Prevas - Challenging backdrop but resilience in defence
14 juli, 21:30
|
Q2 expectationsPrevas will release its Q2'25 report on 17 July, and we expect SEK 428m in sales, implying y-o-y growth of 8%. However, this includes an organic decline of 4%, which is driven by a drop in organic FTEs, negative calendar effects and impacts from price and utilisation. M&A contribution is expected to deliver soft numbers due to market headwinds in Finland. We estimate adj. EBITA of SEK 28m, corresponding to a margin of 7%, a decrease of ~2pp q-o-q. Looking ahead, we remain cautious on segments such as automotive, life science and telecom, but expect defence and energy to continue supporting resilience. Estimate changesWe update our estimates due to a change of analyst. We lower our sales estimates by 2-0% for '25e-'27e on soft technical consulting market data. We also cut adj. EBITA by 10-4% in '25e-'27e. We project compressed margins driven by price pressure, softer utilisation and clients postponing projects. ValuationPrevas is trading at ~9x '26e EV/EBITA on our revised estimates. This is ~5-10% below Nordic peers, which are trading at ~10x '26e EV/EBITA. We believe this reflects the ongoing cyclical downturn in the technical consulting market. However, we expect a modest recovery improvement in H2'25e, supported by stabilising demand and better utilisation. |
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
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Prevas - Challenging backdrop but resilience in defence
14 juli, 21:30
|
Q2 expectationsPrevas will release its Q2'25 report on 17 July, and we expect SEK 428m in sales, implying y-o-y growth of 8%. However, this includes an organic decline of 4%, which is driven by a drop in organic FTEs, negative calendar effects and impacts from price and utilisation. M&A contribution is expected to deliver soft numbers due to market headwinds in Finland. We estimate adj. EBITA of SEK 28m, corresponding to a margin of 7%, a decrease of ~2pp q-o-q. Looking ahead, we remain cautious on segments such as automotive, life science and telecom, but expect defence and energy to continue supporting resilience. Estimate changesWe update our estimates due to a change of analyst. We lower our sales estimates by 2-0% for '25e-'27e on soft technical consulting market data. We also cut adj. EBITA by 10-4% in '25e-'27e. We project compressed margins driven by price pressure, softer utilisation and clients postponing projects. ValuationPrevas is trading at ~9x '26e EV/EBITA on our revised estimates. This is ~5-10% below Nordic peers, which are trading at ~10x '26e EV/EBITA. We believe this reflects the ongoing cyclical downturn in the technical consulting market. However, we expect a modest recovery improvement in H2'25e, supported by stabilising demand and better utilisation. |
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
Ämnen i artikeln
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Inflationen
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Inflationen
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1 mån
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