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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.

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 2022 2023e 2024e
Sales 929 941 998
Sales growth (%) -8,3 1,3 6
EBITDA 117 107 131
EBITDA margin (%) 12,6 11,4 13,1
EBIT adj. 47 40 60
EBIT adj. margin (%) 5,1 4,3 6
Pretax profit 29 24 50
EPS 0,93 0,78 1,63
EPS growth (%) 12,9 -15,9 108,1
EPS adj. 1,46 1,12 1,74
DPS 0,4 0,6 0,8
EV/EBITDA (x) 5,1 5,3 4,1
EV/EBIT adj. (x) 12,8 14,1 9,1
P/E (x) 13,9 16,6 8
P/E adj. (x) 8,9 11,5 7,4
EV/sales (x) 0,65 0,6 0,54
FCF yield (%) 17,7 35,8 33,3
Le. adj. FCF yld. (%) -2,6 13,8 13,3
Dividend yield (%) 3,1 4,6 6,2
Net IB debt/EBITDA (x) 2,5 2,3 1,7
Le. adj. ND/EBITDA (x) 2,3 2,5 1,1
SEKm 2022 2023e 2024e
Sales 929 941 998
COGS 0 0 0
Gross profit 929 941 998
Other operating items -811 -834 -867
EBITDA 117 107 131
Depreciation and amortisation -71 -67 -68
of which leasing depreciation -64 -61 -62
EBITA 46 40 63
EO Items -9 -5 0
Impairment and PPA amortisation -8 -5 -4
EBIT 38 35 60
Net financial items -9 -11 -9
Pretax profit 29 24 50
Tax -7 -5 -10
Net profit 22 19 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 22 19 40
EPS 0,93 0,78 1,63
EPS adj. 1,46 1,12 1,74
Total extraordinary items after tax -7 -4 0
Leasing payments -67 -73 -67
Tax rate (%) 23,5 22 20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 12,6 11,4 13,1
EBITA margin (%) 5 4,3 6,4
EBIT margin (%) 4,1 3,7 6
Pre-tax margin (%) 3,2 2,6 5
Net margin (%) 2,4 2 4
Sales growth (%) -8,3 1,3 6
EBITDA growth (%) -11,3 -8,7 22,4
EBITA growth (%) -19,2 -12,4 57,3
EBIT growth (%) -4,3 -8,6 71,3
Net profit growth (%) 10,3 -15,1 110,1
EPS growth (%) 12,9 -15,9 108,1
Profitability N/A N/A N/A
ROE (%) 3,9 3,2 6,6
ROE adj. (%) 6,4 4,9 7,2
ROCE (%) 4 3,6 6,6
ROCE adj. (%) 5,9 4,9 7
ROIC (%) 4,1 3,7 6
ROIC adj. (%) 4,9 4,1 6
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 126 112 131
EBITDA adj. margin (%) 13,6 11,9 13,1
EBITDA lease adj. 60 40 64
EBITDA lease adj. margin (%) 6,4 4,2 6,4
EBITA adj. 55 46 63
EBITA adj. margin (%) 5,9 4,8 6,4
EBIT adj. 47 40 60
EBIT adj. margin (%) 5,1 4,3 6
Pretax profit Adj. 46 35 54
Net profit Adj. 37 28 44
Net profit to shareholders adj. 37 28 44
Net adj. margin (%) 4 3 4,4
SEKm 2022 2023e 2024e
EBITDA 117 107 131
Goodwill 599 599 599
Net financial items -9 -11 -9
Other intangible assets 11 6 2
Paid tax -7 -5 -10
Tangible fixed assets 10 9 9
Non-cash items 3 7 2
Right-of-use asset 155 149 151
Cash flow before change in WC 105 99 113
Total other fixed assets 2 2 2
Change in working capital -44 18 -1
Fixed assets 777 764 762
Operating cash flow 61 117 112
Inventories 0 0 0
Capex tangible fixed assets -4 -4 -6
Receivables 243 249 259
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals -2 0 0
Cash and liquid assets 2 2 10
Free cash flow 55 113 106
Total assets 1022 1015 1031
Dividend paid -10 -10 -15
Shareholders equity 583 592 617
Share issues and buybacks -9 0 0
Minority 0 0 0
Leasing liability amortisation -63 -69 -64
Total equity 583 592 617
Other non-cash items 9 7 -2
Long-term debt 109 84 64
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 155 149 151
Total other long-term liabilities 20 20 20
Short-term debt 30 20 20
Accounts payable 0 0 0
Other current liabilities 126 151 160
Total liabilities and equity 1023 1015 1031
Net IB debt 290 249 223
Net IB debt excl. pension debt 290 249 223
Net IB debt excl. leasing 135 100 72
Capital employed 877 845 852
Capital invested 873 841 840
Working capital 117 99 100
Market cap. diluted (m) 312 315 318
Net IB debt adj. 290 249 223
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 602 564 541
Total assets turnover (%) 88,9 92,4 97,6
Working capital/sales (%) 10,3 11,5 10
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 49,8 42,1 36,1
Net debt / market cap (%) 93,1 79,2 70,2
Equity ratio (%) 57 58,3 59,9
Net IB debt adj. / equity (%) 49,8 42,1 36,1
Current ratio 1,57 1,48 1,5
EBITDA/net interest 21,5 15,2 23
Net IB debt/EBITDA (x) 2,5 2,3 1,7
Net IB debt/EBITDA lease adj. (x) 2,3 2,5 1,1
Interest coverage 8,4 5,7 11,1
SEKm 2022 2023e 2024e
Shares outstanding adj. 24 24 25
Diluted shares adj. 24 24 25
EPS 0,93 0,78 1,63
Dividend per share 0,4 0,6 0,8
EPS adj. 1,46 1,12 1,74
BVPS 24,18 24,34 25,14
BVPS adj. -1,15 -0,51 0,68
Net IB debt/share 12,05 10,25 9,09
Share price 12,95 12,95 12,95
Market cap. (m) 312 315 318
P/E (x) 13,9 16,6 8
EV/sales (x) 0,65 0,6 0,54
EV/EBITDA (x) 5,1 5,3 4,1
EV/EBITA (x) 13,1 14 8,5
EV/EBIT (x) 15,8 16,2 9,1
Dividend yield (%) 3,1 4,6 6,2
FCF yield (%) 17,7 35,8 33,3
Le. adj. FCF yld. (%) -2,6 13,8 13,3
P/BVPS (x) 0,54 0,53 0,52
P/BVPS adj. (x) -11,3 -25,41 19,16
P/E adj. (x) 8,9 11,5 7,4
EV/EBITDA adj. (x) 4,8 5 4,1
EV/EBITA adj. (x) 10,9 12,4 8,5
EV/EBIT adj. (x) 12,8 14,1 9,1
EV/CE (x) 0,7 0,7 0,6
Investment ratios N/A N/A N/A
Capex/sales (%) 0,4 0,5 0,6
Capex/depreciation 0,5 0,7 1,1
Capex tangibles / tangible fixed assets 37,3 50,1 67,8
Capex intangibles / definite intangibles 0 0 0
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 72,55 69,83 64,36

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Media

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

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Projektengagemang Holding i Stockholm AB 21.5 % 62.0 % 26 Apr 2023
Protector Forsikring ASA 12.9 % 4.4 % 26 Apr 2023
LK Finans AB 7.1 % 2.4 % 26 Apr 2023
Investment AB Öresund 7.0 % 2.4 % 26 Apr 2023
Per Granath 6.4 % 2.2 % 26 Apr 2023
Kurt O Eriksson 2.5 % 0.9 % 26 Apr 2023
Nordnet Pensionsförsäkring 2.3 % 0.8 % 26 Apr 2023
Projektengagemang Sweden AB 2.0 % 0.7 % 26 Apr 2023
Thord Wilkne 2.0 % 0.7 % 26 Apr 2023
Avanza Pension 1.8 % 0.6 % 26 Apr 2023
Source: Holdings by Modular Finance AB