Rejlers Valuation

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

REJL B (SEK137.2) is trading below our estimate of [[fair value]] (SEK475.51)

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

Valuation Score

5/6

Valuation Score 5/6

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 REJL B when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: REJL B (SEK137.2) is trading below our estimate of fair value (SEK475.51)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for REJL B. This is calculated by dividing REJL B's market cap by their current earnings.
What is REJL B's PE Ratio?
PE Ratio	14.4x
Earnings	SEK 211.00m
Market Cap	SEK 3.03b

REJL B 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	0.9x
Enterprise Value/EBITDA	8.7x
PEG Ratio	1.1x

Price to Earnings Ratio vs Peers

How does REJL B's PE Ratio compare to its peers?

The above table shows the PE ratio for REJL B 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	15x
AFRY Afry	14.4x	18.8%	SEK 17.2b
SIBEK Sibek	22.8x	n/a	SEK 492.4m
PENG B Projektengagemang Sweden	13.5x	34.1%	SEK 244.1m
HIFA B Hifab Group	9.3x	n/a	SEK 191.0m
REJL B Rejlers	14.4x	13.6%	SEK 3.0b

Price-To-Earnings vs Peers: REJL B is good value based on its Price-To-Earnings Ratio (14.4x) compared to the peer average (15x).

Price to Earnings Ratio vs Industry

How does REJL B's PE Ratio compare vs other companies in the European Professional Services Industry?

5 Companies	Price / Earnings	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: REJL B is good value based on its Price-To-Earnings Ratio (14.4x) compared to the European Professional Services industry average (18.2x).

Price to Earnings Ratio vs Fair Ratio

What is REJL B'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.

REJL B PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	14.4x
Fair PE Ratio	18.2x

Price-To-Earnings vs Fair Ratio: REJL B is good value based on its Price-To-Earnings Ratio (14.4x) compared to the estimated Fair Price-To-Earnings Ratio (18.2x).

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 REJL B 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	SEK 137.20	SEK 190.00 +38.5%	2.6%	SEK 195.00	SEK 185.00	n/a	2
Nov ’25	SEK 152.60	SEK 187.50 +22.9%	4.0%	SEK 195.00	SEK 180.00	n/a	2
Oct ’25	SEK 151.80	SEK 187.50 +23.5%	4.0%	SEK 195.00	SEK 180.00	n/a	2
Sep ’25	SEK 160.00	SEK 187.50 +17.2%	4.0%	SEK 195.00	SEK 180.00	n/a	2
Aug ’25	SEK 156.20	SEK 187.50 +20.0%	4.0%	SEK 195.00	SEK 180.00	n/a	2
Jul ’25	SEK 155.60	SEK 178.50 +14.7%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Jun ’25	SEK 155.20	SEK 178.50 +15.0%	9.2%	SEK 195.00	SEK 162.00	n/a	2
May ’25	SEK 141.00	SEK 178.50 +26.6%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Apr ’25	SEK 143.50	SEK 178.50 +24.4%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Mar ’25	SEK 140.00	SEK 178.50 +27.5%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Feb ’25	SEK 126.50	SEK 178.50 +41.1%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Jan ’25	SEK 122.50	SEK 178.50 +45.7%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Dec ’24	SEK 115.00	SEK 178.50 +55.2%	9.2%	SEK 195.00	SEK 162.00	n/a	2
Nov ’24	SEK 118.50	SEK 187.50 +58.2%	4.0%	SEK 195.00	SEK 180.00	SEK 152.60	2
Oct ’24	SEK 117.50	SEK 195.00 +66.0%	7.7%	SEK 210.00	SEK 180.00	SEK 151.80	2
Sep ’24	SEK 119.50	SEK 195.00 +63.2%	7.7%	SEK 210.00	SEK 180.00	SEK 160.00	2
Aug ’24	SEK 136.00	SEK 195.00 +43.4%	7.7%	SEK 210.00	SEK 180.00	SEK 156.20	2
Jul ’24	SEK 144.50	SEK 195.00 +34.9%	7.7%	SEK 210.00	SEK 180.00	SEK 155.60	2
Jun ’24	SEK 150.00	SEK 195.00 +30.0%	7.7%	SEK 210.00	SEK 180.00	SEK 155.20	2
May ’24	SEK 158.50	SEK 190.00 +19.9%	5.3%	SEK 200.00	SEK 180.00	SEK 141.00	2
Apr ’24	SEK 164.20	SEK 190.00 +15.7%	5.3%	SEK 200.00	SEK 180.00	SEK 143.50	2
Mar ’24	SEK 160.80	SEK 190.00 +18.2%	5.3%	SEK 200.00	SEK 180.00	SEK 140.00	2
Feb ’24	SEK 155.40	SEK 178.50 +14.9%	12.0%	SEK 200.00	SEK 157.00	SEK 126.50	2
Jan ’24	SEK 137.00	SEK 178.50 +30.3%	12.0%	SEK 200.00	SEK 157.00	SEK 122.50	2
Dec ’23	SEK 130.60	SEK 178.50 +36.7%	12.0%	SEK 200.00	SEK 157.00	SEK 115.00	2
Nov ’23	SEK 129.20	SEK 178.50 +38.2%	12.0%	SEK 200.00	SEK 157.00	SEK 118.50	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.