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Projektengagemang

Projektengagemang

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Projektengagemang (PE) is one of Sweden’s leading engineering and architecture consultancy firms. As an urban planner, it creates innovative and sustainable solutions that shape the development of cities, infrastructure and industry. The company employs more than 1,000 people at 35 locations in Sweden, which is also its main market. PE was founded in 2006 and is listed on Nasdaq Stockholm.

Sustainability information

The five risks that PE defines as most likely to occur are (in descending order): Competition, Price, Internal efficiency, Liquidity and Demand. Of these, Demand is deemed to have the highest impact, followed by Internal efficiency and Price.

Financials

SEKm 2024 2025e 2026e
Sales 770 739 788
Sales growth (%) -12,8 -4 6,7
EBITDA 86 75 89
EBITDA margin (%) 11,2 10,2 11,3
EBIT adj. 30 30 41
EBIT adj. margin (%) 3,9 4,1 5,2
Pretax profit 21 20 35
EPS 0,72 0,64 1,12
EPS growth (%) -253,2 -10,5 74,3
EPS adj. 0,71 0,73 1,12
DPS 0 0 0,5
EV/EBITDA (x) 4,3 4,5 3,7
EV/EBIT adj. (x) 12,2 11,3 7,9
P/E (x) 10,1 11,3 6,5
P/E adj. (x) 10,2 10 6,5
EV/sales (x) 0,48 0,46 0,41
FCF yield (%) 56,5 42,4 40,6
Le. adj. FCF yld. (%) 21,2 11,7 11,4
Dividend yield (%) 0 0 6,9
Net IB debt/EBITDA (x) 2,2 2,1 1,7
Le. adj. ND/EBITDA (x) 5 3,9 1,7
SEKm 2024 2025e 2026e
Sales 770 739 788
COGS 0 0 0
Gross profit 770 739 788
Other operating items -684 -664 -699
EBITDA 86 75 89
Depreciation and amortisation -56 -48 -48
of which leasing depreciation -50 -46 -45
EBITA 30 27 41
EO Items 0 -3 0
Impairment and PPA amortisation 0 0 0
EBIT 30 27 41
Net financial items -9 -7 -6
Pretax profit 21 20 35
Tax -3 -4 -7
Net profit 17 16 28
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 16 28
EPS 0,72 0,64 1,12
EPS adj. 0,71 0,73 1,12
Total extraordinary items after tax 0 -2 0
Leasing payments -65 -57 -55
Tax rate (%) 16,3 20,9 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 11,2 10,2 11,3
EBITA margin (%) 3,9 3,7 5,2
EBIT margin (%) 3,9 3,7 5,2
Pre-tax margin (%) 2,7 2,7 4,4
Net margin (%) 2,3 2,1 3,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) -12,8 -4 6,7
EBITDA growth (%) -3,4 -12,6 18,4
EBITA growth (%) 64,3 -8,3 49,7
EBIT growth (%) -1040,6 -8,9 49,7
Net profit growth (%) -252,6 -9 74,3
EPS growth (%) -253,2 -10,5 74,3
Profitability N/A N/A N/A
ROE (%) 3 2,7 4,6
ROE adj. (%) 3 3 4,6
ROCE (%) 3,4 3,2 5
ROCE adj. (%) 3,3 3,6 5
ROIC (%) 3,2 2,8 4,3
ROIC adj. (%) 3,2 3,1 4,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 86 78 89
EBITDA adj. margin (%) 11,2 10,5 11,3
EBITDA lease adj. 21 20 34
EBITDA lease adj. margin (%) 2,7 2,7 4,4
EBITA adj. 30 30 41
EBITA adj. margin (%) 3,9 4,1 5,2
EBIT adj. 30 30 41
EBIT adj. margin (%) 3,9 4,1 5,2
Pretax profit Adj. 21 23 35
Net profit Adj. 17 18 28
Net profit to shareholders adj. 17 18 28
Net adj. margin (%) 2,2 2,4 3,5
SEKm 2024 2025e 2026e
EBITDA 86 75 89
Goodwill 598 598 598
Net financial items -9 -7 -6
Other intangible assets 1 1 1
Paid tax -3 -4 -7
Tangible fixed assets 1 3 5
Non-cash items -4 5 7
Right-of-use asset 90 81 88
Cash flow before change in WC 69 69 82
Total other fixed assets 0 0 0
Change in working capital 31 10 -5
Fixed assets 691 683 692
Operating cash flow 100 79 77
Inventories 0 0 0
Capex tangible fixed assets -1 -3 -5
Receivables 176 185 197
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 0 2 3
Free cash flow 99 76 72
Total assets 867 870 892
Dividend paid 0 0 0
Shareholders equity 579 593 620
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -62 -55 -52
Total equity 579 592 620
Other non-cash items 20 10 -7
Long-term debt 80 62 42
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 90 81 88
Total other long-term liabilities 11 11 11
Short-term debt 22 20 20
Accounts payable 0 0 0
Other current liabilities 85 103 110
Total liabilities and equity 866 870 892
Net IB debt 192 161 148
Net IB debt excl. pension debt 192 161 148
Net IB debt excl. leasing 102 80 60
Capital employed 771 756 771
Capital invested 771 753 768
Working capital 91 81 87
EV breakdown N/A N/A N/A
Market cap. diluted (m) 175 178 178
Net IB debt adj. 192 161 148
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 368 339 326
Total assets turnover (%) 85,6 85,1 89,5
Working capital/sales (%) 13,9 11,7 10,7
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 33,2 27,2 23,8
Net debt / market cap (%) 109,5 90,3 82,9
Equity ratio (%) 66,8 68,1 69,5
Net IB debt adj. / equity (%) 33,2 27,2 23,8
Current ratio 1,65 1,52 1,53
EBITDA/net interest 14,7 16 24
Net IB debt/EBITDA (x) 2,2 2,1 1,7
Net IB debt/EBITDA lease adj. (x) 5 3,9 1,7
Interest coverage 5,1 5,8 11,1
SEKm 2024 2025e 2026e
Shares outstanding adj. 24 25 25
Diluted shares adj. 24 25 25
EPS 0,72 0,64 1,12
Dividend per share 0 0 0,5
EPS adj. 0,71 0,73 1,12
BVPS 23,95 24,14 25,26
BVPS adj. -0,84 -0,25 0,87
Net IB debt/share 7,95 6,56 6,02
Share price 7,26 7,26 7,26
Market cap. (m) 175 178 178
Valuation N/A N/A N/A
P/E (x) 10,1 11,3 6,5
EV/sales (x) 0,48 0,46 0,41
EV/EBITDA (x) 4,3 4,5 3,7
EV/EBITA (x) 12,3 12,4 7,9
EV/EBIT (x) 12,2 12,4 7,9
Dividend yield (%) 0 0 6,9
FCF yield (%) 56,5 42,4 40,6
Le. adj. FCF yld. (%) 21,2 11,7 11,4
P/BVPS (x) 0,3 0,3 0,29
P/BVPS adj. (x) -8,69 -28,9 8,32
P/E adj. (x) 10,2 10 6,5
EV/EBITDA adj. (x) 4,3 4,4 3,7
EV/EBITA adj. (x) 12,3 11,3 7,9
EV/EBIT adj. (x) 12,2 11,3 7,9
EV/CE (x) 0,5 0,4 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,5 0,6
Capex/depreciation 0,2 1,9 1,7
Capex tangibles / tangible fixed assets 88,7 123,7 100
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 532,39 63,98 59,19

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Media

Projektengagemang - Company presentation with Interim CEO Liselotte Haglind
Projektengagemang - Company presentation with CEO Helena Hed

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Main shareholders - Projektengagemang

Main shareholders Share capital % Voting shares % Verified
Sweco Sverige AB 95.9 % 98.6 % 14 Jul 2025
Nordnet Pensionsförsäkring 4.8 % 1.6 % 26 Jun 2025
Projektengagemang Sweden AB 2.0 % 0.7 % 26 Jun 2025
Avanza Pension 1.9 % 0.6 % 26 Jun 2025
Bengt Denny Sandberg 0.3 % 0.6 % 26 Jun 2025
Alf Kruse 0.2 % 0.6 % 26 Jun 2025
Erik Håkan Johansson 0.2 % 0.2 % 26 Jun 2025
Michael Gustafsson 0.3 % 0.2 % 26 Jun 2025
Göran Lundgren 0.2 % 0.1 % 26 Jun 2025
FCG Fonder 0.2 % 0.1 % 30 Jun 2025
Source: Holdings by Modular Finance AB