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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.

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 2021 2022e 2023e
Sales 1013 931 980
Sales growth (%) -13,2 -8,1 5,4
EBITDA 132 110 122
EBITDA margin (%) 13,1 11,8 12,4
EBIT adj 40 41 49
EBIT adj margin (%) 3,9 4,5 5
Pretax profit 27 26 41
EPS rep 0,82 0,81 1,33
EPS growth (%) -46,5 -1,2 63,4
EPS adj 0,82 1,1 1,33
DPS 0,39 0,5 0,6
EV/EBITDA (x) 6,4 4,5 4
EV/EBIT adj (x) 21,4 11,9 9,8
P/E (x) 28,5 13,1 8
P/E adj (x) 28,5 9,7 8
EV/sales (x) 0,8 0,5 0,5
FCF yield (%) 13,7 20,6 39,8
Dividend yield (%) 1,7 4,7 5,6
Net IB debt/EBITDA 2,1 2,1 1,8
Lease adj. FCF yield (%) 0,4 -4,4 13,5
Lease adj. ND/EBITDA 2 2 1,5
SEKm 2021 2022e 2023e
Sales 1013 931 980
COGS 0 0 0
Gross profit 1013 931 980
Other operating items -880 -821 -859
EBITDA 132 110 122
Depreciation and amortisation -76 -68 -67
Of which leasing depreciation -66 -61 -61
EBITA 57 42 54
EO items 0 -7 0
Impairment and PPA amortisation -17 -8 -5
EBIT 40 34 49
Net financial items -13 -8 -8
Pretax profit 27 26 41
Tax -7 -6 -8
Net profit 20 20 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 20 20 33
EPS 0,82 0,81 1,33
EPS Adj 0,82 1,1 1,33
Total extraordinary items after tax 0 -7 0
Leasing payments -80 -68 -73
Tax rate (%) -24,8 -24 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 13,1 11,8 12,4
EBITA margin (%) 5,6 4,5 5,6
EBIT margin (%) 3,9 3,7 5
Pretax margin (%) 2,7 2,8 4,2
Net margin (%) 2 2,1 3,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -13,2 -8,1 5,4
EBITDA growth (%) -14,2 -17,1 11
EBIT growth (%) -40,8 -13,7 43,6
Net profit growth (%) -45,1 -2,8 65,5
EPS growth (%) -46,5 -1,2 63,4
Profitability 2021 2022 2023
ROE (%) 3,6 3,4 5,5
ROE Adj (%) 6,6 6 6,4
ROCE (%) 4,2 3,6 5,5
ROCE Adj(%) 6,2 5,4 6,1
ROIC (%) 3,5 3,1 4,7
ROIC Adj (%) 3,5 3,7 4,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 132 117 122
EBITDA Adj margin (%) 13,1 12,5 12,4
EBITDA lease Adj 52 48 49
EBITDA lease Adj margin (%) 5,2 5,2 5
EBITA Adj 57 49 54
EBITA Adj margin (%) 5,6 5,3 5,6
EBIT Adj 40 41 49
EBIT Adj margin (%) 3,9 4,5 5
Pretax profit Adj 44 41 46
Net profit Adj 37 35 38
Net profit to shareholders Adj 37 35 38
Net Adj margin (%) 3,7 3,7 3,8
SEKm 2021 2022e 2023e
EBITDA 132 110 122
Net financial items -13 -8 -8
Paid tax 0 0 0
Non-cash items -14 -32 -8
Cash flow before change in WC 106 69 105
Change in WC -27 -10 9
Operating cash flow 79 59 114
CAPEX tangible fixed assets -4 -6 -10
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 4 0 0
Free cash flow 79 53 105
Dividend paid 0 -10 -12
Share issues and buybacks 0 -9 0
Lease liability amortisation -77 -65 -69
Other non cash items -30 69 -8
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 595 596 596
Other intangible assets 20 12 7
Tangible fixed assets 14 13 16
Right-of-use asset 168 140 148
Total other fixed assets 2 2 2
Fixed assets 799 761 768
Inventories 0 0 0
Receivables 245 251 260
Other current assets 0 0 0
Cash and liquid assets 23 13 16
Total assets 1068 1025 1044
Minority 0 0 0
Total equity 578 579 600
Long-term debt 131 110 90
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 168 140 148
Total other long-term liabilities 18 20 20
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 173 177 186
Total liabilities and equity 1068 1026 1044
Net IB debt 274 235 220
Net IB debt excl. pension debt 274 235 220
Net IB debt excl. leasing 105 96 72
Capital invested 869 834 840
Working capital 72 74 74
EV breakdown 2021 2022 2023
Market cap. diluted (m) 579 259 263
Net IB debt Adj 274 235 220
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 853 495 483
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 92 88,9 94,8
Working capital / sales (%) 4,4 7,9 7,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 47,3 40,6 36,8
Net debt / market cap (%) 47,6 90,8 83,9
Equity ratio (%) 54,1 56,5 57,5
Net IB debt adj. / equity (%) 47,3 40,6 36,8
Current ratio (%) 111,7 113,4 112,3
EBITDA / net interest (%) 1399,3 2184,6 2466,3
Net IB debt / EBITDA (%) 206,6 214,4 181
Net IB debt / EBITDA lease Adj (%) 201,7 197,1 146,5
Interest cover (%) 601,4 840,4 1102
Shareholders equity 578 579 600
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 24 25
Fully diluted shares Adj 25 24 25
EPS 0,82 0,81 1,33
Dividend per share Adj 0,4 0,5 0,6
EPS Adj 0,82 1,1 1,33
BVPS 23,46 23,9 24,42
BVPS Adj -1,49 -1,16 -0,11
Net IB debt / share 11,1 9,7 9
Share price 23,33 10,7 10,7
Market cap. (m) 575 259 263
Valuation 2021 2022 2023
P/E 28,5 13,1 8
EV/sales 0,84 0,53 0,49
EV/EBITDA 6,4 4,5 4
EV/EBITA 15 11,7 8,9
EV/EBIT 21,4 14,4 9,8
Dividend yield (%) 1,7 4,7 5,6
FCF yield (%) 13,7 20,6 39,8
Lease adj. FCF yield (%) 0,4 -4,4 13,5
P/BVPS 1 0,45 0,44
P/BVPS Adj -15,77 -9,21 -100,49
P/E Adj 28,5 9,7 8
EV/EBITDA Adj 6,4 4,2 4
EV/EBITA Adj 15 10 8,9
EV/EBIT Adj 21,4 11,9 9,8
EV/cap. employed 1 0,6 0,6
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,6 1
Capex / depreciation 39,6 81,7 148,9
Capex tangibles / tangible fixed assets 26,1 45,9 62,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 65,9 56,1 41,9

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Media

Projektengagemang - Company presentation with CEO Helena Hed & CFO Liselotte Haglind
Projektengagemang - Company presentation with CEO Helena Hed

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Projektengagemang Holding i Stockholm AB 21.5 % 62.0 % 27 Oct 2022
Protector Forsikring ASA 12.9 % 4.4 % 27 Oct 2022
Investment AB Öresund 8.3 % 2.8 % 27 Oct 2022
LK Finans AB 7.7 % 2.6 % 28 Sep 2022
Per Granath 6.4 % 2.2 % 27 Oct 2022
Kurt O Eriksson 2.5 % 0.9 % 27 Oct 2022
Nordnet Pensionsförsäkring 2.1 % 0.7 % 27 Oct 2022
Projektengagemang Sweden AB 2.0 % 0.7 % 27 Oct 2022
Thord Wilkne 2.0 % 0.7 % 27 Oct 2022
Avanza Pension 1.8 % 0.6 % 27 Oct 2022
Source: Holdings by Modular Finance AB