contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  availableLanguages
  pageUrl
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


solwers-lot-of-chips-in-the-balance-sheet

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

availableLanguages

pageUrl

imgUrl

description

Co. Head of Research

Petri Gostowski

Solwers is a consulting company focused on the industrial sector. The company specializes in digital solutions that concern planning and project management services. Examples of the company's services include architecture, technical consulting, environmental monitoring, project management, circular economy, and digital solutions. The customers are found in a number of industries and mainly among small and medium-sized corporate customers. Solwers operates worldwide with the largest presence in the Nordic region. 

An analyst at Inderes @petri.gostowski has been considering the upcoming earnings release on Friday.  Solwers will publish its H1 report on Friday this week at around 9.00 am EEST. We expect the company’s revenue to have increased clearly year-on-year, driven by the completed acquisitions. However, we expect profitability to have declined slightly in the period, resulting in an operating result forecast that is only slightly above the comparison period. We believe that the industry is now in the midst of its quietest period as a result of the slowdown in demand, and we will be watching the report for, among other things, comments on the recovery in demand following the slowdown.                   Inderes              Solwers H1'24 preview: We expect inorganic growth and relatively stable...    Solwers will publish its H1 report on Friday this week at around 9.00 am EEST. We expect the company's revenue to have increased clearly year-on-year, driven by the completed acquisitions.

Här är en ny bra och intressant analys om Solwers.  The operative lines of Solwers’ Q1 business review published on Friday significantly exceeded our forecast. However, we estimate that the main driver was a much more moderate seasonality than we predicted in the first quarter. As a whole, the demand situation seems to have developed largely in line with our expectations, and reflecting this, we made no forecast changes. Therefore, we reiterate our EUR 5.0 target price and Buy recommendation.                   Inderes              Solwers Q1'24: Clean bill of health from the first checkpoint - Inderes    The operative lines of Solwers’ Q1 business review published on Friday significantly exceeded our forecast. However, we estimate that the main driver was a much more moderate seasonality than we predicted in the first quarter. As a whole, the demand...

Solwers publicerar sin Q1-verksamhetsöversikt på fredag. Detta är företagets första kvartalsrapport, eftersom de tidigare rapporterade endast två gånger per år.                   Inderes              Solwers Q1'24 preview: The first business review - Inderes    Solwers will publish its Q1 business review on Friday. This is the company's first quarterly report, as previously the company only reported twice a year.

Med en möjlig överföring till huvudlistan syftar företaget till att förbättra sitt företagsmedvetande och bland annat sin likviditet.                    Inderes              Solwers is investigating moving to the main list of Nasdaq Helsinki - Inderes    With a possible transfer to the main list, the company aims to improve its company awareness and, among other things, its liquidity. We expect the transfer to the main list to be a relatively straightforward process for Solwers and to be completed...

En analysator har gjort en ny och intressant analys av detta företag.                    Inderes              Solwers: Stable development in a subdued market - Inderes    Solwers’ H2’23 figures were better than we expected in terms of organic growth and performance. However, we made no substantial changes to our forecasts for the coming years after the report. In our view, the driver of the stock's return expectation...                             Solwers’ H2’23 figures were better than we expected in terms of organic growth and performance. However, we made no substantial changes to our forecasts for the coming years after the report. In our view, the driver of the stock’s return expectation is the allocation of the assets in the over-capitalized balance sheet to inorganic growth in line with the company’s strategy.

No problem at all. I forgot to respond earlier, sorry about that. Your response was excellent and comprehensive - thank you for that!  Your analyses/reports are truly comprehensive and high-quality without being too bullish.  Här är en analytikers kommentar om hur Solwers dotterbolag kompletterar sin expertis inom HVAC genom förvärvet.                    Inderes              Solwers subsidiary complements HVAC expertise with acquisition - Inderes    With the acquisition, which is in line with the group-level strategy, Meskanen will almost double the number of its experts. The business to be acquired has developed quite steadily in recent years and is very profitable. We estimate that Solwers...

Tyvärr min svensk språk är så dåligt at jag måste svara på engelska  I do not see the demand or customers to a great extent linked to the economical cycle. The cycle is most linked to housing construction and consulting services, where Solwers is not active. However I do believe that less demand from that sector will push competitors to other areas where Solwers is more focused and this will for example be visible in pricing that could be under pressure or atleast its hard to raise prices that would be needed due to inflation. Also I believe that the current higher interest rates do impact investments in the big picture and therefore the short-term outlook is not that strong. But given that Solwers has a high exposure to e.g. infrastructure investments they should be somewhat protected from the cycles impact. Anyways, I do have a negative organic growth estimate for the short-term so I have some expectations of weaker market conditions in my estimates. But yes I do agree, that the weak short-term outlook is putting pressure on the valuation as well as the slowness in investing capital that the company has in its balance sheet. You can read more about these topics from our extensive report and latest report that was published after the H1’23 earnings release. The extensive report can be found here: Solwers: A consolidator of expert services companies and the latest report here: Solwers: Lot of chips in the balance sheet

Solwers

The H1 figures published by Solwers on Thursday met our expectations. We have lowered our short-term organic growth forecasts considering the investment outlook, the competitive situation that limits price increases and the weak SEK. Relative to the earnings level of the current businesses, the valuation of the share is fairly neutral. We expect the company to carry out sensible acquisitions with its considerable cash resources. 

<p>The H1 figures published by Solwers on Thursday met our expectations. We have lowered our short-term organic growth forecasts considering the investment outlook, the competitive situation that limits price increases and the weak SEK. Relative to the earnings level of the current businesses, the valuation of the share is fairly neutral. We expect the company to carry out sensible acquisitions with its considerable cash resources. Improving the efficiency of capital use is also expected to act as a driver of the share value. Thus, we reiterate our Accumulate recommendation even though, reflecting the estimate changes, we cut our target price to EUR 5.0 (was EUR 6.0).</p>

	2022	23e	24e
Revenue	62.8	63.6	64.0
growth-%	40.60 %	1.23 %	0.71 %
EBIT (adj.)	5.1	4.5	4.4
EBIT-% (adj.)	8.11 %	7.15 %	6.88 %
EPS (adj.)	0.35	0.25	0.26
Dividend	0.07	0.09	0.10
Dividend %	1.73 %	2.68 %	2.98 %
P/E (adj.)	12.22	13.22	12.87
EV/EBITDA	6.03	5.26	4.93

Solwers

Key Estimate Figures2023-08-31

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