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Nyhetsflöde Solwers

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10/25/2024 9:13:59 AM - Solwers: Eyeing expansion opportunities in Poland - Nordea - Operating currently in Finland and Sweden in the built environment consultancy sector, Solwers plans to expand its focus to new markets. Solwers’ board has decided to establish a subsidiary in Poland, and is currently exploring acquisition targets in the country. According to the company, significant investments are planned in Poland for infrastructure and the renewal of the energy industry. Poland is also emerging as a logistics hub for Central Europe. Additionally, a substantial part of the planning for the reconstruction of Ukraine is likely to take place in Poland. We note that Solwers has a considerable cash position and ample room for M&A. Expansion into Poland in particular was not on the cards, in our view, as our understanding has been that Solwers sees significant opportunities to consolidate the Finnish and Swedish markets. Selective acquisitions and projects could offer growth opportunities outside of Solwers’ core markets, with limited increase in the risk level from operating in a new geographical market.
9/2/2024 5:20:17 AM - Solwers: One-offs burden H1, set for M&A-driven growth - Nordea - Solwers posted H1 revenue 3% ahead of our estimate, as organic growth was slightly positive, while we had expected a slight decline. H1 EBIT of EUR 2.0m came in 27% below our estimate of EUR 2.7m; almost half of the negative deviation was explained by one-offs from e.g. higher contingent considerations from previously completed acquisitions, as well as costs related to preparation for its possible transfer to the main list of Nasdaq Helsinki. After the H1 report, we raise our top-line estimates for 2024-26 by 2-4%, but cut our adjusted EBIT estimates by 7-8%, as we forecast a somewhat slower recovery in profitability. Consequently, our DCF- and peer-based fair value range is trimmed to EUR 4.8-5.7 (5.1-6.0), which includes EUR 0.7 per share in present value of unannounced acquisitions. We believe Solwers will continue with its M&A-driven strategy and see further margin improvement potential once the market recovers. Marketing material commissioned by Solwers.
8/30/2024 7:01:38 AM - Solwers: H1 sales slightly above our estimates while profitability weaker - Nordea - Solwers posted H1 revenue of EUR 39.9m, 2% above our expectations while profitability was lower due to e.g. preparation costs related to a possible transfer to the main list of Nasdaq Helsinki. H1 growth was 20% driven by acquisitions conducted in 2023 and early H1 in particular. H1 EBIT of EUR 2.0m declined by 21% y/y and the EBIT margin declined to 4.9% from 7.5% in H1 2023. Operating cash flow improved to EUR 1.1m from EUR 1.0m a year ago, The billing rate was largely unchanged at 82%. EPS was EUR 0.07 per share, down from EUR 0.15 y/y. The headcount at the end of H1 was 690. In the CEO comment it is mentioned that the overall market uncertainty has persisted. The company now expects moderate improvement in the business climate towards the end of the year and the outlook for 2024 remains unchanged. The company does not provide a financial guidance for 2024. We expect a neutral to slightly negative share price reaction.
8/21/2024 7:04:16 AM - Solwers: Acquisitions to drive growth in 2024 - Nordea - Ahead of Solwers' Q2 report on 30 August, we update our estimates to reflect two acquisitions conducted in Q3, which on an annual basis increase revenue by ~4%. At the same time, we lower our organic growth estimate for 2024 from -2% to -3% and our 2025 estimate from +4% to +3%, as we see a risk of a somewhat postponed recovery in the market. Our fair value, excluding any unannounced M&A in 2025-26, remains unchanged at EUR 4.4-5.4, while we trim our fair value including unannounced M&A to EUR 5.1-6.0 (5.2-6.1). The Solwers share price has been surprisingly weak recently and is down 33% year-to-date. The share is trading at a substantial discount to all relevant peers and even without any unannounced M&A in our estimates, we see over 30% potential upside. Marketing material commissioned by Solwers.
8/19/2024 1:40:13 PM - Solwers: Strengthens foothold Sweden – WiseGate acquires Spectra Consult - Nordea - Solwers’ subsidiary WiseGate has today signed an agreement to acquire 100% of Spectra Consult AB shares. Spectra Consult was founded in 2019 and today employs about 20 skilled consultants focusing on design and supervision for customers primarily engaged in the fields of electric power, national defence, and public civil engineering. Spectra Consult had revenue of SEK 19.9m (EUR ~1.7m) with an EBIT margin of 16.3% in 2023 and SEK 14.7m (EUR ~1.3m) with a margin of 15.9% in 2022. The acquisition will be reported as a part of Solwers as of 1 August 2024. Spectra Consult and WiseGate have collaborated for years on numerous projects and the acquisition seems like a natural continuation of this collaboration. The purchase price is not disclosed, but a part of the purchase price is paid in 62,471 newly issued Solwers shares (EUR ~220k) and the rest will be paid in cash. Based on earlier acquisitions made by Solwers’, we estimate the valuation could be 5-7x EV/EBIT, corresponding to a price of EUR ~1.3-1.9m, assuming the target has zero net debt. The acquisition adds ~1% and ~2% to Solwers’ 2024E sales and EBIT, respectively, accounting for the start of the consolidation period. Compared to full year 2023, the acquisition adds ~3% and ~6% of revenue and EBIT respectively. We view the news as positive, as Spectra Consult seems to be a well-run company with a strong financial performance, assuming the price is close to our estimated range.
7/5/2024 6:25:57 AM - Solwers : Acquires quality architectural expertise in Finland - Nordea - Solwers’ subsidiary Davidsson Tarkela Architects Oy has today signed an agreement to acquire 100% of Siren Architects, Finland’s oldest architectural firm. For the last reported 12 month period (3/2023-2/2024), Siren Architects had revenue of EUR 1.75m and an adjusted EBIT margin of 13.5% (EUR ~240,000) versus EUR 1.74m and 14.4% the previous year, respectively, and employs 18 professionals. The acquisition will be reported as part of Solwers as of 1 July. Design references include numerous residential and office buildings, educational institutions, sports facilities, renovations and urban planning including many landmark buildings in Finland. The purchase price is not disclosed, but part of the purchase price is paid in 103,632 newly issued shares (EUR ~400,000) and the rest in cash. If we assume 25-30% of the purchase price is paid with shares, the purchase price corresponds to an EV/EBIT multiple of 5.6-6.7x assuming Siren Architects has zero net debt. The acquisition adds 3% to Solwers’ 2023 sales and 5% to EBIT. We view the news as positive as Siren Architects appears to be a quality company and performing well, assuming the purchase price is close to our estimated range and not substantially above.
6/14/2024 5:52:28 AM - Solwers: A decentralised consultancy growth platform - Nordea - We initiate coverage of Solwers, a company that acts as a growth platform for the built environment consultancy sector in the fields of architecture, technical consulting, project management, environmental monitoring, circular economy and digital solutions. Solwers' growth strategy, targeting over 20% annually, is based on acquisitions with virtually no integration, and instead letting the subsidiaries operate under their own brands. However, we believe that there are clear top-line synergies that can be achieved. Given Solwers' strong balance sheet, we see ample M&A-driven growth opportunities ahead, with underlying earnings recovering in 2025E. Based on DCF, peer group valuation and M&A-driven value creation, we derive a fair value range of EUR 5.2-6.1 for the Solwers share. Marketing material commissioned by Solwers.
6/13/2024 6:08:51 AM - A decentralised consultancy growth platform - Nordea - We initiate coverage of Solwers, a company that acts as a growth platform for the built environment consultancy sector in the fields of architecture, technical consulting, project management, environmental monitoring, circular economy and digital solutions. Solwers' growth strategy, targeting over 20% annually, is based on acquisitions with virtually no integration, and instead letting the subsidiaries operate under their own brands. However, we believe that there are clear top-line synergies that can be achieved. Given Solwers' strong balance sheet, we see ample M&A-driven growth opportunities ahead, with underlying earnings recovering in 2025E. Based on DCF, peer group valuation and M&A-driven value creation, we derive a fair value range of EUR 5.2-6.1 for the Solwers share. Marketing material commissioned by Solwers.
5/31/2024 6:23:30 AM - Solwers ökar omsättning men minskar vinsten - spår förbättrad affärsmiljö mot slutet av året - Finska konsultbolaget Solwers minskade såväl omsättningen som vinsten i det första kvartalet.
5/17/2022 12:22:35 PM - Solwers förvärvar svenskt bolag med 20 miljoner kronor i omsättning - Finska konsultbolaget Solwers förvärvar Establish Schening i Sverige och expanderar därmed till logistikkonsultsektorn. Det framgår av ett pressmeddelande.
4/13/2022 8:08:29 AM - Styrelseledamot ökar sitt aktieinnehav i Solwers - Leif Sebbas har den 8 och 11 april köpt 1 832 aktier i det finska konsultbolaget Solwers där han är styrelseledamot. Aktierna köptes till en genomsnittskurs på 7,20 euro per aktie, en affär på 13 200 euro. Affären gjordes på First North i Helsingfors. Det framgår av ett insynsmeddelande.
3/15/2022 8:08:09 AM - Solwers ökar omsättning men minskar vinsten - tittar på fler förvärv - Finska konsultbolaget Solwers ökade omsättningen men minskade vinsten under 2021. Bolaget avser fortsätta att förvärva.
12/21/2021 11:45:56 AM - Solwers förvärvar svenska Ele Engineering - Finska konsultbolaget Solwers svenska dotterbolag har förvärvat samtliga aktier i Ele Engineering, enligt ett pressmeddelande. Tillträde är planerat den 30 december.
6/18/2021 8:33:13 AM - Solwers stiger 11 procent i premiärhanden på First North i Helsingfors - Finska teknikkonsultbolaget Solwers började i dag den 18 juni att handlas på Nasdaq First North Growth Market i Helsingfors. Aktien handlas med kortnamnet SOLWERS.