contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


nyab-starting-the-year-with-a-record-order-backlog-abg

__typename

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isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

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.

Here is the company report on NYAB from Christoffer following the Q1 results  NYAB’s Q1 report fell short of our forecasts in terms of both revenue and profitability. Although our forecast miss was significant, we believe the underlying development was more constructive than the report suggests, supported by a very strong order intake and a record-high infrastructure construction order backlog. For the remainder of 2026, we expect revenue and earnings to be more H2-weighted as early-stage projects gradually move into the execution phase. Margins should improve progressively as production volumes increase and operational leverage normalizes, although we are more cautious regarding the near-term outlook for the Consultancy segment. Management’s comments on market conditions and the project pipeline were encouraging, and no material changes were made to the outlook. The turbulent geopolitical situation in Q1 seems to have had a minimal impact on operations so far, which is encouraging. Following Q1, we have made moderate downward revisions to our 2026 forecasts but have kept our 2027-2028 forecasts largely unchanged thanks to the strong order backlog.                   Inderes              NYAB Q1'26: Q1 kompastelee, mutta tilauskanta joustaa - Inderes    Vaikka otsikon alitus oli merkittävä, oli taustalla mielestämme rakentavampi viesti kuin mitä luvut antoivat ymmärtää, ja sitä tukivat erittäin vahva tilauskertymä ja ennätyskorkea infrarakentamisen tilauskanta

Here are Christoffer’s quick comments following the Q1 results.  NYAB’s Q1 results fell short of our revenue and earnings forecasts, as a higher share of early-stage projects in Sweden and continued weakness in the Consultancy segment weighed on performance. However, order intake grew by 23% year-on-year, pushing the book-to-bill ratio to a strong 1.8x and signaling accelerating growth for the coming quarters. Although the Q1 miss puts some pressure on our near-term forecasts, we believe the €700 million potential value of Phase 1 projects and the growing order backlog provide strong visibility, keeping our long-term investment thesis stable.                   Inderes – 7 May 26              NYAB Q1'26 -pikakommentti: Ennätystilaukset peittosivat alleen pehmeän...    Vaikka Q1-alitus luo pientä painetta lähiajan ennusteisiimme, uskomme ykkösvaiheen hankkeiden 700 MEUR:n potentiaaliseen arvoon ja kasvavaan tilauskannan tarjoavan vahvan näkyvyyden pitäen pitkän aikavälin sijoitusteesimme vakaana.                             Christoffer has already interviewed NYAB’s CEO Johan Larsson.

Christoffer’s preview comments as NYAB prepares to release its Q1 results on May 7th  We expect the company to start the year with double-digit revenue growth and a slight improvement in profitability compared to the previous period (adj. EBITA %), supported by continued strong performance in the Swedish infrastructure and power transmission segments. Although we anticipate revenue growth to moderate compared to 2025—when inorganic contributions also supported growth—recent significant contract wins have substantially de-risked our full-year forecasts and provide strong revenue visibility for the remainder of the year. In the report, we will focus on qualitative comments regarding the market outlook following the quarter’s turbulent geopolitical situation, updates on potential major contract projects, and profitability trends as the expanded capacity continues to be absorbed into the project portfolio. https://www.inderes.fi/analyst-comments/nyab-q126-ennakko-vahva-alku-vuodelle-sopimusputki-tarkastelussa

Here are Christoffer Jennel’s comments on NYAB and SSAB signing an agreement for a pump station project.  NYAB has entered into an early works agreement (Early Works Agreement, EWA) with SSAB for preparatory work on a pump station project located in Luleå. Although the value of the initial phase is likely relatively small, we believe it positions NYAB well for later, more valuable project phases. The project is a natural fit for NYAB’s industrial infrastructure expertise and its strong market position in Northern Sweden. However, as the financial details of the agreement were not specified in the release, we are not making any forecast revisions at this point.                   Inderes – 15 Apr 26              NYAB ja SSAB sopimukseen pumppuasemahankkeesta Luulajassa - Inderes    Vaikka alkuvaiheen arvo on todennäköisesti suhteellisen pieni, uskomme sen asemoivan NYABin hyvin myöhempiä, arvokkaampia projektivaiheita varten.

Christoffer has shared his comments as NYAB signed a project management agreement with Compute Nordic Finland Oy.  The project’s potential total construction value is approximately 100 million euros.                   Inderes              NYAB solmi datakeskussopimuksen Suomessa - Inderes    Pidämme tätä tärkeänä strategisena voittona, joka tarjoaa kaivattua näkyvyyttä Suomen toiminnoille.

And here are Christoffer’s more comprehensive comments in the form of a company report.  NYAB’s Q4 revenue was in line with our forecast, while the operating profit exceeded our expectations. According to comments from the company’s management, the utilization rate of the expanded workforce has normalized faster than we expected. Looking ahead to 2026, we expect growth to moderate from the very high levels of 2025, as NYAB faces tougher comparison figures as well as a sequentially declining, albeit still high, order backlog and a book-to-bill ratio that remained below 1x in Q4. However, we see good conditions for profitability improvement as the expanded workforce is further integrated into the project portfolio. The broader market outlook remains mixed, with continued strength in Sweden contrasting with ongoing caution in Finland. At the same time, we believe that recent large contract wins provide strong visibility into our 2026 revenue forecasts. Following the Q4 report, we have slightly raised our near-term margin assumptions while keeping our revenue forecasts unchanged. We maintain our buy rating and raise our target price to 8.0 SEK (from 7.9 SEK) following the increased earnings forecasts.                   Inderes              NYAB Q4'25: Laatua roimalla alennuksella - Inderes    NYABin Q4-liikevaihto oli linjassa ennusteemme kanssa, kun taas liikevoitto ylitti ennusteemme johdon kommenttien viitatessa laajennetun työvoiman käyttöasteen normalisoituneen odotuksiamme nopeammin.

Christoffer’s quick comments on NYAB’s morning results.  NYAB’s Q4 revenue was in line with our forecast, while operating profit exceeded our forecast. Organic revenue growth was primarily driven by high production in Sweden and the full-quarter contribution from the Consulting segment. Profitability benefited from improved project execution and the faster-than-expected integration of the expanded workforce. The order backlog remains at a high level following recent major contract wins, and management’s comments do not suggest significant changes to the market outlook for 2026. Cash flow was also seasonally strong, supporting the company’s financial flexibility. The Board of Directors proposes a dividend of EUR 0.014 per share for 2026 (dividend yield 2.3%). NYAB announced yesterday after the market close that the company has postponed its planned listing transfer to the Nasdaq Stockholm main market, which was previously expected to take place during the first quarter of 2026. The Board has not yet confirmed a new schedule for the transfer.                   Inderes              NYAB Q4'25 -pikakommentti: Liikevaihto ennusteisiin, kannattavuus osoitti...    NYABin Q4-liikevaihto oli ennusteemme mukainen, kun taas liikevoitto ylitti ennusteemme. Kannattavuus hyötyi parantuneesta projektien toteutuksesta ja laajennetun työvoiman odotettua nopeammasta käyttöönotosta

NYAB

* 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...

* 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, with earnings (EUR 1m) fairly in line with our estimates and strong FCF (EUR 5m), despite a bit weaker organic growth (-6%). Due to low absolute levels of earnings in Q1 in general (typically &lt;5% of full-year earnings), we put more emphasis on the order intake, which remained strong. With order growth of 24% and the backlog up 28% y-o-y, we think the company remains well-positioned to deliver on our full-year 2026 expectations. Estimates relatively unchanged We keep our EBIT estimates fairly unchanged (+0.6%/0.3%/0.3% on '26e/'27e/'28e) and expect NYAB to deliver 19% EBIT growth in 2026 and 10% in 2027. These assumptions exclude potential positive impacts from the two large ongoing Phase 1 projects that the company expects to convert to Phase 2 later this year (during Q2-Q3). Together, these projects provide substantial upside potential to the order backlog, with a potential total order value of ~EUR 700m (of which 400m-500m relates to NYAB). 9x/8x/7x EV/EBITA '26e/'27e/'28e, 15-20% below key peers With the share reaction to the report and based on our unchanged estimates, the valuation remains at ~9x/8x/7x EV/EBITA on '26e/'27e/'28e, which is ~15-20% below infrastructure service peers, and ~10-20% below Nordic construction peers, which are expected to deliver fairly similar earnings growth on average. But due to its net cash position and strong cash flow (&gt;100% FCF/EBITA conversion historically), we think NYAB has a better opportunity to scale faster and grow through M&amp;A. And because of the strong orders, we think our 2026 estimates for NYAB have been de-risked, although it still has to execute with good margins, which the company has done historically (6-12% L10Y vs. construction peers at ~3%).