Analyst Comment
NYAB divests North American Dovre units
Summary
- NYAB has agreed to divest its North American subsidiaries within the Dovre operations to Teal Recruitment, with the transaction expected to close during the first quarter of 2026.
- The divestment aligns with NYAB's strategy to focus on the Nordic markets, as the North American units were deemed non-core and of limited strategic relevance.
- The divested operations had an estimated full-year revenue in the single-digit MEUR range in 2025, and while the financial impact is limited, the move is expected to support NYAB's margin profile.
- The divestment does not lead to immediate changes in the analyst's current estimates, which will be reviewed with the company's Q4 report on Thursday, February 12.
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NYAB announced on Monday that it has signed an agreement to divest its North American subsidiaries within the Dovre operations to Teal Recruitment, a Canada-based workforce solutions provider. The transaction involves the sale of 100 percent of the shares in Dovre Canada Limited and Dovre Group Inc. (USA). The divestment is expected to close during the first quarter of 2026. The divestment does not lead to any immediate changes in our current estimates, and we will go through these in conjunction with the company's Q4 report on Thursday, February 12.
A logical step to sharpen Nordic focus
The North American operations were originally acquired as part of NYAB's purchase of Dovre's consulting and project personnel business on January 2, 2025. Management has characterized these operations as having limited strategic relevance and not being core to the Group's long-term strategic or financial priorities. CEO Johan Larsson noted that while the Dovre acquisition enabled NYAB to establish a presence in Norway, divesting the North American units is a natural step to concentrate on the Nordic markets where the company’s position and growth potential are strongest.
Limited financial impact but supports margins
The operations to be divested had an unaudited estimated full-year revenue in the single-digit MEUR range in 2025. While the parties have agreed not to disclose the purchase price, NYAB stated that the transaction was agreed on market terms and is not financially material to the Group. However, the divestment is expected to support NYAB's margin profile, as the North American operations have historically performed below the profitability levels of other units within the Consulting segment.
No immediate changes to our estimates
We view the divestment as a positive move that underscores NYAB's strategic focus on its core Nordic markets. By quickly exiting non-core and lower-margin geographies acquired through the Dovre transaction, NYAB can better allocate its resources toward its primary growth drivers in Sweden, Finland, and Norway. Given the modest scale of the divested operations, we are keeping our estimates unchanged at this point. We will review these in conjunction with the company's Q4 report on Thursday, February 12.
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NYAB provides services within engineering, construction and maintenance with a focus on sustainable infrastructure and renewable energy. The offering includes roads, railways, bridges, airports, wind and solar power and power grids. NYAB also provides various types of facilities for industrial customers. NYAB operates in Sweden and Finland in both the private and public sectors.
Read more on company pageKey Estimate Figures06.11.2025
| 2024 | 25e | 26e | |
|---|---|---|---|
| Revenue | 345.9 | 549.1 | 613.7 |
| growth-% | 23.4 % | 58.7 % | 11.8 % |
| EBIT (adj.) | 26.4 | 33.1 | 40.1 |
| EBIT-% (adj.) | 7.6 % | 6.0 % | 6.5 % |
| EPS (adj.) | 0.03 | 0.03 | 0.04 |
| Dividend | 0.01 | 0.01 | 0.01 |
| Dividend % | 2.3 % | 2.2 % | 2.6 % |
| P/E (adj.) | 15.3 | 15.8 | 12.6 |
| EV/EBITDA | 9.1 | 9.9 | 7.6 |
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