Sweco Valuation

Q: What is the Fair Price of SWECBS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SWECBS (SEK177.4) is trading below our estimate of [[fair value]] (SEK271.24)

Is SWECBS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SWECBS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SWECBS (SEK177.4) is trading below our estimate of fair value (SEK271.24)

Significantly Below Fair Value: SWECBS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SWECBS?

Key metric: As SWECBS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SWECBS. This is calculated by dividing SWECBS's market cap by their current earnings.
What is SWECBS's PE Ratio?
PE Ratio	31.1x
Earnings	SEK 1.89b
Market Cap	SEK 58.87b

SWECBS key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.2x
Enterprise Value/EBITDA	19.3x
PEG Ratio	2.2x

Price to Earnings Ratio vs Peers

How does SWECBS's PE Ratio compare to its peers?

The above table shows the PE ratio for SWECBS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	12.9x
BBY Balfour Beatty	10x	0.1%	UK£2.3b
MGNS Morgan Sindall Group	14.4x	2.8%	UK£1.8b
KLR Keller Group	8.6x	2.4%	UK£1.1b
RNWH Renew Holdings	18.7x	10.4%	UK£823.0m
SWECBS Sweco	31.1x	14.5%	SEK 58.9b

Price-To-Earnings vs Peers: SWECBS is expensive based on its Price-To-Earnings Ratio (31.1x) compared to the peer average (12.9x).

Price to Earnings Ratio vs Industry

How does SWECBS's PE Ratio compare vs other companies in the European Construction Industry?

4 Companies	Price / Earnings	Estimated Growth	Market Cap

4 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SWECBS is expensive based on its Price-To-Earnings Ratio (31.1x) compared to the European Construction industry average (13.4x).

Price to Earnings Ratio vs Fair Ratio

What is SWECBS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SWECBS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	31.1x
Fair PE Ratio	n/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SWECBS's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SWECBS forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	SEK 193.60 0%	6.7%	SEK 216.00	SEK 180.00	n/a	5
Nov ’25	SEK 179.15	SEK 189.60 +5.8%	7.1%	SEK 216.00	SEK 180.00	n/a	5
Oct ’25	SEK 171.70	SEK 182.80 +6.5%	3.5%	SEK 194.00	SEK 175.00	n/a	5
Sep ’25	n/a	SEK 182.80 0%	3.5%	SEK 194.00	SEK 175.00	n/a	5
Aug ’25	n/a	SEK 182.80 0%	3.5%	SEK 194.00	SEK 175.00	n/a	5
Jul ’25	n/a	SEK 164.20 0%	4.0%	SEK 173.00	SEK 155.00	n/a	5
Jun ’25	n/a	SEK 162.60 0%	5.0%	SEK 173.00	SEK 150.00	n/a	5
May ’25	n/a	SEK 137.40 0%	9.3%	SEK 150.00	SEK 115.00	n/a	5
Apr ’25	n/a	SEK 134.80 0%	10.6%	SEK 150.00	SEK 115.00	n/a	5
Mar ’25	n/a	SEK 132.80 0%	9.5%	SEK 150.00	SEK 115.00	n/a	5
Feb ’25	SEK 122.00	SEK 144.40 +18.4%	9.1%	SEK 155.00	SEK 120.00	n/a	5
Jan ’25	n/a	SEK 143.80 0%	12.1%	SEK 160.00	SEK 111.00	n/a	5
Dec ’24	n/a	SEK 141.80 0%	12.0%	SEK 160.00	SEK 111.00	n/a	5
Nov ’24	n/a	SEK 141.80 0%	12.0%	SEK 160.00	SEK 111.00	SEK 179.15	5
Oct ’24	n/a	SEK 139.80 0%	12.4%	SEK 160.00	SEK 111.00	SEK 171.70	5
Sep ’24	n/a	SEK 144.00 0%	10.1%	SEK 160.00	SEK 123.00	n/a	4
Aug ’24	SEK 108.60	SEK 144.00 +32.6%	10.1%	SEK 160.00	SEK 123.00	n/a	4
Jul ’24	SEK 120.00	SEK 147.25 +22.7%	7.8%	SEK 160.00	SEK 130.00	n/a	4
Jun ’24	SEK 124.40	SEK 146.75 +18.0%	8.0%	SEK 160.00	SEK 130.00	n/a	4
Feb ’24	SEK 113.00	SEK 116.00 +2.7%	3.4%	SEK 120.00	SEK 112.00	SEK 122.00	2
Jan ’24	SEK 102.20	SEK 116.00 +13.5%	3.4%	SEK 120.00	SEK 112.00	n/a	2
Dec ’23	SEK 103.50	SEK 116.00 +12.1%	3.4%	SEK 120.00	SEK 112.00	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.

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