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Studsvik

Studsvik

Service provider to the nuclear industry

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 2023 2024e 2025e
Sales 826 889 912
Sales growth (%) 1,4 7,7 2,5
EBITDA 73 105 122
EBITDA margin (%) 8,8 11,8 13,4
EBIT adj. 69 80 93
EBIT adj. margin (%) 8,3 9 10,2
Pretax profit 59 77 88
EPS 5,95 8,41 9,62
EPS growth (%) 1,9 41,3 14,4
EPS adj. 5,44 8,16 9,62
DPS 0 3 5
EV/EBITDA (x) 13,6 9 7,5
EV/EBIT adj. (x) 14,5 11,7 9,8
P/E (x) 20,1 14,2 12,4
P/E adj. (x) 21,9 14,6 12,4
EV/sales (x) 1,2 1,06 1
FCF yield (%) -1,5 5,3 5,8
Le. adj. FCF yld. (%) -1,5 5,3 5,8
Dividend yield (%) 0 2,5 4,2
Net IB debt/EBITDA (x) 0,2 -0,4 -0,6
Le. adj. ND/EBITDA (x) 0,2 -0,4 -0,6
SEKm 2023 2024e 2025e
Sales 826 889 912
COGS -616 -616 -611
Gross profit 210 274 301
Other operating items -137 -169 -179
EBITDA 73 105 122
Depreciation and amortisation 1 -22 -29
of which leasing depreciation 0 0 0
EBITA 74 83 93
EO Items 5 2 0
Impairment and PPA amortisation 0 0 0
EBIT 74 83 93
Net financial items -15 -6 -5
Pretax profit 59 77 88
Tax -10 -8 -9
Net profit 49 69 79
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 69 79
EPS 5,95 8,41 9,62
EPS adj. 5,44 8,16 9,62
Total extraordinary items after tax 4 2 0
Leasing payments 0 0 0
Tax rate (%) 16,7 10 10
Gross margin (%) 25,4 30,8 33
EBITDA margin (%) 8,8 11,8 13,4
EBITA margin (%) 8,9 9,3 10,2
EBIT margin (%) 8,9 9,3 10,2
Pre-tax margin (%) 7,1 8,6 9,6
Net margin (%) 5,9 7,8 8,7
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 1,4 7,7 2,5
EBITDA growth (%) -2,3 43,6 16,4
EBITA growth (%) -1,9 12,6 12,1
EBIT growth (%) -1,9 12,6 12,1
Net profit growth (%) 1,9 41,3 14,4
EPS growth (%) 1,9 41,3 14,4
Profitability N/A N/A N/A
ROE (%) 10,8 13,7 14
ROE adj. (%) 9,9 13,3 14
ROCE (%) 13,3 13,7 13,9
ROCE adj. (%) 12,4 13,3 13,9
ROIC (%) 13,6 15,2 16,4
ROIC adj. (%) 12,7 14,8 16,4
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 68 102 122
EBITDA adj. margin (%) 8,2 11,5 13,4
EBITDA lease adj. 68 102 122
EBITDA lease adj. margin (%) 8,2 11,5 13,4
EBITA adj. 69 80 93
EBITA adj. margin (%) 8,3 9 10,2
EBIT adj. 69 80 93
EBIT adj. margin (%) 8,3 9 10,2
Pretax profit Adj. 54 74 88
Net profit Adj. 45 67 79
Net profit to shareholders adj. 45 67 79
Net adj. margin (%) 5,4 7,5 8,7
SEKm 2023 2024e 2025e
EBITDA 73 105 122
Goodwill 207 207 207
Net financial items -15 -6 -5
Other intangible assets 0 0 0
Paid tax -10 -8 -9
Tangible fixed assets 252 275 296
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 48 91 108
Total other fixed assets 217 217 217
Change in working capital -23 6 -1
Fixed assets 676 699 720
Operating cash flow 25 97 107
Inventories 0 0 0
Capex tangible fixed assets -40 -45 -50
Receivables 281 294 301
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 89 141 174
Free cash flow -15 52 57
Total assets 1045 1134 1195
Dividend paid -16 0 -25
Shareholders equity 468 538 592
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 468 538 592
Other non-cash items 0 0 0
Long-term debt 101 101 101
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 0 0 0
Total other long-term liabilities 228 228 228
Short-term debt 0 0 0
Accounts payable 248 267 274
Other current liabilities 0 0 0
Total liabilities and equity 1045 1134 1195
Net IB debt 12 -40 -73
Net IB debt excl. pension debt 12 -40 -73
Net IB debt excl. leasing 12 -40 -73
Capital employed 570 639 693
Capital invested 481 498 519
Working capital 33 27 27
EV breakdown N/A N/A N/A
Market cap. diluted (m) 981 981 981
Net IB debt adj. 12 -40 -73
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 994 941 909
Total assets turnover (%) 79,9 81,6 78,3
Working capital/sales (%) 2,6 3,4 3
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 2,6 -7,4 -12,3
Net debt / market cap (%) 1,3 -4,1 -7,4
Equity ratio (%) 44,8 47,4 49,6
Net IB debt adj. / equity (%) 2,6 -7,4 -12,3
Current ratio 1,49 1,63 1,74
EBITDA/net interest 4,9 17,4 24,4
Net IB debt/EBITDA (x) 0,2 -0,4 -0,6
Net IB debt/EBITDA lease adj. (x) 0,2 -0,4 -0,6
Interest coverage 5 13,8 18,6
SEKm 2023 2024e 2025e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 5,95 8,41 9,62
Dividend per share 0 3 5
EPS adj. 5,44 8,16 9,62
BVPS 57 65,41 72,03
BVPS adj. 31,84 40,25 46,86
Net IB debt/share 1,51 -4,86 -8,85
Share price 119,4 119,4 119,4
Market cap. (m) 981 981 981
Valuation N/A N/A N/A
P/E (x) 20,1 14,2 12,4
EV/sales (x) 1,2 1,06 1
EV/EBITDA (x) 13,6 9 7,5
EV/EBITA (x) 13,5 11,4 9,8
EV/EBIT (x) 13,5 11,4 9,8
Dividend yield (%) 0 2,5 4,2
FCF yield (%) -1,5 5,3 5,8
Le. adj. FCF yld. (%) -1,5 5,3 5,8
P/BVPS (x) 2,09 1,83 1,66
P/BVPS adj. (x) 3,75 2,97 2,55
P/E adj. (x) 21,9 14,6 12,4
EV/EBITDA adj. (x) 14,6 9,2 7,5
EV/EBITA adj. (x) 14,5 11,7 9,8
EV/EBIT adj. (x) 14,5 11,7 9,8
EV/CE (x) 1,7 1,5 1,3
Investment ratios N/A N/A N/A
Capex/sales (%) 4,8 5,1 5,5
Capex/depreciation -66,7 2,1 1,7
Capex tangibles / tangible fixed assets 15,9 16,4 16,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intang / def. intang N/A N/A N/A
Depreciation on tangibles / tangibles 0,24 7,97 9,8

Equity research

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Media

Studsvik - Company presentation with CEO Camilla Hoflund
Studsvik - Company presentation with CEO Camilla Hoflund & CFO Niklas Karlsson

Main shareholders - Studsvik

Main shareholders Share capital % Voting shares % Verified
Briban Invest AB 16.3 % 16.3 % 26 Mar 2024
Peter Gyllenhammar 16.1 % 16.1 % 31 Dec 2023
Anna Karinen 15.6 % 15.6 % 26 Mar 2024
Quaero Capital S.A. 4.1 % 4.1 % 26 Mar 2024
Avanza Pension 4.0 % 4.0 % 26 Mar 2024
Familjen Girell 3.9 % 3.9 % 26 Mar 2024
Lena Karinen 3.2 % 3.2 % 26 Mar 2024
Leif Lundin 2.5 % 2.5 % 26 Mar 2024
Malte Edenius 2.0 % 2.0 % 31 Dec 2023
Case Kapitalförvaltning 1.6 % 1.6 % 31 Mar 2024
Source: Holdings by Modular Finance AB