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Studsvik

Studsvik

Studsvik delivers services within the international nuclear power industry, with most clients being nuclear power plants and suppliers to the industry. The company offers services over the entire life cycle of nuclear power plants including consultancy services, decommissioning of nuclear power plants, waste management as well as fuel testing and optimization. With a long experience in nuclear technology, the company aims to create value by improving reactor performance and hence reducing fuel costs and risks by offering innovative technological solutions.

Sustainability information

A key risk for Studsvik is the net effect of decommissioned nuclear power plants versus newly constructed ones. The net effect in the long run makes it essential for Studsvik to enter new markets. Short-term cost savings among Studsvik's customers, mostly in Europe and the US, lead to prolonged decision processes and hence lower sales, utilization and cash flows. Additionally, internal inefficiencies leading to capital tie-ups in receivables, also leading to weaker cash flows.

SEKm 2025 2026e 2027e
Sales 893 912 946
Sales growth (%) 0 2,1 3,7
EBITDA 106 118 124
EBITDA margin (%) 11,8 12,9 13,1
EBIT adj. 60 82 89
EBIT adj. margin (%) 6,7 9 9,4
Pretax profit 55 65 73
EPS 4,5 6,25 7
EPS growth (%) N/A 38,7 12
EPS adj. 3,1 6,42 7,19
DPS 2 2 2
EV/EBITDA (x) 26,7 23,6 22,4
EV/EBIT adj. (x) 47,3 33,6 30,9
P/E (x) 72,2 52 46,4
P/E adj. (x) N/A 50,6 45,2
EV/sales (x) 3,16 3,04 2,92
FCF yield (%) 1,8 2,2 1,6
Le. adj. FCF yld. (%) 1,7 1,7 1,1
Dividend yield (%) 0,6 0,6 0,6
Net IB debt/EBITDA (x) 1,4 0,9 0,7
Le. adj. ND/EBITDA (x) 1,3 0,7 0,5
SEKm 2025 2026e 2027e
Sales 893 912 946
COGS -680 -679 -685
Gross profit 213 233 262
Other operating items -108 -115 -138
EBITDA 106 118 124
Depreciation and amortisation -31 -34 -33
of which leasing depreciation -11 -13 -11
EBITA 74 84 91
EO Items 13 0 0
Impairment and PPA amortisation -1 -1 -2
EBIT 73 82 89
Net financial items -18 -18 -17
Pretax profit 55 65 73
Tax -18 -14 -15
Net profit 37 51 58
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 37 51 58
EPS 4,5 6,25 7
EPS adj. 3,1 6,42 7,19
Total extraordinary items after tax 13 0 0
Leasing payments -3 -13 -13
Tax rate (%) 33 21 21
Gross margin (%) 23,9 25,5 27,6
EBITDA margin (%) 11,8 12,9 13,1
EBITA margin (%) 8,3 9,2 9,6
EBIT margin (%) 8,1 9 9,4
Pre-tax margin (%) 6,2 7,1 7,7
Net margin (%) 4,1 5,6 6,1
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 0 2,1 3,7
EBITDA growth (%) 76,6 11,3 5,1
EBITA growth (%) 159,7 13,2 8,4
EBIT growth (%) N/A 13,5 8,3
Net profit growth (%) 284,6 39 12
EPS growth (%) N/A 38,7 12
Profitability N/A N/A N/A
ROE (%) 9,2 12,1 12,3
ROE adj. (%) 6,3 12,5 12,6
ROCE (%) 12,6 13,7 13,9
ROCE adj. (%) 10,7 13,9 14,1
ROIC (%) 8,9 12,1 12,7
ROIC adj. (%) 7,3 12,1 12,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 93 118 124
EBITDA adj. margin (%) 10,4 12,9 13,1
EBITDA lease adj. 89 104 110
EBITDA lease adj. margin (%) 10 11,4 11,6
EBITA adj. 61 84 91
EBITA adj. margin (%) 6,8 9,2 9,6
EBIT adj. 60 82 89
EBIT adj. margin (%) 6,7 9 9,4
Pretax profit Adj. 44 66 74
Net profit Adj. 25 53 59
Net profit to shareholders adj. 25 53 59
Net adj. margin (%) 2,8 5,8 6,2
SEKm 2025 2026e 2027e
EBITDA 106 118 124
Goodwill 213 213 213
Net financial items -18 -18 -17
Other intangible assets 24 22 23
Paid tax -20 -14 -15
Tangible fixed assets 265 272 279
Non-cash items -16 0 0
Right-of-use asset 32 31 34
Cash flow before change in WC 53 86 92
Total other fixed assets 182 182 182
Change in working capital 19 0 -19
Fixed assets 716 721 731
Operating cash flow 72 86 72
Inventories 22 23 14
Capex tangible fixed assets -25 -27 -28
Receivables 125 128 189
Capex intangible fixed assets 0 0 -2
Other current assets 125 128 114
Acquisitions and Disposals 0 0 0
Cash and liquid assets 51 97 110
Free cash flow 47 58 42
Total assets 1039 1096 1158
Dividend paid -16 0 -16
Shareholders equity 397 448 490
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation -3 -12 -12
Total equity 397 448 490
Other non-cash items -20 0 -2
Long-term debt 104 104 160
Pension debt 10 10 10
Convertible debt 0 0 0
Leasing liability 31 31 33
Total other long-term liabilities 173 173 173
Short-term debt 56 56 0
Accounts payable 36 36 38
Other current liabilities 233 238 256
Total liabilities and equity 1039 1096 1158
Net IB debt 150 104 92
Net IB debt excl. pension debt 140 93 82
Net IB debt excl. leasing 119 73 60
Capital employed 598 649 692
Capital invested 547 552 582
Working capital 4 4 24
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2671 2671 2671
Net IB debt adj. 150 104 92
Market value of minority 0 0 0
Reversal of shares and participations -1 -1 -1
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2820 2774 2763
Total assets turnover (%) 84,9 85,5 84
Working capital/sales (%) 0,9 0,4 1,5
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 37,8 23,1 18,8
Net debt / market cap (%) 5,6 3,9 3,5
Equity ratio (%) 38,2 40,9 42,3
Net IB debt adj. / equity (%) 37,8 23,1 18,8
Current ratio 1 1,14 1,46
EBITDA/net interest 6 6,7 7,5
Net IB debt/EBITDA (x) 1,4 0,9 0,7
Net IB debt/EBITDA lease adj. (x) 1,3 0,7 0,5
Interest coverage 3,6 4,3 4,6
SEKm 2025 2026e 2027e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 4,5 6,25 7
Dividend per share 2 2 2
EPS adj. 3,1 6,42 7,19
BVPS 48,32 54,57 59,56
BVPS adj. 19,48 25,87 30,83
Net IB debt/share 18,25 12,6 11,22
Share price 325 325 325
Market cap. (m) 2671 2671 2671
Valuation N/A N/A N/A
P/E (x) 72,2 52 46,4
EV/sales (x) 3,2 3 2,9
EV/EBITDA (x) 26,7 23,6 22,4
EV/EBITA (x) 38 33,1 30,4
EV/EBIT (x) 38,8 33,6 30,9
Dividend yield (%) 0,6 0,6 0,6
FCF yield (%) 1,8 2,2 1,6
Le. adj. FCF yld. (%) 1,7 1,7 1,1
P/BVPS (x) 6,73 5,96 5,46
P/BVPS adj. (x) 16,68 12,56 10,54
P/E adj. (x) N/A 50,6 45,2
EV/EBITDA adj. (x) 30,5 23,6 22,4
EV/EBITA adj. (x) 46,1 33,1 30,4
EV/EBIT adj. (x) 47,3 33,6 30,9
EV/CE (x) 4,7 4,3 4
Investment ratios N/A N/A N/A
Capex/sales (%) 2,8 3 3,2
Capex/depreciation 1,2 1,4 1,4
Capex tangibles / tangible fixed assets 9,3 10 10,2
Capex intangibles / definite intangibles 0,3 1,2 8,3
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 7,8 7,5 7,8

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Media

Studsvik - Company presentation with CEO Karl Thedéen
Studsvik - Company presentation with CEO Karl Thedéen

Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Armada Investment AG 29.9 % 29.9 % 13 Jun 2025
Briban Invest AB 10.3 % 10.3 % 7 Jan 2026
Segra Capital Management LLC 9.9 % 9.9 % 7 Jan 2026
Peter Gyllenhammar 9.7 % 9.7 % 23 Dec 2025
Avanza Pension 2.7 % 2.7 % 23 Dec 2025
Malte Edenius 1.9 % 1.9 % 23 Dec 2025
Benjamin Eisert 1.5 % 1.5 % 23 Jul 2025
Handelsbanken Fonder 1.2 % 1.2 % 31 Dec 2025
Familjen Girell 1.0 % 1.0 % 23 Dec 2025
Jan Barchan 0.9 % 0.9 % 7 Jan 2026
Source: Holdings by Modular Finance AB