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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 2023 2024e 2025e
Sales 826 880 935
Sales growth (%) 1,4 6,5 6,2
EBITDA 73 56 120
EBITDA margin (%) 8,8 6,3 12,8
EBIT adj. 69 56 91
EBIT adj. margin (%) 8,3 6,4 9,7
Pretax profit 59 36 76
EPS 5,95 3,98 8,27
EPS growth (%) 1,9 -33 N/A
EPS adj. 5,44 4,84 8,27
DPS 2 3 5
EV/EBITDA (x) 15,8 22,2 10,2
EV/EBIT adj. (x) 16,8 22 13,5
P/E (x) 23,3 34,8 16,8
P/E adj. (x) 25,5 28,6 16,8
EV/sales (x) 1,39 1,41 1,31
FCF yield (%) -1,3 -6 3,6
Le. adj. FCF yld. (%) -1,3 -6 3,6
Dividend yield (%) 1,4 2,2 3,6
Net IB debt/EBITDA (x) 0,2 1,7 0,7
Le. adj. ND/EBITDA (x) 0,2 1,5 0,7
SEKm 2023 2024e 2025e
Sales 826 880 935
COGS -616 -660 -626
Gross profit 210 220 308
Other operating items -137 -164 -189
EBITDA 73 56 120
Depreciation and amortisation 1 -7 -29
of which leasing depreciation 0 0 0
EBITA 74 48 91
EO Items 5 -8 0
Impairment and PPA amortisation 0 0 0
EBIT 74 48 91
Net financial items -15 -12 -15
Pretax profit 59 36 76
Tax -10 -4 -8
Net profit 49 33 68
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 33 68
EPS 5,95 3,98 8,27
EPS adj. 5,44 4,84 8,27
Total extraordinary items after tax 4 -7 0
Leasing payments 0 0 0
Tax rate (%) 16,7 10 10
Gross margin (%) 25,4 25 33
EBITDA margin (%) 8,8 6,3 12,8
EBITA margin (%) 8,9 5,5 9,7
EBIT margin (%) 8,9 5,5 9,7
Pre-tax margin (%) 7,1 4,1 8,1
Net margin (%) 5,9 3,7 7,3
Growth Rates y-o-y N/A N/A N/A
Sales growth (%) 1,4 6,5 6,2
EBITDA growth (%) -2,3 -23,5 114,3
EBITA growth (%) -1,9 -34 86,8
EBIT growth (%) -1,9 -34 86,8
Net profit growth (%) 1,9 -33 107,7
EPS growth (%) 1,9 -33 N/A
Profitability N/A N/A N/A
ROE (%) 10,8 6,9 13,4
ROE adj. (%) 9,9 8,3 13,4
ROCE (%) 13,3 7,9 13,4
ROCE adj. (%) 12,4 9,2 13,4
ROIC (%) 13,6 8,2 13,7
ROIC adj. (%) 12,7 9,5 13,7
Adj. earnings numbers N/A N/A N/A
EBITDA adj. 68 64 120
EBITDA adj. margin (%) 8,2 7,2 12,8
EBITDA lease adj. 68 64 120
EBITDA lease adj. margin (%) 8,2 7,2 12,8
EBITA adj. 69 56 91
EBITA adj. margin (%) 8,3 6,4 9,7
EBIT adj. 69 56 91
EBIT adj. margin (%) 8,3 6,4 9,7
Pretax profit Adj. 54 44 76
Net profit Adj. 45 40 68
Net profit to shareholders adj. 45 40 68
Net adj. margin (%) 5,4 4,5 7,3
SEKm 2023 2024e 2025e
EBITDA 73 56 120
Goodwill 207 207 207
Net financial items -15 -12 -15
Other intangible assets 0 0 0
Paid tax -10 -4 -8
Tangible fixed assets 252 324 348
Non-cash items 0 0 0
Right-of-use asset 0 0 0
Cash flow before change in WC 48 40 97
Total other fixed assets 217 217 217
Change in working capital -23 -29 -4
Fixed assets 676 748 772
Operating cash flow 25 11 93
Inventories 0 0 0
Capex tangible fixed assets -40 -80 -53
Receivables 281 308 327
Capex intangible fixed assets 0 0 0
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 89 74 90
Free cash flow -15 -69 41
Total assets 1045 1130 1189
Dividend paid -16 -16 -25
Shareholders equity 468 485 528
Share issues and buybacks 0 0 0
Minority 0 0 0
Leasing liability amortisation 0 0 0
Total equity 468 485 528
Other non-cash items 0 0 0
Long-term debt 101 171 171
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 248 246 262
Other current liabilities 0 0 0
Total liabilities and equity 1045 1130 1189
Net IB debt 12 97 81
Net IB debt excl. pension debt 12 97 81
Net IB debt excl. leasing 12 97 81
Capital employed 570 656 699
Capital invested 481 582 609
Working capital 33 62 65
EV breakdown N/A N/A N/A
Market cap. diluted (m) 1139 1139 1139
Net IB debt adj. 12 97 81
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 1151 1236 1220
Total assets turnover (%) 79,9 80,9 80,6
Working capital/sales (%) 2,6 5,4 6,8
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 2,6 20,1 15,4
Net debt / market cap (%) 1,1 8,5 7,1
Equity ratio (%) 44,8 42,9 44,4
Net IB debt adj. / equity (%) 2,6 20,1 15,4
Current ratio 1,49 1,55 1,59
EBITDA/net interest 4,9 4,6 8
Net IB debt/EBITDA (x) 0,2 1,7 0,7
Net IB debt/EBITDA lease adj. (x) 0,2 1,5 0,7
Interest coverage 5 4 6
SEKm 2023 2024e 2025e
Shares outstanding adj. 8 8 8
Diluted shares adj. 8 8 8
EPS 5,95 3,98 8,27
Dividend per share 2 3 5
EPS adj. 5,44 4,84 8,27
BVPS 57 58,98 64,26
BVPS adj. 31,84 33,82 39,1
Net IB debt/share 1,51 11,84 9,89
Share price 138,6 138,6 138,6
Market cap. (m) 1139 1139 1139
Valuation N/A N/A N/A
P/E (x) 23,3 34,8 16,8
EV/sales (x) 1,39 1,41 1,31
EV/EBITDA (x) 15,8 22,2 10,2
EV/EBITA (x) 15,7 25,5 13,5
EV/EBIT (x) 15,7 25,5 13,5
Dividend yield (%) 1,4 2,2 3,6
FCF yield (%) -1,3 -6 3,6
Le. adj. FCF yld. (%) -1,3 -6 3,6
P/BVPS (x) 2,43 2,35 2,16
P/BVPS adj. (x) 4,35 4,1 3,55
P/E adj. (x) 25,5 28,6 16,8
EV/EBITDA adj. (x) 17 19,4 10,2
EV/EBITA adj. (x) 16,8 22 13,5
EV/EBIT adj. (x) 16,8 22 13,5
EV/CE (x) 2 1,9 1,7
Investment ratios N/A N/A N/A
Capex/sales (%) 4,8 9,1 5,6
Capex/depreciation -66,7 11 1,8
Capex tangibles / tangible fixed assets 15,9 24,7 15,1
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 2,25 8,34

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
Peter Gyllenhammar 16.4 % 16.4 % 30 Jun 2024
Briban Invest AB 16.3 % 16.3 % 26 Sep 2024
Anna Karinen 15.6 % 15.6 % 26 Sep 2024
Quaero Capital S.A. 4.1 % 4.1 % 26 Sep 2024
Familjen Girell 3.9 % 3.9 % 26 Sep 2024
Avanza Pension 3.6 % 3.6 % 26 Sep 2024
Lena Karinen 3.2 % 3.2 % 26 Sep 2024
Leif Lundin 2.5 % 2.5 % 26 Sep 2024
Malte Edenius 2.0 % 2.0 % 26 Jun 2024
Nordnet Pensionsförsäkring 1.4 % 1.4 % 26 Sep 2024
Source: Holdings by Modular Finance AB