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Projektengagemang

Projektengagemang

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.

SEKm 2023 2024e 2025e
Sales 882 823 874
Sales growth (%) -5 -6,7 6,2
EBITDA 89 99 113
EBITDA margin (%) 10,1 12 12,9
EBIT adj. 37 45 59
EBIT adj. margin (%) 4,2 5,4 6,7
Pretax profit -15 35 50
EPS -0,47 1,14 1,63
EPS growth (%) -150,5 -342,5 42,6
EPS adj. 1,07 1,14 1,63
DPS 0 0,4 0,6
EV/EBITDA (x) 5,9 4,8 4
EV/EBIT adj. (x) 14,1 10,7 7,8
P/E (x) -24,7 10,2 7,1
P/E adj. (x) 10,8 10,2 7,1
EV/sales (x) 0,6 0,58 0,52
FCF yield (%) 25,8 35,8 31,4
Le. adj. FCF yld. (%) 2,2 17,8 12,6
Dividend yield (%) 0 3,4 5,2
Net IB debt/EBITDA (x) 2,8 2 1,5
Le. adj. ND/EBITDA (x) 3,2 2,1 1,2
SEKm 2023 2024e 2025e
Sales 882 823 874
COGS 0 0 0
Gross profit 882 823 874
Other operating items -793 -724 -761
EBITDA 89 99 113
Depreciation and amortisation -71 -54 -54
of which leasing depreciation -61 -52 -52
EBITA 18 45 59
EO Items -27 0 0
Impairment and PPA amortisation -21 0 0
EBIT -3 45 59
Net financial items -12 -10 -9
Pretax profit -15 35 50
Tax 3 -7 -10
Net profit -11 28 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -11 28 40
EPS -0,47 1,14 1,63
EPS adj. 1,07 1,14 1,63
Total extraordinary items after tax -21 0 0
Leasing payments -70 -54 -57
Tax rate (%) 22,4 20,3 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 10,1 12 12,9
EBITA margin (%) 2,1 5,4 6,7
EBIT margin (%) -0,4 5,4 6,7
Pre-tax margin (%) -1,7 4,2 5,7
Net margin (%) -1,3 3,4 4,6
Sales growth (%) -5 -6,7 6,2
EBITDA growth (%) -24,2 11,3 14,2
EBITA growth (%) -60,4 145,9 31,4
EBIT growth (%) -108,4 -1498,4 31,4
Net profit growth (%) -150,9 -343,5 43,8
EPS growth (%) -150,5 -342,5 42,6
Profitability N/A N/A N/A
ROE (%) -2 4,8 6,6
ROE adj. (%) 5,4 4,8 6,6
ROCE (%) -0,8 5,1 6,9
ROCE adj. (%) 4,9 5,1 6,9
ROIC (%) 1,7 4,5 5,9
ROIC adj. (%) 4,2 4,5 5,9
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 116 99 113
EBITDA adj. margin (%) 13,1 12 12,9
EBITDA lease adj. 46 45 56
EBITDA lease adj. margin (%) 5,2 5,4 6,4
EBITA adj. 45 45 59
EBITA adj. margin (%) 5,1 5,4 6,7
EBIT adj. 37 45 59
EBIT adj. margin (%) 4,2 5,4 6,7
Pretax profit Adj. 34 35 50
Net profit Adj. 31 28 40
Net profit to shareholders adj. 31 28 40
Net adj. margin (%) 3,5 3,4 4,6
SEKm 2023 2024e 2025e
EBITDA 89 99 113
Goodwill 598 598 598
Net financial items -12 -10 -9
Other intangible assets 2 2 2
Paid tax 3 -7 -10
Tangible fixed assets 1 3 5
Non-cash items -4 -4 2
Right-of-use asset 99 103 105
Cash flow before change in WC 76 78 96
Total other fixed assets 0 0 0
Change in working capital -5 28 -1
Fixed assets 700 706 710
Operating cash flow 71 105 95
Inventories 0 0 0
Capex tangible fixed assets 0 -4 -5
Receivables 231 214 227
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 1 0 0
Cash and liquid assets 2 12 18
Free cash flow 73 101 89
Total assets 932 932 956
Dividend paid -10 0 -10
Shareholders equity 562 590 620
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -67 -51 -53
Total equity 562 590 620
Other non-cash items 54 -1 -2
Long-term debt 95 79 59
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 99 103 105
Total other long-term liabilities 13 14 14
Short-term debt 54 26 26
Accounts payable 0 0 0
Other current liabilities 109 119 131
Total liabilities and equity 932 932 956
Net IB debt 246 196 171
Net IB debt excl. pension debt 246 196 171
Net IB debt excl. leasing 148 93 66
Capital employed 810 798 810
Capital invested 808 786 792
Working capital 122 95 96
Market cap. diluted (m) 281 283 285
Net IB debt adj. 246 196 171
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 527 478 456
Total assets turnover (%) 90,3 88,3 92,6
Working capital/sales (%) 13,6 13,2 10,9
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 43,8 33,1 27,6
Net debt / market cap (%) 87,5 69,2 60,2
Equity ratio (%) 60,3 63,3 64,9
Net IB debt adj. / equity (%) 43,8 33,1 27,6
Current ratio 1,43 1,56 1,57
EBITDA/net interest 11 15,1 21,6
Net IB debt/EBITDA (x) 2,8 2 1,5
Net IB debt/EBITDA lease adj. (x) 3,2 2,1 1,2
Interest coverage 2,3 6,8 11,2
SEKm 2023 2024e 2025e
Shares outstanding adj. 24 24 25
Diluted shares adj. 24 24 25
EPS -0,47 1,14 1,63
Dividend per share 0 0,4 0,6
EPS adj. 1,07 1,14 1,63
BVPS 23,18 24,23 25,26
BVPS adj. -1,56 -0,39 0,84
Net IB debt/share 10,15 8,03 6,98
Share price 11,6 11,6 11,6
Market cap. (m) 281 283 285
P/E (x) -24,7 10,2 7,1
EV/sales (x) 0,6 0,58 0,52
EV/EBITDA (x) 5,9 4,8 4
EV/EBITA (x) 29 10,7 7,8
EV/EBIT (x) -164,8 10,7 7,8
Dividend yield (%) 0 3,4 5,2
FCF yield (%) 25,8 35,8 31,4
Le. adj. FCF yld. (%) 2,2 17,8 12,6
P/BVPS (x) 0,5 0,48 0,46
P/BVPS adj. (x) -7,44 -29,62 13,81
P/E adj. (x) 10,8 10,2 7,1
EV/EBITDA adj. (x) 4,6 4,8 4
EV/EBITA adj. (x) 11,7 10,7 7,8
EV/EBIT adj. (x) 14,1 10,7 7,8
EV/CE (x) 0,7 0,6 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0 0,5 0,6
Capex/depreciation 0 1,9 1,9
Capex tangibles / tangible fixed assets 11,1 142,2 100
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 1044,44 74,72 52,7

Equity research

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Projektengagemang Holding i Stockholm AB 21.5 % 62.1 % 26 Mar 2024
Protector Forsikring ASA 17.5 % 6.0 % 2 May 2024
LK Finans AB 7.7 % 2.6 % 26 Mar 2024
Per Granath 6.4 % 2.2 % 26 Mar 2024
Nordnet Pensionsförsäkring 3.3 % 1.1 % 26 Mar 2024
Kurt O Eriksson 2.5 % 0.9 % 26 Mar 2024
Projektengagemang Sweden AB 2.0 % 0.7 % 26 Mar 2024
Thord Wilkne 2.0 % 0.7 % 26 Mar 2024
Avanza Pension 1.8 % 0.6 % 26 Mar 2024
Elisabeth Eriksson 1.6 % 0.5 % 26 Mar 2024
Source: Holdings by Modular Finance AB