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1. Company Snapshot

1.a. Company Description

Sweco AB (publ) provides consulting services in engineering, environmental technology, and architecture fields worldwide.The company undertakes provides energy analysis and environmental certification, design of electrical, telecom and security systems, fire safety engineering and risk analysis, HVAC and sanitation, steel, timber, and glass structures design, building construction and industrial structures design, construction economics, urban planning, project and design management, property development, site supervision, systems development and big data, data coordination and BIM, 3D visualization and geographical analyses, and strategy and operational support.It also provides water and wastewater engineering services, water resource planning, urban water management, design of flood protection structures, waste management planning and advice, environmental studies and services, energy production studies, transmission and distribution planning, energy market analysis and optimization advice, process engineering services, plant design, and logistics planning and project management.


In addition, the company offers road and land use planning, rock excavation design and geotechnical engineering, bridge design, port master planning, surveying, tracks, electricity, signalling, telecoms, operation and maintenance, capacity, accessibility, and strategic planning, and intelligent transportation systems.Additionally, the company offers electricity and automation, fire engineering and risk analysis, design for electrical, telecom, and security systems, environment, and energy; project management; and general, landscape, and interior architecture.Sweco AB (publ) is headquartered in Stockholm, Sweden.

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1.b. Last Insights on SWEC

Sweco AB's recent performance was driven by strong Q3 results, with net sales increasing 5% to SEK 7.1 billion and EBITA rising 19% to SEK 702 million. The company's aggressive acquisition strategy, including the purchase of Assar Architects in Belgium, contributed to its growth. Additionally, Sweco secured a major contract to design a new reservoir in Poland, further solidifying its presence in the European infrastructure market. Demand remained robust in energy, infrastructure, water, and environment sectors, with increased demand in security and defence.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Sweco (OM:SWEC B): Valuation in Focus After Q3 Growth and Major New Contracts

Nov -02

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Sweco AB (FRA:7W71) Q3 2025 Earnings Call Highlights: Strong EBITDA Growth and Strategic ...

Oct -30

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Interim report January - September 2025 Sweco AB (publ)

Oct -29

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Sweco to design new reservoir for critical flood control in Poland

Oct -22

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Sweco boosts presence in Belgium with Assar Architects acquisition

Oct -17

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Sweco (OM:SWEC B): Assessing Valuation After Recent Share Price Decline

Oct -12

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Interim report January - June 2025: Sweco AB (publ)

Jul -16

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Sweco expands circular economy services with new acquisitions

Jul -03

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.20%)

6. Segments

Sweco Sweden

Expected Growth: 4.5%

Sweco Sweden's 4.5% growth is driven by increasing demand for sustainable infrastructure development, digitalization of the construction industry, and a strong order backlog. Additionally, the company's strategic acquisitions, cost savings initiatives, and a favorable business climate in Sweden contribute to its growth momentum.

Sweco Belgium

Expected Growth: 3.8%

Sweco Belgium's 3.8% growth is driven by increasing demand for sustainable infrastructure projects, expansion in the renewable energy sector, and a strong order book in the buildings and industry segments. Additionally, the company's strategic focus on digitalization and innovation, as well as its solid market position, contribute to its growth momentum.

Sweco Finland

Expected Growth: 4.2%

Sweco Finland's 4.2% growth is driven by increasing demand for sustainable infrastructure development, digitalization of the construction industry, and growing need for energy-efficient solutions. Strong project pipeline, strategic acquisitions, and expansion into new markets also contribute to the growth. Additionally, the Finnish government's investments in transportation infrastructure and renewable energy projects support the segment's growth.

Sweco Norway

Expected Growth: 4.1%

Sweco Norway's 4.1% growth is driven by increasing demand for sustainable infrastructure development, urbanization, and digitalization in the Norwegian market. The segment benefits from the Norwegian government's focus on green infrastructure investments, as well as Sweco's strong local presence and expertise in transportation, energy, and water management.

Sweco Denmark

Expected Growth: 4.3%

Sweco Denmark's 4.3% growth is driven by increasing demand for sustainable infrastructure development, urbanization, and digitalization in the Danish construction industry. Strong project pipeline, strategic acquisitions, and cost savings initiatives also contribute to the growth. Furthermore, the Danish government's focus on green transition and investments in transportation infrastructure support the segment's expansion.

Sweco Netherlands

Expected Growth: 4.0%

Sweco Netherlands' 4.0% growth is driven by increasing demand for sustainable infrastructure projects, expansion in the renewable energy sector, and a strong pipeline of transportation infrastructure projects. Additionally, the company's focus on digitalization and innovation, as well as its strategic acquisitions, contribute to its growth momentum.

Sweco Germany & Central Europe

Expected Growth: 3.9%

Sweco Germany & Central Europe's 3.9% growth is driven by increasing demand for sustainable infrastructure projects, urbanization, and digitalization in the region. Strong order intake in transportation and energy sectors, coupled with strategic acquisitions, have also contributed to the segment's growth.

Sweco United Kingdom

Expected Growth: 4.4%

Sweco UK's 4.4% growth is driven by increasing demand for sustainable infrastructure projects, expansion in the transportation sector, and a strong pipeline of public and private sector projects. Additionally, the company's strategic focus on digitalization and innovation, as well as its ability to attract and retain top talent, contribute to its growth momentum.

Group-wide and Eliminations

Expected Growth: 3.7%

Sweco AB (publ)'s Group-wide and Eliminations segment growth of 3.7% is driven by increasing demand for sustainable infrastructure development, expansion into new geographic markets, and strategic acquisitions. Additionally, the company's focus on digitalization and innovation has led to improved operational efficiency and enhanced customer offerings, contributing to the segment's growth.

7. Detailed Products

Architecture

Sweco AB provides architectural services, including design, planning, and project management for buildings, infrastructure, and urban planning projects.

Building Information Modelling (BIM)

Sweco offers BIM services, including 3D modeling, data management, and collaboration tools for construction projects.

Civil Engineering

Sweco provides civil engineering services, including design, construction, and project management for infrastructure projects such as roads, bridges, and tunnels.

Environmental Consulting

Sweco offers environmental consulting services, including environmental impact assessments, permitting, and sustainability consulting.

Geotechnical Engineering

Sweco provides geotechnical engineering services, including site investigations, foundation design, and soil mechanics.

Project Management

Sweco offers project management services, including project planning, coordination, and control for construction and infrastructure projects.

Rail and Transit

Sweco provides rail and transit services, including design, planning, and project management for rail and transit infrastructure projects.

Road and Highway

Sweco offers road and highway services, including design, planning, and project management for road and highway infrastructure projects.

Structural Engineering

Sweco provides structural engineering services, including design, analysis, and inspection of buildings and infrastructure.

Sustainability and Energy

Sweco offers sustainability and energy services, including energy efficiency, renewable energy, and sustainable urban planning.

Transport Planning

Sweco provides transport planning services, including transportation demand modeling, traffic engineering, and transportation policy development.

Water and Wastewater

Sweco offers water and wastewater services, including design, planning, and project management for water and wastewater infrastructure projects.

8. Sweco AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Sweco AB (publ) operates in a industry where there are few substitutes, but the threat is still present due to the increasing demand for sustainable and digital solutions.

Bargaining Power Of Customers

Sweco AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's expertise and reputation in the industry give it an upper hand in negotiations.

Bargaining Power Of Suppliers

Sweco AB (publ) relies on a network of suppliers for its operations, but it has a strong bargaining position due to its large scale of operations and long-term relationships with suppliers.

Threat Of New Entrants

The engineering and architecture industry has high barriers to entry, including significant capital requirements and the need for specialized expertise, which reduces the threat of new entrants.

Intensity Of Rivalry

The engineering and architecture industry is highly competitive, with many established players competing for market share. Sweco AB (publ) must continuously innovate and improve its services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 31.50%
Debt Cost 4.80%
Equity Weight 68.50%
Equity Cost 9.05%
WACC 7.71%
Leverage 45.99%

11. Quality Control: Sweco AB (publ) passed 4 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

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A-Score: 4.8/10

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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

162.7$

Current Price

162.7$

Potential

-0.00%

Expected Cash-Flows