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Solwers: Acquisitions to drive growth in 2026 - Nordea

Solwers

This is a third party research report and does not necessarily reflect our views or values

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Ahead of Solwers' Q4 2025 report, we raise our EBIT estimates by 20-23% for 2026-27 on the back of two sizeable acquisitions announced in December. The acquisitions add over 5% to our top-line estimates for 2026, and the EBIT impact is significant, nearly EUR 1m, which can be compared to our estimate of EUR 1 .5m for 2025. Our EPS revisions are 10-11%. Our DCF- and peer-based fair value range remains at EUR 2.8-3.3, including EUR 0.4 per share for the present value of unannounced acquisitions for 2026E-27E. We expect organic growth to improve by 2-3% in the next two years, with activity in Sweden picking up, while Finland's outlook is somewhat weaker. On the infrastructure side, which accounts for around 25% of group sales, the growth outlook remains favourable.
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