Sitowise: Margins remain moderate
Sitowise's Q4 results and 2024 outlook were below our expectations, especially in terms of profit margin, which lowered our forecasts for the coming years. 2024 is expected to remain challenging for the Buildings business, but the overall economic environment is also weakening other businesses. Eventually, however, the market will recover and Sitowise's billing rate will normalize to a higher level, creating the basis for earnings growth. Valuation is not high, especially given the low level of earnings at the moment, but the lack of earnings growth and weak market performance still limit upside.
Sitowise Group
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.
Read more on company pageKey Estimate Figures28.02
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 210.9 | 202.9 | 213.5 |
growth-% | 3.18 % | -3.80 % | 5.20 % |
EBIT (adj.) | 13.6 | 13.6 | 20.1 |
EBIT-% (adj.) | 6.44 % | 6.71 % | 9.40 % |
EPS (adj.) | 0.21 | 0.21 | 0.36 |
Dividend | 0.00 | 0.06 | 0.11 |
Dividend % | 2.09 % | 3.79 % | |
P/E (adj.) | 15.19 | 13.88 | 7.92 |
EV/EBITDA | 8.45 | 7.30 | 5.45 |