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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.

Urbanisation and Sustainability are the two major trends that create opportunities for PE. As our cities continue to grow, there is a need to improve infrastructure, health care, retirement homes and communication hubs. In recent years the sustainability focus of the urban planning process has intensified, with tougher rules and legal requirements. In addition, customers and end users expect environmental and sustainability aspects to be considered at every stage, which creates an opportunity for PE to take a holistic view of the process, from architecture to finished project.

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 2021 2022e 2023e
Sales 1013 986 1061
Sales growth (%) -13,2 -2,7 7,6
EBITDA 132 136 154
EBITDA margin (%) 13,1 13,8 14,5
EBIT adj 40 58 76
EBIT adj margin (%) 3,9 5,9 7,2
Pretax profit 27 49 69
EPS rep 0,82 1,58 2,22
EPS growth (%) -46,5 91,2 41,1
EPS adj 0,82 1,58 2,22
DPS 0,4 0,9 1,2
EV/EBITDA (x) 6,4 4,9 4
EV/EBIT adj (x) 21,4 11,3 8,1
P/E (x) 28,5 11,4 8
P/E adj (x) 28,5 11,4 8
EV/sales (x) 0,8 0,7 0,6
FCF yield (%) 13,7 25,6 30,5
Dividend yield (%) 1,7 5 6,7
Net IB debt/EBITDA 2,1 1,6 1,1
Lease adj. FCF yield (%) 0,4 11,7 15,4
Lease adj. ND/EBITDA 2 0,9 0,2
SEKm 2021 2022e 2023e
Sales 1013 986 1061
COGS 0 0 0
Gross profit 1013 986 1061
Other operating items -880 -850 -907
EBITDA 132 136 154
Depreciation and amortisation -76 -70 -73
Of which leasing depreciation -66 -63 -65
EBITA 57 66 81
EO items 0 0 0
Impairment and PPA amortisation -17 -8 -5
EBIT 40 58 76
Net financial items -13 -9 -7
Pretax profit 27 49 69
Tax -7 -11 -14
Net profit 20 39 55
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 20 39 55
EPS 0,82 1,58 2,22
EPS Adj 0,82 1,58 2,22
Total extraordinary items after tax 0 0 0
Leasing payments -80 -64 -70
Tax rate (%) -24,8 -21,9 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 13,1 13,8 14,5
EBITA margin (%) 5,6 6,7 7,6
EBIT margin (%) 3,9 5,9 7,2
Pretax margin (%) 2,7 5 6,5
Net margin (%) 2 3,9 5,1
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -13,2 -2,7 7,6
EBITDA growth (%) -14,2 2,5 13,3
EBIT growth (%) -40,8 46,1 30,6
Net profit growth (%) -45,1 90,4 41,2
EPS growth (%) -46,5 91,2 41,1
Profitability 2021 2022 2023
ROE (%) 3,6 6,6 8,9
ROE Adj (%) 6,6 7,9 9,7
ROCE (%) 4,2 6,4 8,6
ROCE Adj(%) 6,2 7,3 9,2
ROIC (%) 3,5 5,3 7,3
ROIC Adj (%) 3,5 5,3 7,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 132 136 154
EBITDA Adj margin (%) 13,1 13,8 14,5
EBITDA lease Adj 52 71 84
EBITDA lease Adj margin (%) 5,2 7,3 8
EBITA Adj 57 66 81
EBITA Adj margin (%) 5,6 6,7 7,6
EBIT Adj 40 58 76
EBIT Adj margin (%) 3,9 5,9 7,2
Pretax profit Adj 44 57 74
Net profit Adj 37 47 60
Net profit to shareholders Adj 37 47 60
Net Adj margin (%) 3,7 4,7 5,6
SEKm 2021 2022e 2023e
EBITDA 132 136 154
Net financial items -13 -9 -7
Paid tax 0 0 0
Non-cash items -14 -27 -14
Cash flow before change in WC 106 100 132
Change in WC -27 20 12
Operating cash flow 79 120 145
CAPEX tangible fixed assets -4 -8 -11
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 4 0 0
Free cash flow 79 112 134
Dividend paid 0 -10 -22
Share issues and buybacks 0 -9 0
Lease liability amortisation -77 -61 -66
Other non cash items -30 22 -1
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 595 595 595
Other intangible assets 20 12 7
Tangible fixed assets 14 15 18
Right-of-use asset 168 157 158
Total other fixed assets 2 2 2
Fixed assets 799 779 779
Inventories 0 0 0
Receivables 245 256 276
Other current assets 0 0 0
Cash and liquid assets 23 30 36
Total assets 1068 1066 1090
Minority 0 0 0
Total equity 578 597 630
Long-term debt 131 94 54
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 168 157 158
Total other long-term liabilities 18 21 21
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 173 197 228
Total liabilities and equity 1068 1066 1091
Net IB debt 274 219 175
Net IB debt excl. pension debt 274 219 175
Net IB debt excl. leasing 105 63 17
Capital invested 869 837 825
Working capital 72 59 48
EV breakdown 2021 2022 2023
Market cap. diluted (m) 579 439 440
Net IB debt Adj 274 219 175
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 853 659 614
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 92 92,4 98,4
Working capital / sales (%) 4,4 6,7 5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 47,3 36,8 27,8
Net debt / market cap (%) 47,6 50 39,8
Equity ratio (%) 54,1 56 57,8
Net IB debt adj. / equity (%) 47,3 36,8 27,8
Current ratio (%) 111,7 110,1 106,9
EBITDA / net interest (%) 1399,3 2417,9 3637,9
Net IB debt / EBITDA (%) 206,6 161,7 113,6
Net IB debt / EBITDA lease Adj (%) 201,7 87,5 20
Interest cover (%) 601,4 1179 1918,6
Shareholders equity 578 597 630
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 0,82 1,58 2,22
Dividend per share Adj 0,4 0,9 1,2
EPS Adj 0,82 1,58 2,22
BVPS 23,46 24,34 25,65
BVPS Adj -1,49 -0,37 1,15
Net IB debt / share 11,1 8,9 7,1
Share price 23,33 17,9 17,9
Market cap. (m) 575 439 440
Valuation 2021 2022 2023
P/E 28,5 11,4 8
EV/sales 0,84 0,67 0,58
EV/EBITDA 6,4 4,9 4
EV/EBITA 15 10 7,6
EV/EBIT 21,4 11,3 8,1
Dividend yield (%) 1,7 5 6,7
FCF yield (%) 13,7 25,6 30,5
Lease adj. FCF yield (%) 0,4 11,7 15,4
P/BVPS 1 0,74 0,7
P/BVPS Adj -15,77 -47,94 15,5
P/E Adj 28,5 11,4 8
EV/EBITDA Adj 6,4 4,9 4
EV/EBITA Adj 15 10 7,6
EV/EBIT Adj 21,4 11,3 8,1
EV/cap. employed 1 0,8 0,7
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,8 1
Capex / depreciation 39,6 111,7 145,3
Capex tangibles / tangible fixed assets 26,1 52,4 59,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 65,9 46,9 40,8

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Projektengagemang - Company presentation with CEO Helena Hed
Projektengagemang- Company presentation with CEO Helena Hed

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Projektengagemang Holding i Stockholm AB 21.5 % 62.0 % 31 Mar 2022
Protector Forsikring ASA 12.9 % 4.4 % 31 Mar 2022
Investment AB Öresund 11.4 % 3.9 % 31 Mar 2022
LK Finans AB 7.7 % 2.6 % 31 Mar 2022
Per Granath 6.4 % 2.2 % 31 Mar 2022
Kurt O Eriksson 2.2 % 0.7 % 31 Mar 2022
Thord Wilkne 2.0 % 0.7 % 31 Mar 2022
Nordnet Pensionsförsäkring 2.0 % 0.7 % 31 Mar 2022
Avanza Pension 1.7 % 0.6 % 31 Mar 2022
Elisabeth Eriksson 1.6 % 0.5 % 31 Mar 2022
Source: Holdings by Modular Finance AB