Sitowise: Growth through acquisitions
. The Q3 report was in line with expectations in terms of growth, earnings and the outlook. Sitowise’s guidance updated before the result remained unchanged. The order book is at a strong record level, but possible slowdown in demand in Finland and drop in profitability create uncertainty about the earnings level in coming years. When uncertainty dispels and projects start, we expect billable utilization and profitability to improve toward previous levels. In addition to the order book, growth is supported by completed acquisitions next year. Considering the growth, the company’s potential and quality, we believe there is upside in the valuation, which together with the dividend raises the expected return to a very attractive level.
Sitowise Group
Sitowise Group operates in the construction and infrastructure industry. The company specializes in the development of major construction projects. Examples of projects that the company carries out, on its own and in collaboration with other companies in the industry, include road and building construction, as well as pipe and underground constructions. The largest operations are in the Nordic market, where customers are found among corporate customers and public actors.
Read more on company pageKey Estimate Figures02.11.2022
2021 | 22e | 23e | |
---|---|---|---|
Revenue | 179.3 | 201.8 | 214.7 |
growth-% | 12.03 % | 12.52 % | 6.40 % |
EBIT (adj.) | 18.9 | 17.5 | 20.4 |
EBIT-% (adj.) | 10.57 % | 8.68 % | 9.51 % |
EPS (adj.) | 0.29 | 0.35 | 0.39 |
Dividend | 0.10 | 0.12 | 0.14 |
Dividend % | 1.24 % | 4.27 % | 4.98 % |
P/E (adj.) | 27.39 | 8.11 | 7.12 |
EV/EBITDA | 13.33 | 7.50 | 5.36 |