -31 -34
Tax rate (%) 24,4 20,6 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 13,8 13,7 13,6
EBITA margin (%) 11,5 11,4 11,2
EBIT margin (%) 11 10,9 10,7
Pre-tax margin (%) 10,8 10,9 10,8
Net margin (%) 8,2 8,6 8,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 12 4 3,4
EBITDA growth (%) 6,1 3,1 2,6
EBITA growth (%) 2,9 3,8 1,6
EBIT growth (%) 2 3,6 1,7
Net profit growth (%) -0,7 10,2 2,1
EPS growth (%) -0,4 7,2 2,3
Profitability N/A N/A N/A
ROE (%) 20,5 19,9 18,5
ROE adj. (%) 21,8 21,2 19,7
ROCE (%) 23,5 22,9 21,6
ROCE adj. (%) 24,6 23,9 22,5
ROIC (%) 21,9 23,4 23,6
ROIC adj. (%) 21,9 23,4 23,6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 205 211 217
EBITDA adj. margin (%) 13,8 13,7 13,6
EBITDA lease adj. 173 180 183
EBITDA lease adj. margin (%) 11,7 11,7 11,5
EBITA adj. 170 176 179
EBITA adj. margin (%) 11,5 11,4 11,2
EBIT adj. 162 168 171
EBIT adj. margin (%) 11 10,9 10,7
Pretax profit Adj. 167 176 180
Net profit Adj. 128 141 144
Net profit to shareholders adj. 126 135 138
Net adj. margin (%) 8,7 9,2 9
SEKm 2023 2024e 2025e
EBITDA 205 211 217
Goodwill 406 406 406
Net financial items -2 0 0
Other intangible assets 32 27 22
Paid tax -39 -35 -35
Tangible fixed assets 10 11 11
Non-cash items -7 0 0
Right-of-use asset 54 55 54
Cash flow before change in WC 156 176 182
Total other fixed assets 5 5 5
Change in working capital 8 -12 -5
Fixed assets 507 503 497
Operating cash flow 164 165 177
Inventories 13 14 14
Capex tangible fixed assets -4 -4 -4
Receivables 342 339 351
Capex intangible fixed assets 0 -3 -3
Other current assets 86 123 128
Acquisitions and Disposals -11 0 0
Cash and liquid assets 112 152 224
Free cash flow 149 158 170
Total assets 1060 1132 1214
Dividend paid -58 -63 -65
Shareholders equity 605 668 733
Minority 35 42 48
Share issues and buybacks -7 0 0
Total equity 640 710 781
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 249 262 271
Total liabilities and equity 1060 1132 1214
Net IB debt -45 -107 -179
Net IB debt excl. pension debt -45 -107 -179
Net IB debt excl. leasing -82 -144 -216
Capital employed 712 760 831
Capital invested 595 602 602
Working capital 141 153 158
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1509 1509 1509
Net IB debt adj. -45 -107 -179
Market value of minority 35 42 48
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1500 1444 1379
Total assets turnover (%) 144,2 140,7 136
Working capital/sales (%) 9,8 9,5 9,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) -7 -15,1 -22,9
Net debt / market cap (%) -3 -7,1 -11,9
Equity ratio (%) 60,3 62,7 64,3
Net IB debt adj. / equity (%) -7 -15,1 -22,9
Current ratio 1,68 1,94 2,14
EBITDA/net interest 85,4 684,2 452,7
Net IB debt/EBITDA (x) -0,2 -0,5 -0,8
Net IB debt/EBITDA lease adj. (x) -0,5 -0,8 -1,2
Interest coverage 70,9 571,4 374,3
SEKm 2023 2024e 2025e
Shares outstanding adj. 13 13 13
Diluted shares adj. 13 13 13
EPS 9,26 9,93 10,15
Dividend per share 4,75 4,98 5,09
EPS adj. 9,7 10,42 10,65
BVPS 47,34 52,3 57,38
BVPS adj. 13,06 18,44 23,92
Net IB debt/share -3,51 -8,41 -14,04
Share price 118,2 118,2 118,2
Market cap. (m) 1509 1509 1509
Valuation N/A N/A N/A
P/E (x) 12,8 11,9 11,6
EV/sales (x) 1,01 0,94 0,86
EV/EBITDA (x) 7,3 6,8 6,4
EV/EBITA (x) 8,8 8,2 7,7
EV/EBIT (x) 9,2 8,6 8,1
Dividend yield (%) 4 4,2 4,3
FCF yield (%) 9,9 10,5 11,2
Le. adj. FCF yld. (%) 7,9 8,3 9,1
P/BVPS (x) 2,5 2,26 2,06
P/BVPS adj. (x) 7,59 5,76 4,61
P/E adj. (x) 12,2 11,3 11,1
EV/EBITDA adj. (x) 7,3 6,8 6,4
EV/EBITA adj. (x) 8,8 8,2 7,7
EV/EBIT adj. (x) 9,2 8,6 8,1
EV/CE (x) 2,1 1,9 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 37,6 38,2
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 34,1 36,43

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Göran Lundin 9.9 % 15.8 % 27 Dec 2023
Per Vannesjö 10.2 % 12.5 % 27 Dec 2023
DeVenture AB 10.3 % 12.0 % 27 Dec 2023
Amiral Gestion 9.1 % 7.0 % 30 Nov 2023
Helena Lundin 4.3 % 3.3 % 27 Dec 2023
Berenberg Funds 3.6 % 2.8 % 30 Nov 2023
Staffan Bolinder 3.5 % 2.7 % 27 Dec 2023
Magnus Lundin 3.2 % 2.5 % 27 Dec 2023
Ulrika Grönberg 3.0 % 2.3 % 27 Dec 2023
Avanza Pension 2.7 % 2.1 % 27 Dec 2023
Source: Holdings by Modular Finance AB