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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 770 765 814
Sales growth (%) -12,8 -0,6 6,4
EBITDA 86 86 99
EBITDA margin (%) 11,2 11,2 12,1
EBIT adj. 30 37 46
EBIT adj. margin (%) 3,9 4,9 5,7
Pretax profit 21 29 40
EPS 0,72 0,95 1,28
EPS growth (%) -253,2 32,1 34,8
EPS adj. 0,71 0,95 1,28
DPS 0 0 0,6
EV/EBITDA (x) 4,4 4,2 3,4
EV/EBIT adj. (x) 12,4 9,8 7,3
P/E (x) 10,5 7,9 5,9
P/E adj. (x) 10,6 7,9 5,9
EV/sales (x) 0,49 0,48 0,42
FCF yield (%) 54,4 40 39,4
Le. adj. FCF yld. (%) 20,4 11 13,1
Dividend yield (%) 0 0 8
Net IB debt/EBITDA (x) 2,2 2,1 1,6
Le. adj. ND/EBITDA (x) 5 2,8 1,2
SEKm 2024 2025e 2026e
Sales 770 765 814
COGS 0 0 0
Gross profit 770 765 814
Other operating items -684 -679 -715
EBITDA 86 86 99
Depreciation and amortisation -56 -49 -52
of which leasing depreciation -50 -46 -49
EBITA 30 37 46
EO Items 0 0 0
Impairment and PPA amortisation 0 0 0
EBIT 30 37 46
Net financial items -9 -8 -7
Pretax profit 21 29 40
Tax -3 -6 -8
Net profit 17 23 31
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 17 23 31
EPS 0,72 0,95 1,28
EPS adj. 0,71 0,95 1,28
Total extraordinary items after tax 0 0 0
Leasing payments -65 -57 -52
Tax rate (%) 16,3 20,6 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 11,2 11,2 12,1
EBITA margin (%) 3,9 4,9 5,7
EBIT margin (%) 3,9 4,9 5,7
Pre-tax margin (%) 2,7 3,8 4,9
Net margin (%) 2,3 3,1 3,9
Sales growth (%) -12,8 -0,6 6,4
EBITDA growth (%) -3,4 -0,3 15,1
EBITA growth (%) 64,3 24,1 25,2
EBIT growth (%) -1040,6 23,3 25,2
Net profit growth (%) -252,6 34,2 34,8
EPS growth (%) -253,2 32,1 34,8
Profitability N/A N/A N/A
ROE (%) 3 4 5,1
ROE adj. (%) 3 4 5,1
ROCE (%) 3,4 4,4 5,5
ROCE adj. (%) 3,3 4,4 5,5
ROIC (%) 3,2 3,8 4,7
ROIC adj. (%) 3,2 3,8 4,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 86 86 99
EBITDA adj. margin (%) 11,2 11,2 12,1
EBITDA lease adj. 21 29 47
EBITDA lease adj. margin (%) 2,7 3,8 5,8
EBITA adj. 30 37 46
EBITA adj. margin (%) 3,9 4,9 5,7
EBIT adj. 30 37 46
EBIT adj. margin (%) 3,9 4,9 5,7
Pretax profit Adj. 21 29 40
Net profit Adj. 17 23 31
Net profit to shareholders adj. 17 23 31
Net adj. margin (%) 2,2 3,1 3,9
SEKm 2024 2025e 2026e
EBITDA 86 86 99
Goodwill 598 598 598
Net financial items -9 -8 -7
Other intangible assets 1 1 1
Paid tax -3 -6 -8
Tangible fixed assets 1 3 5
Non-cash items -4 7 0
Right-of-use asset 90 98 98
Cash flow before change in WC 69 79 84
Total other fixed assets 0 0 0
Change in working capital 31 -1 -6
Fixed assets 691 700 701
Operating cash flow 100 79 78
Inventories 0 0 0
Capex tangible fixed assets -1 -5 -5
Receivables 176 199 212
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 0 1 5
Free cash flow 99 74 73
Total assets 867 900 918
Dividend paid 0 0 0
Shareholders equity 579 602 634
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -62 -54 -49
Total equity 579 602 634
Other non-cash items 20 -7 0
Long-term debt 80 60 40
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 90 98 98
Total other long-term liabilities 11 11 11
Short-term debt 22 22 22
Accounts payable 0 0 0
Other current liabilities 85 107 114
Total liabilities and equity 866 900 918
Net IB debt 192 179 155
Net IB debt excl. pension debt 192 179 155
Net IB debt excl. leasing 102 82 57
Capital employed 771 782 794
Capital invested 771 781 789
Working capital 91 92 98
Market cap. diluted (m) 182 185 185
Net IB debt adj. 192 179 155
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 374 364 340
Total assets turnover (%) 85,6 86,6 89,5
Working capital/sales (%) 13,9 12 11,6
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 33,2 29,7 24,4
Net debt / market cap (%) 105,5 96,7 83,6
Equity ratio (%) 66,8 66,9 69
Net IB debt adj. / equity (%) 33,2 29,7 24,4
Current ratio 1,65 1,55 1,59
EBITDA/net interest 14,7 18,1 26,6
Net IB debt/EBITDA (x) 2,2 2,1 1,6
Net IB debt/EBITDA lease adj. (x) 5 2,8 1,2
Interest coverage 5,1 7,8 12,5
SEKm 2024 2025e 2026e
Shares outstanding adj. 24 25 25
Diluted shares adj. 24 25 25
EPS 0,72 0,95 1,28
Dividend per share 0 0 0,6
EPS adj. 0,71 0,95 1,28
BVPS 23,95 24,52 25,8
BVPS adj. -0,84 0,13 1,41
Net IB debt/share 7,95 7,29 6,31
Share price 7,54 7,54 7,54
Market cap. (m) 182 185 185
P/E (x) 10,5 7,9 5,9
EV/sales (x) 0,49 0,48 0,42
EV/EBITDA (x) 4,4 4,2 3,4
EV/EBITA (x) 12,5 9,8 7,3
EV/EBIT (x) 12,4 9,8 7,3
Dividend yield (%) 0 0 8
FCF yield (%) 54,4 40 39,4
Le. adj. FCF yld. (%) 20,4 11 13,1
P/BVPS (x) 0,31 0,31 0,29
P/BVPS adj. (x) -9,02 58,84 5,35
P/E adj. (x) 10,6 7,9 5,9
EV/EBITDA adj. (x) 4,4 4,2 3,4
EV/EBITA adj. (x) 12,5 9,8 7,3
EV/EBIT adj. (x) 12,4 9,8 7,3
EV/CE (x) 0,5 0,5 0,4
Investment ratios N/A N/A N/A
Capex/sales (%) 0,1 0,6 0,6
Capex/depreciation 0,2 2,1 1,4
Capex tangibles / tangible fixed assets 88,7 131,1 100
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 532,39 63,33 71,66

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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
Projektengagemang Holding i Stockholm AB 21.5 % 62.6 % 27 Mar 2025
Protector Forsikring ASA 17.5 % 6.0 % 27 Mar 2025
LK Finans AB 7.7 % 2.6 % 27 Mar 2025
Per Granath 6.4 % 2.2 % 27 Mar 2025
Nordnet Pensionsförsäkring 4.3 % 1.5 % 27 Mar 2025
Kurt O Eriksson 2.5 % 0.9 % 27 Mar 2025
Thord Wilkne 2.0 % 0.7 % 27 Mar 2025
Projektengagemang Sweden AB 2.0 % 0.7 % 27 Mar 2025
Avanza Pension 1.9 % 0.7 % 27 Mar 2025
Futur Pension 1.8 % 0.6 % 27 Mar 2025
Source: Holdings by Modular Finance AB