contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Lucas Mattsson

Sitowise Group operates in the construction and infrastructure industry. The company specializes in the development of major construction projects. Examples of projects that the company carries out, on its own and in collaboration with other companies in the industry, include road and building construction, as well as pipe and underground constructions. The largest operations are in the Nordic market, where customers are found among corporate customers and public actors.

Sitowise Group

We view this as a positive development, as it allows the company to extend the maturity of its debt, giving it more time to reduce leverage without immediate concerns about maturity dates. 

Sitowise has announced that it has signed a 90 MEUR financing agreement as an extension of its current financing agreement. We view this as a positive development, as it allows the company to extend the maturity of its debt, giving it more time to reduce leverage (i.e., net debt to EBITDA) without immediate concerns about maturity dates. We are not making any immediate changes to our estimates or valuation.
The new financing arrangement, which replaces existing financing agreement of 100 MEUR maturing on 12 March 2026, includes 37 MEUR term loan facility, 33 MEUR acquisition loan facility and 20 MEUR revolving credit facility. The agreement has maturity until 12 June 2027, and the term loan is amortized in semi-annual instalments of 0.5 MEUR.
<h2>Earnings improvement is still essential</h2>
Since Sitowise had already indicated plans to negotiate an extension of its financing package beyond 2026, this news did not come as a surprise to us. However, given Sitowise&apos;s very high debt leverage (net debt/adjusted EBITDA) stood at 5x in Q4&#x2019;24 (with a target below 2.5x), we see it as a positive development that they have been able to refinance their existing debt. This extension provides Sitowise with additional time to lower its leverage without immediate concerns over debt maturity. In our view, the debt burden is at elevated levels, making it crucial for earnings to improve so that leverage can be reduced to more sustainable levels. Furthermore, since the loan margin is tied to Sitowise&apos;s leverage ratio, the cost of borrowing will fluctuate depending on how much debt the company carries relative to its earnings. Therefore, we believe that a turnaround in the company&apos;s financial performance is essential for an improvement in the financial figures.

	2024	25e	26e
Revenue	192.9	191.2	207.6
growth-%	-8.5 %	-0.9 %	8.5 %
EBIT (adj.)	4.6	9.5	14.7
EBIT-% (adj.)	2.4 %	5.0 %	7.1 %
EPS (adj.)	-0.01	0.08	0.20
Dividend	0.00	0.10	0.14
Dividend %		4.0 %	5.6 %
P/E (adj.)	-	32.04	12.73
EV/EBITDA	11.92	8.00	6.23

Sitowise secures new financing agreement

Earnings improvement is still essential

Sitowise Group

Key Estimate Figures13.02