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Projektengagemang

Projektengagemang

Projektengagemang (PE) is one of Sweden’s leading engineering and architecture consultancy firms. As an urban planner, it creates innovative and sustainable solutions that shape the development of cities, infrastructure and industry. The company employs more than 1,000 people at 35 locations in Sweden, which is also its main market. PE was founded in 2006 and is listed on Nasdaq Stockholm.

Urbanisation and Sustainability are the two major trends that create opportunities for PE. As our cities continue to grow, there is a need to improve infrastructure, health care, retirement homes and communication hubs. In recent years the sustainability focus of the urban planning process has intensified, with tougher rules and legal requirements. In addition, customers and end users expect environmental and sustainability aspects to be considered at every stage, which creates an opportunity for PE to take a holistic view of the process, from architecture to finished project.

The five risks that PE defines as most likely to occur are (in descending order): Competition, Price, Internal efficiency, Liquidity and Demand. Of these, Demand is deemed to have the highest impact, followed by Internal efficiency and Price.

SEKm 2020 2021e 2022e
Sales 1167 1133 1228
Sales growth (%) -13,5 -2,9 8,4
EBITDA 154 152 175
EBITDA margin (%) 13,2 13,5 14,3
EBIT adj 67 66 84
EBIT adj margin (%) 5,8 5,8 6,8
Pretax profit 54 55 75
EPS rep 1,54 1,76 2,43
EPS growth (%) 195,3 14,6 37,9
EPS adj 1,54 1,76 2,43
DPS 0 1 1,3
EV/EBITDA (x) 5,4 5,3 4,4
EV/EBIT adj (x) 12,3 12,3 9,2
P/E (x) 15,4 13,6 9,9
P/E adj (x) 15,4 13,6 9,9
EV/sales (x) 0,7 0,7 0,6
FCF yield (%) 30,5 21,4 22,8
Dividend yield (%) 0 4,2 5,4
Net IB debt/EBITDA 1,6 1,4 1
Lease adj. FCF yield (%) 17,2 7,8 10,9
Lease adj. ND/EBITDA 1,3 0,7 0,1
SEKm 2020 2021e 2022e
Sales 1167 1133 1228
COGS 0 0 0
Gross profit 1167 1133 1228
Other operating items -1013 -981 -1052
EBITDA 154 152 175
Depreciation and amortisation -76 -76 -80
Of which leasing depreciation -66 -68 -72
EBITA 79 77 95
EO items 0 0 0
Impairment and PPA amortisation -11 -11 -11
EBIT 67 66 84
Net financial items -14 -11 -8
Pretax profit 54 55 75
Tax -17 -11 -16
Net profit 37 43 60
Minority interest -1 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 43 60
EPS 1,54 1,76 2,43
EPS Adj 1,54 1,76 2,43
Total extraordinary items after tax 0 0 0
Leasing payments -80 -83 -73
Tax rate (%) -31,2 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 13,2 13,5 14,3
EBITA margin (%) 6,7 6,8 7,7
EBIT margin (%) 5,8 5,8 6,8
Pretax margin (%) 4,6 4,8 6,1
Net margin (%) 3,2 3,8 4,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -13,5 -2,9 8,4
EBITDA growth (%) 92,9 -1,2 14,9
EBIT growth (%) 372,9 -2,4 27,2
Net profit growth (%) 192,3 17 38
EPS growth (%) 195,3 14,6 37,9
Profitability 2020 2021 2022
ROE (%) 6,7 7,5 9,6
ROE Adj (%) 8,8 9,4 11,5
ROCE (%) 7,4 7,2 9,2
ROCE Adj(%) 8,7 8,5 10,5
ROIC (%) 5,4 6,3 7,9
ROIC Adj (%) 5,4 6,3 7,9
Adj earnings numbers 2020 2021 2022
EBITDA Adj 154 152 175
EBITDA Adj margin (%) 13,2 13,5 14,3
EBITDA lease Adj 74 69 102
EBITDA lease Adj margin (%) 6,3 6,1 8,3
EBITA Adj 79 77 95
EBITA Adj margin (%) 6,7 6,8 7,7
EBIT Adj 67 66 84
EBIT Adj margin (%) 5,8 5,8 6,8
Pretax profit Adj 65 66 86
Net profit Adj 48 54 71
Net profit to shareholders Adj 48 55 71
Net Adj margin (%) 4,1 4,8 5,8
SEKm 2020 2021e 2022e
EBITDA 154 152 175
Net financial items -14 -11 -8
Paid tax 0 0 0
Non-cash items -4 -13 -16
Cash flow before change in WC 137 128 151
Change in WC 52 7 -5
Operating cash flow 189 135 146
CAPEX tangible fixed assets -12 -10 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 177 126 134
Dividend paid 0 0 -24
Share issues and buybacks 0 0 0
Lease liability amortisation -77 -80 -70
Other non cash items -13 -19 2
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 597 597 597
Other intangible assets 32 20 9
Tangible fixed assets 19 21 25
Right-of-use asset 161 173 171
Total other fixed assets 3 3 3
Fixed assets 813 814 804
Inventories 0 0 0
Receivables 277 289 313
Other current assets 0 0 0
Cash and liquid assets 44 50 50
Total assets 1133 1153 1168
Minority 0 0 0
Total equity 558 602 637
Long-term debt 143 100 60
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 151 173 171
Total other long-term liabilities 22 24 24
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 261 255 276
Total liabilities and equity 1134 1153 1168
Net IB debt 246 219 178
Net IB debt excl. pension debt 246 219 178
Net IB debt excl. leasing 96 47 7
Capital invested 825 845 838
Working capital 16 34 37
EV breakdown 2020 2021 2022
Market cap. diluted (m) 580 588 589
Net IB debt Adj 246 219 178
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 826 807 767
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 99,2 99,1 105,8
Working capital / sales (%) 2,8 2,2 2,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 44,1 36,4 27,9
Net debt / market cap (%) 56,6 37,3 30,1
Equity ratio (%) 49,2 52,2 54,6
Net IB debt adj. / equity (%) 44,1 36,4 27,9
Current ratio (%) 99,5 104,8 105,4
EBITDA / net interest (%) 1518,4 1931,4 3502,9
Net IB debt / EBITDA (%) 159,6 143,8 101,4
Net IB debt / EBITDA lease Adj (%) 129,1 67,2 6,8
Interest cover (%) 774,5 974,4 1898,1
Shareholders equity 558 602 637
SEKm 2020 2021e 2022e
Shares outstanding adj. 24 24 25
Fully diluted shares Adj 24 24 25
EPS 1,54 1,76 2,43
Dividend per share Adj 0 1 1,3
EPS Adj 1,54 1,76 2,43
BVPS 22,79 24,59 25,95
BVPS Adj -2,89 -0,62 1,27
Net IB debt / share 10,1 9 7,2
Share price 17,77 24 24
Market cap. (m) 435 588 589
Valuation 2020 2021 2022
P/E 15,4 13,6 9,9
EV/sales 0,71 0,71 0,62
EV/EBITDA 5,4 5,3 4,4
EV/EBITA 10,5 10,5 8,1
EV/EBIT 12,3 12,3 9,2
Dividend yield (%) 0 4,2 5,4
FCF yield (%) 30,5 21,4 22,8
Lease adj. FCF yield (%) 17,2 7,8 10,9
P/BVPS 1,04 0,98 0,92
P/BVPS Adj -8,19 -38,42 18,9
P/E Adj 15,4 13,6 9,9
EV/EBITDA Adj 5,4 5,3 4,4
EV/EBITA Adj 10,5 10,5 8,1
EV/EBIT Adj 12,3 12,3 9,2
EV/cap. employed 1 0,9 0,9
Investment ratios 2020 2021 2022
Capex / sales 1 0,8 1
Capex / depreciation 129,3 120,6 147,3
Capex tangibles / tangible fixed assets 61,7 46,1 49,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 47,7 38,2 33,6

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Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Projektengagemang Holding i Stockholm AB 21.5 % 61.8 % 30 Apr 2021
Protector Forsikring ASA 12.9 % 4.4 % 30 Apr 2021
Peter Sandberg 1.5 % 4.3 % 30 Apr 2021
Investment AB Öresund 11.5 % 3.9 % 30 Apr 2021
LK Finans AB 6.7 % 2.3 % 31 Mar 2021
Per Granath 6.4 % 2.2 % 30 Apr 2021
Thord Wilkne 2.0 % 0.7 % 30 Apr 2021
Nordnet Pensionsförsäkring 1.8 % 0.6 % 30 Apr 2021
Avanza Pension 1.7 % 0.6 % 30 Apr 2021
Elisabeth Eriksson 1.6 % 0.5 % 30 Apr 2021
Source: Holdings by Modular Finance AB