NYAB provides services within engineering, construction and maintenance with a focus on sustainable infrastructure and renewable energy. The offering includes roads, railways, bridges, airports, wind and solar power and power grids. NYAB also provides various types of facilities for industrial customers. NYAB operates in Sweden and Finland in both the private and public sectors.
* We leave our estimates fairly unchanged (EBIT +1-0%) * But strong order intake in Q1 de-risks 2026 estimates * We reiterate our fair value range of SEK 6-9 per share Q1 characterised by strong orders NYAB performed solidly in a seasonally weaker Q1...
While the headline miss was meaningful, in our view the underlying read was more constructive than the print suggested, supported by very strong order intake and a record-high Civil Engineering order backlog
* Big deviations in a seasonally smaller quarter * Strong orders de-risks '26e in our view * Estimates should be fairly unchanged Q1 results Sales were a bit weaker in a seasonally weak Q1, 12% below ABGSC and 14% below FactSet consensus with -6% organic...
While the Q1 miss introduces some smaller pressure to our near-term estimate, we believe the 700 MEUR potential value in Phase 1 assignments and the expanding order backlog provide strong visibility, keeping our longer-term investment case firmly intact.
We expect the company to start the year with double-digit revenue growth and a slight year-on-year margin improvement, supported by continued strong activity in the Swedish infrastructure and power segments.
