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Hifab

Leading project management company

Hifab is one of Sweden's largest and leading project management companies and operates projects primarily in Sweden, but internationally as well. The company supports its customers through all stages of a construction project, from early strategic issues to completion and management. Hifab's overall financial goal is to achieve a profit margin of 7% of sales over a business cycle. With 300+ employees, Hifab provides its services for various types of building, infrastructure, industry, environment, energy and process technology projects.

We see further growth opportunities for Hifab in engaging in M&A activity for complementary acquisitions for its business. Further demand for investments in infrastructure, and other projects for various industries should continue to drive growth. More internal efficiencies should continue to benefit the margin.

Hifab faces the risk of temporary problems in the international as well as the Swedish business from delayed project starts and postponed procurements for new projects. Also, it is no longer able to compete in project procurements from Multilateral Development Banks due to sanctions against the firm. Additionally, Hifab faces the risks from not being able to attract new consultants.

SEKm 2018 2019e 2020e
Sales 402 377 395
Sales growth (%) -9,5 -6,2 4,9
EBITDA 13 24 26
EBITDA margin (%) 3,3 6,4 6,6
EBIT adj 13 15 17
EBIT adj margin (%) 3,3 4 4,4
Pretax profit 13 15 17
EPS rep 0,15 0,19 0,22
EPS growth (%) -28,5 25,9 14,1
EPS adj 0,15 0,19 0,22
DPS 0,12 0,14 0,16
EV/EBITDA (x) 8,8 6,3 5,7
EV/EBIT adj (x) 8,9 10 8,6
P/E (x) 15,6 14,6 12,7
P/E adj (x) 15,6 14,6 12,7
EV/sales (x) 0,3 0,4 0,4
FCF yield (%) 7,3 6,8 7
Dividend yield (%) 5 5 5,7
Net IB debt/EBITDA -2 -0,8 -0,8
SEKm 2018 2019e 2020e
Sales 402 377 395
COGS 0 0 0
Gross profit 402 377 395
Other operating items -388 -353 -369
EBITDA 13 24 26
Depreciation on tangibles 0 -9 -9
Depreciation on intangibles 0 0 0
EBITA 13 15 17
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 13 15 17
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 13 15 17
Tax -4 -3 -4
Net profit 9 12 13
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 9 12 13
EPS 0,15 0,19 0,22
EPS Adj 0,15 0,19 0,22
Total extraordinary items after tax 0 0 0
Tax rate (%) -29,5 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 3,3 6,4 6,6
EBITA margin (%) 3,3 4 4,4
EBIT margin (%) 3,3 4 4,4
Pretax margin (%) 3,3 4 4,3
Net margin (%) 2,3 3,1 3,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -9,5 -6,2 4,9
EBITDA growth (%) -26 79 8,5
EBIT growth (%) -25,8 15,1 13,4
Net profit growth (%) -28,5 25,9 14,1
EPS growth (%) -28,5 25,9 14,1
Profitability 2018 2019 2020
ROE (%) 12,1 14,7 15,8
ROE Adj (%) 12,1 14,7 15,8
ROCE (%) 15,6 16,4 16,6
ROCE Adj(%) 15,6 16,4 16,6
ROIC (%) 18 23,6 26,8
ROIC Adj (%) 18 23,6 26,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj 13 24 26
EBITDA Adj margin (%) 3,3 6,4 6,6
EBITA Adj 13 15 17
EBITA Adj margin (%) 3,3 4 4,4
EBIT Adj 13 15 17
EBIT Adj margin (%) 3,3 4 4,4
Pretax profit Adj 13 15 17
Net profit Adj 9 12 13
Net profit to shareholders Adj 9 12 13
Net Adj margin (%) 2,3 3,1 3,4
SEKm 2018 2019e 2020e
EBITDA 13 24 26
Net financial items 0 0 0
Paid tax -4 -3 -4
Non-cash items 0 0 0
Cash flow before change in WC 10 21 22
Change in WC -4 2 -1
Operating cash flow 9 12 13
CAPEX tangible fixed assets 2 -1 -1
CAPEX intangible fixed assets -1 0 0
Acquisitions and disposals 0 0 0
Free cash flow 11 12 12
Dividend paid -7 -7 -9
Share issues and buybacks 0 0 0
Other non cash items 0 -12 0
Decrease in net IB debt 3 -8 3
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 16 16 16
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 0 1 1
Other fixed assets 8 8 8
Fixed assets 25 25 25
Inventories 0 0 0
Receivables 114 107 111
Other current assets 0 0 0
Cash and liquid assets 33 38 41
Total assets 171 170 177
Shareholders equity 78 82 87
Minority 0 0 0
Total equity 78 82 87
Long-term debt 6 19 19
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 87 83 85
Other current liabilities 0 0 0
Total liabilities and equity 190 180 171
Net IB debt -27 -19 -22
Net IB debt excl. pension debt -27 -19 -22
Capital invested 51 49 51
Working capital 26 24 26
EV breakdown 2018 2019 2020
Market cap. diluted (m) 145 170 170
Net IB debt Adj -27 -19 -22
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 118 152 148
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 228,8 220,9 227,7
Capital invested turnover (%) 776,2 750,1 786,8
Capital employed turnover (%) 473,4 407,9 381,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,6 22,6 21,2
Working capital / sales (%) 6 6,8 6,3
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -34,5 -22,8 -25,3
Net debt / market cap (%) -16 -11 -12,9
Equity ratio (%) 45,4 48,2 49,1
Net IB debt adj. / equity (%) -34,5 -22,8 -25,3
Current ratio (%) 167,9 175,1 178,5
EBITDA / net interest (%) 0 13803,7 26464,5
Net IB debt / EBITDA (%) -200 -77,8 -84,2
Interest cover (%) N/A 8740,4 17509
SEKm 2018 2019e 2020e
Shares outstanding adj. 61 61 61
Fully diluted shares Adj 61 61 61
EPS 0,15 0,19 0,22
Dividend per share Adj 0,1 0,1 0,2
EPS Adj 0,15 0,19 0,22
BVPS 1,28 1,35 1,43
BVPS Adj 1,01 1,08 1,16
Net IB debt / share -0,4 -0,3 -0,4
Share price 2,76 2,8 2,8
Market cap. (m) 168 170 170
Valuation 2018 2019 2020
P/E 15,6 14,6 12,7
EV/sales 0,29 0,4 0,38
EV/EBITDA 8,8 6,3 5,7
EV/EBITA 8,9 10 8,6
EV/EBIT 8,9 10 8,6
Dividend yield (%) 5 5 5,7
FCF yield (%) 7,3 6,8 7
P/BVPS 1,87 2,08 1,96
P/BVPS Adj 2,37 2,6 2,42
P/E Adj 15,6 14,6 12,7
EV/EBITDA Adj 8,8 6,3 5,7
EV/EBITA Adj 8,9 10 8,6
EV/EBIT Adj 8,9 10 8,6
EV/cap. employed 1,4 1,5 1,4
Investment ratios 2018 2019 2020
Capex / sales -0,3 0,2 0,2
Capex / depreciation -600 8,6 9
Capex tangibles / tangible fixed assets -850 136,1 84,8
Capex intangibles / definite intangibles 125 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 100 1590,2 945,7

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Main shareholders

Hifab

Main shareholders Share capital % Voting shares % Verified
Traction 53.8 % 54.8 % 31 Mar 2019
Petter Stillström 6.8 % 13.2 % 31 Mar 2019
Niras AB 9.4 % 7.7 % 31 Mar 2019
Nordnet Pensionsförsäkring 2.3 % 1.9 % 31 Mar 2019
Per Granath 1.9 % 1.5 % 31 Mar 2019
Esilentio Aktiebolag 1.7 % 1.4 % 31 Mar 2019
Nordqvist 1.4 % 1.1 % 31 Mar 2019
Astrid Langermo 1.2 % 1.0 % 31 Mar 2019
Thomas Blixt 1.1 % 0.9 % 31 Mar 2019
Avanza Pension 1.1 % 0.9 % 31 Mar 2019
Source: Holdings by Modular Finance AB

Insider list

Hifab

Name Quantity Code Date
Per Arne Johan Ångquist - 90 000 SELL 3 Dec 2018
David Tunberger + 40 000 BUY 21 Dec 2017
Per Arne Johan Ångquist - 8 821 SELL 2 Oct 2017
Tomas Hermansson + 5 000 BUY 5 Jun 2017
PER ARNE JOHAN ÅNGQUIST + 100 000 BUY 21 Nov 2016
KRISTIAN HENNINGE + 22 000 BUY 21 Nov 2016
PER ARNE JOHAN ÅNGQUIST + 100 000 BUY 21 Nov 2016
PATRIK SCHELIN + 100 000 BUY 21 Nov 2016
Lena Elisabet Brattlund + 30 000 BUY 21 Nov 2016
ANDERSSON, PÄR-OLA - 110 000 SELL 12 Sep 2008

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