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Sitowise: Growth through acquisitions

SITOWSResearch03.11.2022, 09.24
Olli KoponenAnalyst
Discuss
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. The Q3 report was in line with expectations in terms of growth, earnings and the outlook. Sitowise’s guidance updated before the result remained unchanged. The order book is at a strong record level, but possible slowdown in demand in Finland and drop in profitability create uncertainty about the earnings level in coming years. When uncertainty dispels and projects start, we expect billable utilization and profitability to improve toward previous levels. In addition to the order book, growth is supported by completed acquisitions next year. Considering the growth, the company’s potential and quality, we believe there is upside in the valuation, which together with the dividend raises the expected return to a very attractive level.

Sitowise is a Nordic expert in technical consulting and digital solutions. Our mission is to engineer the foundation of Nordic resilience. We design infrastructure, buildings and cities that stand the test of time and change. We enhance society’s operational reliability by developing critical infrastructure and ensure the sustainable use of the environment and natural resources. We operate in four business areas: Infra, Buildings, Digital solutions and Sweden. The Group’s net sales in 2025 were EUR 189 million, and the company employs approximately 1,900 experts. Sitowise Group Plc is listed on the Nasdaq Helsinki stock exchange under the trading symbol SITOWS.

Read more on company page

Key Estimate Figures27.10.2022

202122e23e
Revenue179.3201.8214.7
growth-%12.0 %12.5 %6.4 %
EBIT (adj.)18.918.320.9
EBIT-% (adj.)10.6 %9.1 %9.8 %
EPS (adj.)0.290.350.41
Dividend0.100.140.16
Dividend %1.2 %5.6 %6.4 %
P/E (adj.)27.47.16.1
EV/EBITDA13.35.64.2

Forum discussions

Atte has published a new company report on Sitowise following its Q2 results Sitowise’s Q2 met our expectations quite well, although profitability...
8/13/2026, 5:39 AM
by Sijoittaja-alokas
2
Atte interviewed Sitowise’s interim CEO Jannis Mikkola regarding the results Topics: 00:00 Intro 00:11 Key points of the beginning of the year...
8/12/2026, 2:12 PM
by Sijoittaja-alokas
1
Here are Ate’s quick comments on Sitowise’s Q2 results. Sitowise’s Q2 revenue was exactly in line with our estimates, but operational profitability...
8/12/2026, 10:23 AM
by Sijoittaja-alokas
1
Here are Ate’s pre-game thoughts ahead of Sitowise reporting its Q2 results next Wednesday We expect the company’s revenue to have declined ...
8/6/2026, 7:03 AM
by Sijoittaja-alokas
1
Summer greetings to everyone! Our silent period begins on Monday, so here is the link to our pre-silent letter again: Q2/2026 Pre-silent period...
7/10/2026, 3:08 PM
by Sitowise IR / Mari
4
Olli has also kindly updated the company report. Sitowise announced yesterday that it is selling its Swedish technical consulting operations...
6/10/2026, 6:00 AM
by Sijoittaja-alokas
2
There will be a write-down of approximately EUR 18 million on the balance sheet, so the cash inflow is only EV=EUR 3 million, with a potential...
6/9/2026, 7:04 AM
by Olli Vilppo
3