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Research

Solwers: Stable development in a subdued market

By Petri GostowskiCo. Head of Research
Solwers
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Solwers’ H2’23 figures were better than we expected in terms of organic growth and performance. However, we made no substantial changes to our forecasts for the coming years after the report. In our view, the driver of the stock's return expectation is the allocation of the assets in the over-capitalized balance sheet to inorganic growth in line with the company’s strategy.

Solwers

4.24EUR11.03.2024, 18.00
5.00EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:11.03.2024

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 Figures11.03.2024

202324e25e
Revenue66.077.179.4
growth-%5.1 %16.8 %3.0 %
EBIT (adj.)4.84.95.3
EBIT-% (adj.)7.3 %6.3 %6.6 %
EPS (adj.)0.320.290.32
Dividend0.060.080.08
Dividend %1.3 %3.3 %3.5 %
P/E (adj.)15.17.97.1
EV/EBITDA8.25.04.4
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