Sweco AB (publ) (SWEC-B.ST) : juste valeur

Thèse ACCE

Sweco is a Stockholm-based engineering and architecture consultancy whose revenue comes from design, planning and advisory work on buildings, infrastructure, energy and environmental projects, billed mostly on hours and fees rather than as a contractor taking construction risk. Its structural appeal is that demand is tied to public and private spending on grids, transport, water and housing, and its scale in the Nordics and Europe gives it a deep pool of engineers in a market where skilled staff are the binding constraint. The growth driver is the energy transition and infrastructure renewal, which keeps the order book supported even as private property activity softens. Revenue is growing 9.4%, ROE is 18.8%, and the operating margin of 10.4% sits above what a labour-based business would usually earn, while the forward P/E of 18.9 against a trailing 21.7 implies earnings are expected to rise. The case for a deeper look rests on whether that margin and growth hold through a slower property cycle.