Solwers: Acquisitions to drive growth in 2026 - Nordea
Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar
Ahead of Solwers' Q4 2025 report, we raise our EBIT estimates by 20-23% for 2026-27 on the back of two sizeable acquisitions announced in December. The acquisitions add over 5% to our top-line estimates for 2026, and the EBIT impact is significant, nearly EUR 1m, which can be compared to our estimate of EUR 1 .5m for 2025. Our EPS revisions are 10-11%. Our DCF- and peer-based fair value range remains at EUR 2.8-3.3, including EUR 0.4 per share for the present value of unannounced acquisitions for 2026E-27E. We expect organic growth to improve by 2-3% in the next two years, with activity in Sweden picking up, while Finland's outlook is somewhat weaker. On the infrastructure side, which accounts for around 25% of group sales, the growth outlook remains favourable.