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Research

Solwers: Steps in capital allocation

By Petri GostowskiCo. Head of Research
15.09.2023, 08.26
Solwers
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Solwers announced two acquisitions on Thursday that will increase technical consulting in northern Sweden and architectural operations in Finland. The acquisitions were expected considering the company’s strategy and growth targets, and we believe they fit Solwers Group quite well. Reflecting the small size of the acquisitions, the estimate changes for this and the next few years were moderate. We expect that the company will continue its inorganic growth over the next 12 months, and its financial position enables smaller-scale acquisitions that are typical for the company.

Solwers

4.06EUR14.09.2023, 18.00
5.00EURTarget price
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Recommendation updated:31.08.2023

Solwers is a consulting company focused on the industrial sector. The company specializes in digital solutions that concern planning and project management services. Examples of the company's services include architecture, technical consulting, environmental monitoring, project management, circular economy, and digital solutions. The customers are found in a number of industries and mainly among small and medium-sized corporate customers. Solwers operates worldwide with the largest presence in the Nordic region.

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Key Estimate Figures31.08.2023

202223e24e
202223e24e
Revenue62.863.664.0
growth-%40.6 %1.2 %0.7 %
EBIT (adj.)5.14.54.4
EBIT-% (adj.)8.1 %7.2 %6.9 %
EPS (adj.)0.350.250.26
Dividend0.070.090.10
Dividend %1.7 %4.1 %4.6 %
P/E (adj.)12.28.78.4
EV/EBITDA6.03.83.4
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