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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.
NYAB's Q3 revenue clearly beat our estimates on a surge in Finland, but the quality of the EBIT beat was weaker. We raise our TP to SEK 9.5 but lower our recommendation to Accumulate.
* EBIT 4% better than ABGSC and FactSet consensus * High organic growth (+27%) and record backlog (+116% y-o-y) * Estimates +1-2%; share trading at 9.5x EBIT 2027e Q3 results Another strong report. Orders were record strong, driving an order backlog ...
* A flexible, asset-light model enabling rapid growth with limited risk * We raise '27e-'28e EBIT by 5-10% and see +29% growth F12m * FVR SEK 7.5-12.0 (6.0-9.0) after raised estimates and outlook A flexible model driving high growth and margins We think...
