Inderes uses cookies to provide a better user experience and a personalised service. By consenting to the use of cookies, we can develop an even better service and will be able to provide content that is interesting to you.
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.
NYAB's Q3 revenue clearly beat our estimates on a surge in Finland, but the quality of the EBIT beat was weaker. We raise our TP to SEK 9.5 but lower our recommendation to Accumulate.
* EBIT 4% better than ABGSC and FactSet consensus * High organic growth (+27%) and record backlog (+116% y-o-y) * Estimates +1-2%; share trading at 9.5x EBIT 2027e Q3 results Another strong report. Orders were record strong, driving an order backlog ...
* A flexible, asset-light model enabling rapid growth with limited risk * We raise '27e-'28e EBIT by 5-10% and see +29% growth F12m * FVR SEK 7.5-12.0 (6.0-9.0) after raised estimates and outlook A flexible model driving high growth and margins We think...
* Signs Phase 2 with Svenska kraftnät worth SEK 1.6bn * We expect consensus to raise 2027e-2028e EBIT by 5-10% * Share has done well, but still trades at 9x EBIT 2027e Largest power line project to date, with limited price risk NYAB announced this morning...
Based on the update published by Renewables Finland at the end of August 2026, a few new onshore wind power projects have been launched in Finland over the past year.
* We hosted CEO Johan Larsson * Strong market conditions while NYAB continues to gain share * >20% earnings growth both R12m and F12m at 10x EBIT Strong outlook intact We hosted NYAB's co-founder and CEO, Johan Larsson at ABGSC's Small & Mid Cap Seminar...
