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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 951 1014
Sales growth (%) -13,2 -6,1 6,6
EBITDA 132 120 141
EBITDA margin (%) 13,1 12,6 13,9
EBIT adj 40 52 67
EBIT adj margin (%) 3,9 5,5 6,6
Pretax profit 27 37 59
EPS rep 0,82 1,18 1,92
EPS growth (%) -46,5 43,5 62,1
EPS adj 0,82 1,47 1,92
DPS 0,39 0,8 1
EV/EBITDA (x) 6,4 5 4
EV/EBIT adj (x) 21,4 11,4 8,5
P/E (x) 28,5 12,7 7,8
P/E adj (x) 28,5 10,2 7,8
EV/sales (x) 0,8 0,6 0,6
FCF yield (%) 13,7 23,1 31,7
Dividend yield (%) 1,7 5,3 6,6
Net IB debt/EBITDA 2,1 1,9 1,4
Lease adj. FCF yield (%) 0,4 4,2 14,8
Lease adj. ND/EBITDA 2 1,5 0,6
SEKm 2021 2022e 2023e
Sales 1013 951 1014
COGS 0 0 0
Gross profit 1013 951 1014
Other operating items -880 -831 -873
EBITDA 132 120 141
Depreciation and amortisation -76 -67 -69
Of which leasing depreciation -66 -60 -63
EBITA 57 53 72
EO items 0 -7 0
Impairment and PPA amortisation -17 -8 -5
EBIT 40 45 67
Net financial items -13 -8 -7
Pretax profit 27 37 59
Tax -7 -8 -12
Net profit 20 29 47
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 20 29 47
EPS 0,82 1,18 1,92
EPS Adj 0,82 1,47 1,92
Total extraordinary items after tax 0 -7 0
Leasing payments -80 -72 -66
Tax rate (%) -24,8 -22,1 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 13,1 12,6 13,9
EBITA margin (%) 5,6 5,6 7,1
EBIT margin (%) 3,9 4,8 6,6
Pretax margin (%) 2,7 3,9 5,8
Net margin (%) 2 3 4,6
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -13,2 -6,1 6,6
EBITDA growth (%) -14,2 -9,2 17,4
EBIT growth (%) -40,8 13,4 47,5
Net profit growth (%) -45,1 41,5 63,9
EPS growth (%) -46,5 43,5 62,1
Profitability 2021 2022 2023
ROE (%) 3,6 4,9 7,8
ROE Adj (%) 6,6 7,5 8,7
ROCE (%) 4,2 4,9 7,7
ROCE Adj(%) 6,2 6,6 8,3
ROIC (%) 3,5 4,1 6,3
ROIC Adj (%) 3,5 4,8 6,3
Adj earnings numbers 2021 2022 2023
EBITDA Adj 132 127 141
EBITDA Adj margin (%) 13,1 13,4 13,9
EBITDA lease Adj 52 55 76
EBITDA lease Adj margin (%) 5,2 5,8 7,5
EBITA Adj 57 60 72
EBITA Adj margin (%) 5,6 6,3 7,1
EBIT Adj 40 52 67
EBIT Adj margin (%) 3,9 5,5 6,6
Pretax profit Adj 44 52 64
Net profit Adj 37 44 52
Net profit to shareholders Adj 37 44 52
Net Adj margin (%) 3,7 4,6 5,1
SEKm 2021 2022e 2023e
EBITDA 132 120 141
Net financial items -13 -8 -7
Paid tax 0 0 0
Non-cash items -14 -27 -12
Cash flow before change in WC 106 85 122
Change in WC -27 6 6
Operating cash flow 79 92 127
CAPEX tangible fixed assets -4 -7 -10
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 4 0 0
Free cash flow 79 85 117
Dividend paid 0 -10 -19
Share issues and buybacks 0 -9 0
Lease liability amortisation -77 -69 -63
Other non cash items -30 47 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 595 596 596
Other intangible assets 20 12 7
Tangible fixed assets 14 14 17
Right-of-use asset 168 150 150
Total other fixed assets 2 2 2
Fixed assets 799 773 771
Inventories 0 0 0
Receivables 245 257 264
Other current assets 0 0 0
Cash and liquid assets 23 16 12
Total assets 1068 1046 1047
Minority 0 0 0
Total equity 578 588 615
Long-term debt 131 98 58
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 168 150 150
Total other long-term liabilities 18 21 21
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 173 190 203
Total liabilities and equity 1068 1047 1047
Net IB debt 274 230 195
Net IB debt excl. pension debt 274 230 195
Net IB debt excl. leasing 105 80 45
Capital invested 869 838 831
Working capital 72 67 61
EV breakdown 2021 2022 2023
Market cap. diluted (m) 579 366 370
Net IB debt Adj 274 230 195
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 853 596 565
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 92 90 96,9
Working capital / sales (%) 4,4 7,3 6,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 47,3 39,2 31,7
Net debt / market cap (%) 47,6 63 52,8
Equity ratio (%) 54,1 56,2 58,8
Net IB debt adj. / equity (%) 47,3 39,2 31,7
Current ratio (%) 111,7 109,2 104,7
EBITDA / net interest (%) 1399,3 2308,7 3196,9
Net IB debt / EBITDA (%) 206,6 191,5 138,2
Net IB debt / EBITDA lease Adj (%) 201,7 146,3 59,5
Interest cover (%) 601,4 1018,2 1623,8
Shareholders equity 578 588 615
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 24 25
Fully diluted shares Adj 25 24 25
EPS 0,82 1,18 1,92
Dividend per share Adj 0,4 0,8 1
EPS Adj 0,82 1,47 1,92
BVPS 23,46 24,2 25,06
BVPS Adj -1,49 -0,81 0,52
Net IB debt / share 11,1 9,5 7,9
Share price 23,33 15,05 15,05
Market cap. (m) 575 366 370
Valuation 2021 2022 2023
P/E 28,5 12,7 7,8
EV/sales 0,84 0,63 0,56
EV/EBITDA 6,4 5 4
EV/EBITA 15 11,2 7,9
EV/EBIT 21,4 13,2 8,5
Dividend yield (%) 1,7 5,3 6,6
FCF yield (%) 13,7 23,1 31,7
Lease adj. FCF yield (%) 0,4 4,2 14,8
P/BVPS 1 0,62 0,6
P/BVPS Adj -15,77 -18,49 28,68
P/E Adj 28,5 10,2 7,8
EV/EBITDA Adj 6,4 4,7 4
EV/EBITA Adj 15 9,9 7,9
EV/EBIT Adj 21,4 11,4 8,5
EV/cap. employed 1 0,7 0,7
Investment ratios 2021 2022 2023
Capex / sales 0,4 0,7 1
Capex / depreciation 39,6 101,3 146
Capex tangibles / tangible fixed assets 26,1 50,8 59,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 65,9 50,1 40,7

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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 % 28 Jun 2022
Protector Forsikring ASA 12.9 % 4.4 % 28 Jun 2022
Investment AB Öresund 8.3 % 2.8 % 28 Jun 2022
LK Finans AB 7.7 % 2.6 % 31 Mar 2022
Per Granath 6.4 % 2.2 % 28 Jun 2022
Kurt O Eriksson 2.4 % 0.8 % 28 Jun 2022
Thord Wilkne 2.0 % 0.7 % 28 Jun 2022
Projektengagemang Sweden AB 2.0 % 0.7 % 28 Jun 2022
Nordnet Pensionsförsäkring 2.0 % 0.7 % 28 Jun 2022
Avanza Pension 1.7 % 0.6 % 28 Jun 2022
Source: Holdings by Modular Finance AB