<a id="bm-comp-48587719-59b7-4af7-9742-cc4c5af94e88" name="bm-comp-48587719-59b7-4af7-9742-cc4c5af94e88" class="BMCustomAnchor"></a><table><tr><td bm-component-id="48587719-59b7-4af7-9742-cc4c5af94e88" style="vertical-align: top; width:100.000000%;"><ul><li>An acquisition that opens the door for further expansion globally...</li><li>...while also complementing its Nordic operations</li><li>Adds ~16% to 2025e EBITA, acquired at 7x EBITA.</li></ul></td></tr></table><a id="bm-comp-dfb0e70c-10e8-4553-a552-be4a9d241421" name="bm-comp-dfb0e70c-10e8-4553-a552-be4a9d241421" class="BMCustomAnchor"></a><table><tr><td bm-component-id="dfb0e70c-10e8-4553-a552-be4a9d241421" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">A potential game changer for the company</h3><p>NYAB has entered into an agreement to acquire Dovre Group Plc's Norwegian Consulting business and Global Project Personnel business, with material presence in Canada and the Middle East. This acquisition is a new platform investment for NYAB that brings project design and development expertise in Norway, allowing NYAB to go after large investment projects in the public sector, such as within transportation, construction, and energy. We view the acquisition as a good complement as it could help strengthen NYAB's project design and development capabilities in Sweden, while the Norwegian business could benefit from NYAB's expertise in project management. Combining the two, NYAB should now be able to take on larger projects in both Sweden and Norway. The global Project Personnel business stands out with its greater focus on working with global energy enterprises. Thus, with this acquisition, NYAB opens the door to projects around the world. We believe the idea behind this acquisition is to build relationships with the global enterprises and support them in their journey to sustainable energy production. That being said, we understand that Dovre Project Personnel is helping clients with all kind of projects, not only those related to sustainable energy, but that NYAB's expertise in the area of fossil free energy infrastructure means that this kind of projects would be more lucrative.</p><h3 class="bm-h3">Implied multiple of 7x adjusted EBIT</h3><p>NYAB expects to pay a total consideration of EUR 34m, corresponding to 7x LTM adj. EBIT of EUR 4.6m (before any potential synergies), which is below NYAB's current market valuation of 10x EV/EBITA on 2025 (ABGSCe). NYAB expects to finance the acquisition with available cash funds and external debt. Adding the acquisition to our 2025 estimates, the new group would generate a pro forma EBITA of EUR 34m (+16%), with a net debt of EUR 25m (0.75x EBITA).</p><table id="bm-img-44a79039-3ecc-4bd6-ad0c-b25202363edf" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td><img bm-img-encrypt="44a79039-3ecc-4bd6-ad0c-b25202363edf" bm-img-original-height="243" bm-img-original-width="544" bm-img-svg="image:image_upload/83530_d618701f-8ba4-4ac3-9a7c-e03537a0bad6.svg" bm-img-width-hint="56.12%" id="bm-id-44a79039-3ecc-4bd6-ad0c-b25202363edf" src="https://abgsc.bluematrix.com/images/image_upload/83530_d618701f-8ba4-4ac3-9a7c-e03537a0bad6_408.png" svg="/nas/web/clients/abgsc/images/image_upload/83530_d618701f-8ba4-4ac3-9a7c-e03537a0bad6.svg" width="408" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table>