* Report out on 23 April * Q1e sales of SEK 221m, adj. EBIT SEK 16m * We cut '26e-'28e adj. EBIT by 4-2%
Q1 expectations
We expect Q1 sales of SEK 221m, -2.5% y-o-y. On adj. EBIT, we estimate SEK 16m (14m), for a margin of 7.5% (6.3%). For FM&WM, we expect sales of SEK 100m (98m) for a margin of 15.8% (14.6%). Scandpower remains volatile due to the quarterly nature of software license sales; we estimate sales of SEK 44m (46m) for an adj. EBIT margin of 16% (13.4%). Note that Q1'25 Scandpower margins also benefited from a positive FX effect of SEK 5m. Decommissioning continues to face headwinds from intense competition and cost pressures among customers, particularly in Germany. We estimate sales of SEK 81m (86m) for a margin of 2% (2%).
Estimate changes
We lower our '26e-'28e EBIT by 4-2%, driven by reduced margin assumptions in Scandpower and Decommissioning. We expect Decommissioning to remain under pressure near-term but expect '26e to be better than '25, with improved momentum in dismantling and EBS contributing to margins. We trim our Scandpower assumptions slightly to reflect the BlackStarTech integration.
Expect SMR build-out to benefit Studsvik
During the quarter Studsvik announced that it has signed a Memorandum of Understanding (MoU) with Rolls Royce SMR, to explore further collaboration across Studsvik's range of services to support the SMR programme. Studsvik also announced the acquisition of Kärnfull Next, adding SMR project development capabilities to its existing services offering. Although lead times are long, with multiple countries advancing SMR projects, we think this represents a meaningful growth opportunity for Studsvik. The stock is currently trading at '26e-'28e EV/EBIT of 38x-31x.