Financials Sweco AB

Equities

SWEC B

SE0014960373

Construction & Engineering

Real-time Estimate Cboe Europe Other stock markets 05:12:34 2024-05-14 am EDT			5-day change	1st Jan Change
120.6 ^SEK	-1.59%		-1.31%	-10.58%

Apr. 19	Sweco AB Approves Dividend, Payable on April 26, 2024	CI
Apr. 17	Sweco Alliance Bags Design Contract for Tramway in Turku, Finland	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	42,536	53,666	60,838	35,813	48,548	44,028	-	-
Enterprise Value (EV) ¹	44,650	54,609	61,751	36,888	54,085	47,680	46,726	45,714
P/E ratio	31.4 x	41.5 x	40.7 x	21.7 x	29.1 x	22.2 x	19.1 x	17.5 x
Yield	1.72%	1.46%	1.44%	2.7%	2.18%	2.5%	2.77%	3.04%
Capitalization / Revenue	2.06 x	2.57 x	2.79 x	1.47 x	1.7 x	1.43 x	1.37 x	1.3 x
EV / Revenue	2.16 x	2.62 x	2.83 x	1.52 x	1.9 x	1.55 x	1.45 x	1.35 x
EV / EBITDA	20.7 x	26.7 x	26.9 x	14.9 x	19.2 x	14.6 x	13.2 x	12 x
EV / FCF	21.5 x	18 x	31.4 x	16.7 x	25.2 x	20 x	17.3 x	14.9 x
FCF Yield	4.64%	5.56%	3.19%	6%	3.97%	4.99%	5.78%	6.71%
Price to Book	5.95 x	7.11 x	7.08 x	3.6 x	4.6 x	3.83 x	3.47 x	3.2 x
Nbr of stocks (in thousands)	353,395	355,197	357,485	358,619	359,141	359,141	-	-
Reference price ²	120.4	151.0	170.2	99.85	135.1	122.6	122.6	122.6
Announcement Date	2/12/20	2/11/21	2/11/22	2/9/23	2/9/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	20,629	20,858	21,792	24,296	28,523	30,713	32,226	33,755
EBITDA ¹	2,160	2,044	2,294	2,481	2,811	3,271	3,549	3,809
EBIT ¹	1,892	1,706	1,974	2,245	2,416	2,824	3,178	3,434
Operating Margin	9.17%	8.18%	9.06%	9.24%	8.47%	9.19%	9.86%	10.17%
Earnings before Tax (EBT) ¹	1,777	1,608	1,897	2,156	2,179	2,576	2,986	3,268
Net income ¹	1,393	1,293	1,492	1,652	1,667	1,999	2,317	2,536
Net margin	6.75%	6.2%	6.85%	6.8%	5.84%	6.51%	7.19%	7.51%
EPS ²	3.840	3.640	4.180	4.610	4.650	5.525	6.403	7.015
Free Cash Flow ¹	2,073	3,038	1,968	2,213	2,146	2,379	2,702	3,070
FCF margin	10.05%	14.57%	9.03%	9.11%	7.52%	7.74%	8.39%	9.09%
FCF Conversion (EBITDA)	95.97%	148.63%	85.79%	89.2%	76.34%	72.72%	76.15%	80.59%
FCF Conversion (Net income)	148.82%	234.96%	131.9%	133.96%	128.73%	118.98%	116.62%	121.05%
Dividend per Share ²	2.067	2.200	2.450	2.700	2.950	3.060	3.391	3.723
Announcement Date	2/12/20	2/11/21	2/11/22	2/9/23	2/9/24	-	-	-

¹SEK in Million²SEK

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	4,691	5,920	6,077	6,116	5,372	6,732	7,140	7,249	6,417	7,717	7,755	7,881	6,911	8,291	8,405
EBITDA ¹	427	661	713	547	443	777	913	634	536	728	861.4	796.2	595.7	1,018	1,154
EBIT ¹	360	582	629	535	387	693	839	532	428	618	726.9	717.1	493.4	870.3	1,045
Operating Margin	7.67%	9.83%	10.35%	8.75%	7.2%	10.29%	11.75%	7.34%	6.67%	8.01%	9.37%	9.1%	7.14%	10.5%	12.43%
Earnings before Tax (EBT) ¹	-	564	608	515	366	666	800	474	359	546	651.9	636.2	412.5	847.4	1,003
Net income ¹	267	454	463	409	278	502	625	357	268	417	504.4	491.9	319	655.4	777
Net margin	5.69%	7.67%	7.62%	6.69%	5.17%	7.46%	8.75%	4.92%	4.18%	5.4%	6.5%	6.24%	4.62%	7.91%	9.24%
EPS ²	0.7500	1.270	1.290	1.140	0.7800	1.400	1.750	0.9900	0.7500	1.160	1.424	1.403	0.9284	1.755	2.160
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/29/21	2/11/22	5/12/22	7/15/22	10/27/22	2/9/23	5/12/23	7/18/23	10/27/23	2/9/24	-	-	-	-	-

¹SEK in Million²SEK

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,114	943	913	1,075	5,537	3,652	2,698	1,687
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.9787 x	0.4614 x	0.398 x	0.4333 x	1.97 x	1.117 x	0.7604 x	0.4427 x
Free Cash Flow ¹	2,073	3,038	1,968	2,213	2,146	2,379	2,702	3,070
ROE (net income / shareholders' equity)	20.9%	17.6%	18.5%	17.8%	16.2%	18.3%	19.3%	19.2%
ROA (Net income/ Total Assets)	10.4%	6.59%	7.53%	7.95%	7.03%	7.6%	8.34%	8.96%
Assets ¹	13,394	19,625	19,803	20,786	23,714	26,317	27,800	28,308
Book Value Per Share ²	20.20	21.30	24.00	27.70	29.40	32.00	35.30	38.40
Cash Flow per Share ²	6.340	9.160	6.150	7.000	6.980	5.800	6.200	7.500
Capex ¹	226	211	231	302	358	369	393	414
Capex / Sales	1.1%	1.01%	1.06%	1.24%	1.26%	1.2%	1.22%	1.23%
Announcement Date	2/12/20	2/11/21	2/11/22	2/9/23	2/9/24	-	-	-

¹SEK in Million²SEK

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Sweco AB

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

122.6 SEK

Average target price

137.4 SEK

Spread / Average Target

+12.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Civil Engineers & Architects

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ZONBONG LANDSCAPE ENVIRONMENTAL LIMITED	+11.61%	933M
CHINA DESIGN GROUP CO., LTD.	+39.47%	980M
H.G. INFRA ENGINEERING LIMITED	+64.71%	930M
GUANGZHOU METRO DESIGN & RESEARCH INSTITUTE CO., LTD.	+1.59%	921M

Civil Engineers & Architects