NYAB: Market outlook still uncertain
NYAB's Q3 results were below our expectations, and revenue in particular developed more moderately than expected, driven by delays in investment decisions and project start-ups. Reflecting this, the company revised its revenue guidance to the lower end of the previous range. Considering the report and the still uncertain outlook, we lowered our growth forecasts for the coming years, which were also reflected in our earnings forecasts. We still believe NYAB's longer-term earnings growth prospects are good, given the investments required for the green transition.
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NYAB
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 Figures12.11.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 253.3 | 291.3 | 334.4 |
growth-% | 92.33 % | 15.00 % | 14.80 % |
EBIT (adj.) | 27.2 | 19.1 | 23.6 |
EBIT-% (adj.) | 10.74 % | 6.55 % | 7.06 % |
EPS (adj.) | 0.04 | 0.02 | 0.03 |
Dividend | 0.01 | 0.01 | 0.01 |
Dividend % | 0.79 % | 1.55 % | 1.93 % |
P/E (adj.) | 25.37 | 24.89 | 19.63 |
EV/EBITDA | 20.94 | 15.69 | 12.84 |
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