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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 2021 2022e 2023e
Sales 1015 1105 1175
Sales growth (%) -13 8,9 6,3
EBITDA 131 155 171
EBITDA margin (%) 12,9 14 14,6
EBIT adj 42 68 86
EBIT adj margin (%) 4,2 6,1 7,3
Pretax profit 30 59 79
EPS rep 0,93 1,91 2,57
EPS growth (%) -39,9 106 34,6
EPS adj 0,93 1,91 2,57
DPS 0,5 1 1,3
EV/EBITDA (x) 5,9 4,8 4,1
EV/EBIT adj (x) 18,3 10,8 8,1
P/E (x) 23,4 11,4 8,5
P/E adj (x) 23,4 11,4 8,5
EV/sales (x) 0,8 0,7 0,6
FCF yield (%) 16,7 24,3 25,1
Dividend yield (%) 2,3 4,6 6
Net IB debt/EBITDA 1,8 1,3 1
Lease adj. FCF yield (%) 5,3 10,3 11,6
Lease adj. ND/EBITDA 1,1 0,4 -0,1
SEKm 2021 2022e 2023e
Sales 1015 1105 1175
COGS 0 0 0
Gross profit 1015 1105 1175
Other operating items -884 -951 -1004
EBITDA 131 155 171
Depreciation and amortisation -76 -76 -80
Of which leasing depreciation -68 -69 -72
EBITA 55 79 91
EO items 0 0 0
Impairment and PPA amortisation -13 -11 -5
EBIT 42 68 86
Net financial items -13 -9 -7
Pretax profit 30 59 79
Tax -7 -12 -16
Net profit 23 47 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 47 63
EPS 0,93 1,91 2,57
EPS Adj 0,93 1,91 2,57
Total extraordinary items after tax 0 0 0
Leasing payments -64 -78 -75
Tax rate (%) -23,3 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 12,9 14 14,6
EBITA margin (%) 5,4 7,1 7,8
EBIT margin (%) 4,2 6,1 7,3
Pretax margin (%) 2,9 5,3 6,8
Net margin (%) 2,2 4,2 5,4
Growth rates Y/Y 2021 2022 2023
Sales growth (%) -13 8,9 6,3
EBITDA growth (%) -15,1 18 10,7
EBIT growth (%) -37,4 60,6 27,3
Net profit growth (%) -38,8 106,8 34,6
EPS growth (%) -39,9 106 34,6
Profitability 2021 2022 2023
ROE (%) 4 7,8 9,9
ROE Adj (%) 6,2 9,7 10,7
ROCE (%) 4,5 7,5 9,7
ROCE Adj(%) 6 8,8 10,3
ROIC (%) 3,9 6,4 8,1
ROIC Adj (%) 3,9 6,4 8,1
Adj earnings numbers 2021 2022 2023
EBITDA Adj 131 155 171
EBITDA Adj margin (%) 12,9 14 14,6
EBITDA lease Adj 67 77 96
EBITDA lease Adj margin (%) 6,6 6,9 8,2
EBITA Adj 55 79 91
EBITA Adj margin (%) 5,4 7,1 7,8
EBIT Adj 42 68 86
EBIT Adj margin (%) 4,2 6,1 7,3
Pretax profit Adj 42 70 84
Net profit Adj 35 58 68
Net profit to shareholders Adj 35 58 68
Net Adj margin (%) 3,5 5,2 5,8
SEKm 2021 2022e 2023e
EBITDA 131 155 171
Net financial items -13 -9 -7
Paid tax 0 0 0
Non-cash items -11 -12 -16
Cash flow before change in WC 108 134 148
Change in WC -19 7 -2
Operating cash flow 89 141 145
CAPEX tangible fixed assets -5 -11 -12
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 5 0 0
Free cash flow 89 130 134
Dividend paid 0 -12 -25
Share issues and buybacks 0 0 0
Lease liability amortisation -61 -75 -72
Other non cash items -21 -6 0
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 596 596 596
Other intangible assets 20 8 3
Tangible fixed assets 16 21 24
Right-of-use asset 166 172 172
Total other fixed assets 3 3 3
Fixed assets 800 799 798
Inventories 0 0 0
Receivables 259 282 300
Other current assets 0 0 0
Cash and liquid assets 35 37 35
Total assets 1094 1118 1132
Minority 0 0 0
Total equity 581 616 654
Long-term debt 110 70 30
Pension debt 0 0 0
Convertible debt 0 0 0
Leasing liability 166 172 172
Total other long-term liabilities 24 24 24
Short-term debt 0 0 0
Accounts payable 0 0 0
Other current liabilities 213 238 253
Total liabilities and equity 1094 1118 1132
Net IB debt 239 202 165
Net IB debt excl. pension debt 239 202 165
Net IB debt excl. leasing 73 30 -7
Capital invested 843 841 842
Working capital 46 44 47
EV breakdown 2021 2022 2023
Market cap. diluted (m) 533 533 533
Net IB debt Adj 239 202 165
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 772 735 698
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 91,1 99,9 104,4
Working capital / sales (%) 3 4,1 3,9
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 41,1 32,8 25,2
Net debt / market cap (%) 41,6 37,8 30,9
Equity ratio (%) 53,1 55,1 57,8
Net IB debt adj. / equity (%) 41,1 32,8 25,2
Current ratio (%) 105 104,2 104
EBITDA / net interest (%) 1413,5 2808,9 4882,9
Net IB debt / EBITDA (%) 182,1 130,4 96,3
Net IB debt / EBITDA lease Adj (%) 109 39,3 -7,5
Interest cover (%) 593,2 1435,1 2605,8
Shareholders equity 581 616 654
SEKm 2021 2022e 2023e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 0,93 1,91 2,57
Dividend per share Adj 0,5 1 1,3
EPS Adj 0,93 1,91 2,57
BVPS 23,66 25,08 26,65
BVPS Adj -1,38 0,48 2,25
Net IB debt / share 9,7 8,2 6,7
Share price 23,33 21,7 21,7
Market cap. (m) 573 533 533
Valuation 2021 2022 2023
P/E 23,4 11,4 8,5
EV/sales 0,76 0,66 0,59
EV/EBITDA 5,9 4,8 4,1
EV/EBITA 14 9,3 7,6
EV/EBIT 18,3 10,8 8,1
Dividend yield (%) 2,3 4,6 6
FCF yield (%) 16,7 24,3 25,1
Lease adj. FCF yield (%) 5,3 10,3 11,6
P/BVPS 0,92 0,87 0,81
P/BVPS Adj -15,74 44,88 9,63
P/E Adj 23,4 11,4 8,5
EV/EBITDA Adj 5,9 4,8 4,1
EV/EBITA Adj 14 9,3 7,6
EV/EBIT Adj 18,3 10,8 8,1
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2021 2022 2023
Capex / sales 0,5 1 1
Capex / depreciation 62,9 171,4 141,8
Capex tangibles / tangible fixed assets 32,4 53,3 48,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 51,5 31,1 34,3

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Projektengagemang- Company presentation with CEO Helena Hed

Main shareholders -

Main shareholders Share capital % Voting shares % Verified
Projektengagemang Holding i Stockholm AB 21.5 % 62.0 % 31 Dec 2021
Protector Forsikring ASA 12.9 % 4.4 % 31 Dec 2021
Investment AB Öresund 11.4 % 3.9 % 31 Dec 2021
LK Finans AB 6.7 % 2.3 % 31 Dec 2021
Per Granath 6.4 % 2.2 % 31 Dec 2021
Kurt O Eriksson 2.1 % 0.7 % 31 Dec 2021
Thord Wilkne 2.0 % 0.7 % 31 Dec 2021
Nordnet Pensionsförsäkring 2.0 % 0.7 % 31 Dec 2021
Avanza Pension 1.8 % 0.6 % 31 Dec 2021
Elisabeth Eriksson 1.6 % 0.5 % 31 Dec 2021
Source: Holdings by Modular Finance AB