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1. Company Snapshot

1.a. Company Description

Per Aarsleff Holding A/S engages in the construction and maintenance of infrastructure and building structures in Denmark and internationally.It operates through five segments: Construction, Rail, Technical solutions, Ground Engineering, and Pipe Technologies.It offers domicile construction, building renovation, and technical contracts, as well as infrastructure projects, such as district heating, earthworks, roads, sewers, cables, paving, and railway works.


The company also provides onshore and offshore ground engineering services, including sheet pile walls, diaphragm walls, king post walls, secant piles, and anchor and injection works, as well as groundwater lowering systems.In addition, it offers pipe renewal services.The company was formerly known as Per Aarsleff A/S and changed its name to Per Aarsleff Holding A/S in April 2016.


Per Aarsleff Holding A/S was founded in 1947 and is based in Viby J, Denmark.

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1.b. Last Insights on PAAL

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1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.89%)

6. Segments

Construction

Expected Growth: 1.8%

Per Aarsleff Holding A/S's 1.8% growth in construction is driven by increasing infrastructure investments, urbanization, and government initiatives. Additionally, the company's focus on sustainable and green construction, as well as its strategic partnerships and acquisitions, contribute to its growth momentum.

Ground Engineering

Expected Growth: 1.9%

Ground Engineering's 1.9% growth is driven by increasing infrastructure investments, urbanization, and renewable energy projects. Per Aarsleff Holding A/S benefits from its strong market position, specialized expertise, and strategic acquisitions. Additionally, the segment's focus on sustainable solutions and digitalization enhances its competitiveness, contributing to steady growth.

Technical Solutions

Expected Growth: 2.1%

Per Aarsleff Holding A/S's 2.1% growth in Technical Solutions is driven by increasing demand for sustainable infrastructure, urbanization, and digitalization. The company's expertise in complex tunneling and infrastructure projects, as well as its focus on renewable energy and green technologies, position it for continued growth in this segment.

Pipe Technologies

Expected Growth: 1.7%

Pipe Technologies' 1.7% growth is driven by increasing demand for water and gas infrastructure, urbanization, and government investments in pipeline projects. Additionally, the adoption of trenchless technologies and rehabilitation of aging pipelines also contribute to the segment's growth.

Rail

Expected Growth: 2.2%

Per Aarsleff Holding A/S's Rail segment growth of 2.2% is driven by increasing demand for rail infrastructure projects, government investments in transportation networks, and a shift towards sustainable transportation modes. Additionally, the company's strategic expansion into new markets and its focus on digitalization and innovation are contributing to its growth momentum.

7. Detailed Products

Ground Engineering

Per Aarsleff Holding A/S provides ground engineering services, including piling, foundation work, and geotechnical solutions for construction projects.

Civil Engineering

The company offers civil engineering services, including road construction, bridge building, and infrastructure development.

Pipeline and Cable Laying

Per Aarsleff Holding A/S provides pipeline and cable laying services for the oil and gas, water, and telecommunications industries.

Railway Construction

The company offers railway construction services, including track laying, signaling, and electrification.

Environmental Services

Per Aarsleff Holding A/S provides environmental services, including soil remediation, waste management, and contaminated land redevelopment.

8. Per Aarsleff Holding A/S's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Per Aarsleff Holding A/S is moderate due to the availability of alternative construction services and products.

Bargaining Power Of Customers

The bargaining power of customers for Per Aarsleff Holding A/S is low due to the company's strong market position and limited customer concentration.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Per Aarsleff Holding A/S is moderate due to the company's dependence on a few large suppliers and the availability of alternative suppliers.

Threat Of New Entrants

The threat of new entrants for Per Aarsleff Holding A/S is low due to the high barriers to entry in the construction industry and the company's established market position.

Intensity Of Rivalry

The intensity of rivalry for Per Aarsleff Holding A/S is high due to the competitive nature of the construction industry and the presence of several large competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 36.44%
Debt Cost 3.95%
Equity Weight 63.56%
Equity Cost 8.51%
WACC 6.85%
Leverage 57.32%

11. Quality Control: Per Aarsleff Holding A/S passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Veidekke

A-Score: 7.5/10

Value: 5.7

Growth: 5.1

Quality: 7.0

Yield: 9.4

Momentum: 8.0

Volatility: 9.7

1-Year Total Return ->

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Stock-Card
Per Aarsleff Holding

A-Score: 6.5/10

Value: 5.8

Growth: 8.2

Quality: 4.8

Yield: 3.8

Momentum: 10.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
BAM

A-Score: 5.8/10

Value: 6.7

Growth: 4.8

Quality: 4.7

Yield: 5.6

Momentum: 9.5

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Mirbud

A-Score: 5.3/10

Value: 7.4

Growth: 4.7

Quality: 4.7

Yield: 3.8

Momentum: 7.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
Renew

A-Score: 4.9/10

Value: 5.3

Growth: 5.9

Quality: 6.4

Yield: 4.4

Momentum: 2.0

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Assystem

A-Score: 3.8/10

Value: 3.2

Growth: 3.7

Quality: 3.2

Yield: 6.2

Momentum: 2.0

Volatility: 4.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

740.0$

Current Price

740$

Potential

-0.00%

Expected Cash-Flows