Sitowise: We expect the sustainable profitability level to be better than currently
Af Olli Koponen
Sitowise will achieve strong growth this year, but overall cost increases and front-loaded growth investments will push the earnings level clearly below the company's historical and potential levels. Organic growth generated by the strong order book and acquisitions will continue to support growth until next year, although a market slowdown due to a fall in construction investments is expected. We also expect the increased resources caused by growth to produce better next year, which, together with declining subcontracting costs, will generate earnings growth next year. Despite the drop in the recommendation, we see that Sitowise's growth, earnings potential and quality still leaves a clear upside in the valuation.
Sitowise Group operates in the construction and infrastructure sector. The company specializes in the development of large construction projects. Examples of projects that the company carries out include road and building construction, as well as pipe and underground construction. The projects are carried out independently and in collaboration with other players in the industry. The largest operations are found in the Nordic market, where customers are found among corporate customers and public actors.
Læs mere på virksomhedssideKey Estimate Figures28.11.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Omsætning | 179,3 | 201,8 | 214,7 |
| vækst-% | 12,0 % | 12,5 % | 6,4 % |
| EBIT (adj.) | 18,9 | 17,5 | 20,4 |
| EBIT-% (adj.) | 10,6 % | 8,7 % | 9,5 % |
| EPS (adj.) | 0,29 | 0,35 | 0,39 |
| Udbytte | 0,10 | 0,12 | 0,14 |
| Udbytte % | 1,2 % | 4,9 % | 5,7 % |
| P/E (adj.) | 27,4 | 7,0 | 6,2 |
| EV/EBITDA | 13,3 | 6,9 | 4,9 |
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