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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 2024 2025e 2026e
Sales 893 924 948
Sales growth (%) 8,1 3,5 2,6
EBITDA 60 118 128
EBITDA margin (%) 6,7 12,8 13,5
EBIT adj. 54 78 94
EBIT adj. margin (%) 6 8,5 9,9
Pretax profit 17 69 78
EPS 1,17 6,23 7,46
EPS growth (%) -80,2 N/A 19,7
EPS adj. 4,59 5,57 7,61
DPS 2 2,37 2,84
EV/EBITDA (x) 39,2 19,8 17,9
EV/EBIT adj. (x) 43,6 29,9 24,3
P/E (x) N/A 42,5 35,5
P/E adj. (x) 57,7 47,6 34,8
EV/sales (x) 2,62 2,53 2,42
FCF yield (%) -3,7 1,4 3,3
Le. adj. FCF yld. (%) -3,7 1,2 2,9
Dividend yield (%) 0,8 0,9 1,1
Net IB debt/EBITDA (x) 2,8 1,3 0,9
Le. adj. ND/EBITDA (x) 1,7 1,3 0,8
SEKm 2024 2025e 2026e
Sales 893 924 948
COGS -695 -693 -687
Gross profit 198 231 261
Other operating items -139 -114 -133
EBITDA 60 118 128
Depreciation and amortisation -31 -31 -32
of which leasing depreciation -11 -11 -9
EBITA 29 87 96
EO Items -27 7 0
Impairment and PPA amortisation -1 -2 -1
EBIT 27 85 94
Net financial items -10 -16 -17
Pretax profit 17 69 78
Tax -7 -18 -16
Net profit 10 51 61
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 10 51 61
EPS 1,17 6,23 7,46
EPS adj. 4,59 5,57 7,61
Total extraordinary items after tax -27 7 0
Leasing payments -1 -6 -11
Tax rate (%) 43,4 25,9 21
Gross margin (%) 22,2 25 27,5
EBITDA margin (%) 6,7 12,8 13,5
EBITA margin (%) 3,2 9,4 10,1
EBIT margin (%) 3 9,2 9,9
Pre-tax margin (%) 1,9 7,5 8,2
Net margin (%) 1,1 5,5 6,5
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 8,1 3,5 2,6
EBITDA growth (%) -41,7 97,2 8,5
EBITA growth (%) -61,7 203,7 10,2
EBIT growth (%) -63,3 N/A 10,7
Net profit growth (%) -80,2 433,9 19,6
EPS growth (%) -80,2 N/A 19,7
Profitability N/A N/A N/A
ROE (%) 2,4 12,6 14,2
ROE adj. (%) 9,5 11,3 14,5
ROCE (%) 6,2 14,7 15,6
ROCE adj. (%) 11 13,8 15,8
ROIC (%) 3,2 11,3 13,3
ROIC adj. (%) 6,1 10,4 13,3
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 86 111 128
EBITDA adj. margin (%) 9,7 12 13,5
EBITDA lease adj. 86 105 117
EBITDA lease adj. margin (%) 9,6 11,4 12,3
EBITA adj. 55 80 96
EBITA adj. margin (%) 6,2 8,6 10,1
EBIT adj. 54 78 94
EBIT adj. margin (%) 6 8,5 9,9
Pretax profit Adj. 45 64 79
Net profit Adj. 38 46 63
Net profit to shareholders adj. 38 46 63
Net adj. margin (%) 4,2 5 6,6
SEKm 2024 2025e 2026e
EBITDA 60 118 128
Goodwill 224 213 213
Net financial items -10 -16 -17
Other intangible assets 25 23 23
Paid tax -24 -19 -16
Tangible fixed assets 262 259 264
Non-cash items 6 -19 0
Right-of-use asset 25 20 22
Cash flow before change in WC 32 64 95
Total other fixed assets 187 182 182
Change in working capital -10 -9 7
Fixed assets 723 697 704
Operating cash flow 22 55 102
Inventories 7 14 15
Capex tangible fixed assets -64 -23 -28
Receivables 181 166 190
Capex intangible fixed assets 0 0 -1
Other current assets 98 129 114
Acquisitions and Disposals -37 0 0
Cash and liquid assets 56 46 90
Free cash flow -80 32 73
Total assets 1066 1053 1113
Dividend paid -16 -16 -19
Shareholders equity 403 410 452
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 -5 -10
Total equity 403 410 452
Other non-cash items 23 2 -2
Long-term debt 66 110 169
Pension debt 10 10 10
Convertible debt 0 0 0
Leasing liability 23 24 26
Total other long-term liabilities 166 161 161
Short-term debt 123 59 0
Accounts payable 35 37 38
Other current liabilities 240 241 256
Total liabilities and equity 1066 1053 1113
Net IB debt 166 157 115
Net IB debt excl. pension debt 156 147 105
Net IB debt excl. leasing 142 133 89
Capital employed 625 614 657
Capital invested 569 568 568
Working capital 12 32 25
EV breakdown N/A N/A N/A
Market cap. diluted (m) 2178 2178 2178
Net IB debt adj. 166 157 115
Market value of minority 0 0 0
Reversal of shares and participations 0 -1 -1
Reversal of conv. debt assumed equity N/A N/A N/A
EV 2344 2335 2293
Total assets turnover (%) 86,2 87,3 87,5
Working capital/sales (%) 0,5 2,4 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 41,1 38,3 25,5
Net debt / market cap (%) 7,6 7,2 5,3
Equity ratio (%) 37,8 39 40,6
Net IB debt adj. / equity (%) 41,1 38,3 25,5
Current ratio 0,86 1,06 1,39
EBITDA/net interest 6,1 7,4 7,7
Net IB debt/EBITDA (x) 2,8 1,3 0,9
Net IB debt/EBITDA lease adj. (x) 1,7 1,3 0,8
Interest coverage 2 4,2 4,7
SEKm 2024 2025e 2026e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 1,17 6,23 7,46
Dividend per share 2 2,37 2,84
EPS adj. 4,59 5,57 7,61
BVPS 49,03 49,94 55,03
BVPS adj. 18,74 21,16 26,29
Net IB debt/share 20,17 19,15 14,03
Share price 265 265 265
Market cap. (m) 2178 2178 2178
Valuation N/A N/A N/A
P/E (x) N/A 42,5 35,5
EV/sales (x) 2,6 2,5 2,4
EV/EBITDA (x) 39,2 19,8 17,9
EV/EBITA (x) 82,1 26,9 24
EV/EBIT (x) 86,5 27,4 24,3
Dividend yield (%) 0,8 0,9 1,1
FCF yield (%) -3,7 1,4 3,3
Le. adj. FCF yld. (%) -3,7 1,2 2,9
P/BVPS (x) 5,4 5,31 4,82
P/BVPS adj. (x) 14,14 12,52 10,08
P/E adj. (x) 57,7 47,6 34,8
EV/EBITDA adj. (x) 27,1 21,1 17,9
EV/EBITA adj. (x) 42,4 29,3 24
EV/EBIT adj. (x) 43,6 29,9 24,3
EV/CE (x) 3,7 3,8 3,5
Investment ratios N/A N/A N/A
Capex/sales (%) 7,2 2,5 3,1
Capex/depreciation 3,1 1,1 1,3
Capex tangibles / tangible fixed assets 24,5 8,9 10,8
Capex intangibles / definite intangibles 1 0,6 4,1
Depreciation on intang / def. intang 0 0 0
Depreciation on tangibles / tangibles 7,8 7,9 8,8

Equity research

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Media

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

Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Armada Investment AG 29.9 % 29.9 % 13 Jun 2025
Briban Invest AB 16.3 % 16.3 % 26 Sep 2025
Peter Gyllenhammar 10.2 % 10.2 % 26 Sep 2025
Familjen Girell 2.6 % 2.6 % 26 Sep 2025
Leif Lundin 2.5 % 2.5 % 26 Sep 2025
Avanza Pension 2.2 % 2.2 % 26 Sep 2025
Malte Edenius 2.0 % 2.0 % 26 Sep 2025
Quaero Capital S.A. 1.7 % 1.7 % 26 Sep 2025
Benjamin Eisert 1.5 % 1.5 % 23 Jul 2025
Håkan Persson 0.8 % 0.8 % 26 Sep 2025
Source: Holdings by Modular Finance AB