NYAB: Estimates updated to the IFRS realm
We have updated our NYAB estimates to reflect the transition to IFRS reporting. NYAB also updated its long-term financial targets in the summer and clearly raised its growth target and therefore we raised our growth estimates for the next few years. However, the change in the accounting standard had a negative effect on our profitability estimates, which resulted in a slight decrease in our earnings estimates. As a whole, our view of the value of the share remained almost unchanged and thus we reiterate our Reduce recommendation and EUR 0.70 target price.
NYAB provides services of engineering, construction and maintenance with a focus on sustainable infrastructure and renewable energy. Offering includes, among others, roads, railways, bridges, airports, wind and solar power, as well as power networks. In addition, NYAB provides various types of facilities for industrial clients. NYAB operates in Sweden and Finland within both private and public sector.
Read more on company pageKey Estimate Figures27.07.2023
2022 | 23e | 24e | |
---|---|---|---|
Omsætning | 253,3 | 326,7 | 385,6 |
vækst-% | 92,3 % | 29,0 % | 18,0 % |
EBIT (adj.) | 27,2 | 27,6 | 30,0 |
EBIT-% (adj.) | 10,7 % | 8,4 % | 7,8 % |
EPS (adj.) | 0,40 | 0,37 | 0,41 |
Udbytte | 0,08 | 0,11 | 0,14 |
Udbytte % | 8,9 % | 18,5 % | 22,2 % |
P/E (adj.) | 2,2 | 1,6 | 1,5 |
EV/EBITDA | 2,1 | 0,7 | 0,3 |