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Sweco AB (SWEC-B) Fair Value & Analysis

Industrials · SE · Market cap 48.4B SEK (≈ $5.1B) · ISIN SE0014960373

What is Sweco AB really worth?

SA Sweco AB SWEC-B · ST
Pricekr 130.20
Fair Valuekr 129.36
Upside−0.7%
Quality64/100

A solid business, currently priced close to our fair value of kr 129.36.

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Strengths

Low debt · generates free cash flow
Ranks above peers (9/15)

Risks

!Mixed Growth (revenue 5y +8.7 %/yr)
!Thin margins · 6.8% net margin
!Moderate moat 54/100
!Weak on future: 17 out of 100

For context

·2.84% dividend yield
Evidence: High Range kr 97.02 – kr 161.70

Fair value as of: Aug 27, 2026

From 24 valuation models · updated 8 days ago

Share price −1.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits in the upper half of our model range, so the margin of safety is thin.
  • The data supports the verdict: every model runs on fully documented inputs.

Price vs Fair Value (5 years)

kr 185.74 kr 75.64 Fair Value kr 129.36 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range kr 75.64 – kr 185.74 · fair‑value band kr 97.02 – kr 161.70 · the kr 130.20 price screens above the kr 129.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Sweco AB (SWEC-B) currently trades at kr 130.20, while our model-based Fair Value estimate is kr 129.36, implying the stock looks roughly 0.7% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Industrials sector. Bull case: the DCF Models group reads highest at a median of kr 174.22 per share, and 13 of the 24 models we run sit above the kr 130.20 price. Bear case: the Asset-Based group reads lowest at kr 23.02, and 11 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Sweco AB generated revenue of 31.9B SEK at a net margin of 6.8%. Revenue grew 3.3% year over year. It earns a return on equity of 17.2%. Net debt stands at 5.1B SEK. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 97.02 (bear case) to kr 161.70 (bull case); at kr 130.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 7% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −46% fair-value upside, at −1%, SWEC-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 1.57 per share, which is 1.2 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF kr 126.11 kr 224.25 kr 392.33 76
Growth DCF kr 125.57 kr 216.72 kr 369.34 75
Owner Earnings kr 115.40 kr 205.20 kr 359.02 73
All 24 models by family
DCF Models
FCF DCF kr 126.11 kr 224.25 kr 392.33 76
Owner Earnings kr 115.40 kr 205.20 kr 359.02 73
5Y Revenue Exit kr 95.84 kr 160.32 kr 246.18 70
5Y EBITDA Exit kr 120.64 kr 210.84 kr 322.61 73
5Y P/E Exit kr 100.98 kr 170.79 kr 249.10 69
10Y Revenue Exit kr 102.26 kr 166.60 kr 261.91 65
10Y EBITDA Exit kr 121.42 kr 203.37 kr 325.17 66
10Y P/E Exit kr 108.45 kr 174.22 kr 264.32 62
Earnings-Based
Graham-Dodd kr 41.89 kr 186.48 kr 255.44 61
Lynch FV kr 48.42 kr 69.18 kr 89.93 58
PEG = 1.0 kr 48.42 kr 69.18 kr 89.93 55
EPV kr 66.54 kr 77.65 kr 87.37 72
Multiples
P/E Multiple kr 97.02 kr 129.36 kr 161.70 61
P/S Multiple kr 78.54 kr 104.72 kr 130.90 56
P/B Multiple kr 78.54 kr 104.72 kr 130.90 53
EV/EBIT kr 115.90 kr 154.59 kr 193.27 65
EV/EBITDA kr 128.53 kr 171.42 kr 214.31 66
EV/Revenue kr 82.68 kr 118.18 kr 153.68 52
Asset-Based
NCAV (Graham) kr 17.18 kr 23.02 kr 34.36 52
Growth DCF
Growth DCF kr 125.57 kr 216.72 kr 369.34 75
Rev-Margin DCF kr 95.84 kr 159.50 kr 240.78 71
Economic Profit
Residual Income kr 40.50 kr 53.44 kr 186.14 63
ROIC Compounder kr 75.26 kr 101.01 kr 134.32 70
Growth Earnings
Growth-Adj P/E kr 79.22 kr 113.17 kr 147.12 66

Widest divergence: DCF Models (kr 174.22) versus Asset-Based (kr 23.02). Highest evidence: FCF DCF (76).

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Key figures & financial health

P/E ratio 22.3 as of Jul 18, 2026
P/S ratio 1.57 P/E × margin
EPS (TTM) kr 6.01 price ÷ EPS = P/E 22.3
Dividend yield 2.8% payout 61.6%
Net margin 7.0% FY2025
Return on equity 17.2% TTM
More key figures
Profitability
Return on assets (EBIT) 10.3% avg 5y
Operating margin 10.8% TTM
Growth
Revenue (TTM) 31.9B SEK TTM
Revenue growth (YoY) +3.3% 3y avg +9.1%
EPS growth (YoY) −8.4%
Balance sheet & cash flow
Free cash flow 3.6B SEK FY2025
Net debt 5.1B SEK FY2025 · ≈ 1.4 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 64 · Market factors (momentum, volatility) 40

Profitability 51
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 69
Disciplined investing over empire-building
Low Volatility 72
Calm price path (market factor)
Momentum 32
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 80
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sweco AB (publ) provides architecture and engineering consultancy services worldwide. The company operates through Buildings and Urban Areas; Water, Energy, and Industry; Transportation Infrastructure; and Architecture segments.

Full company description

Sweco AB (publ) provides architecture and engineering consultancy services worldwide. The company operates through Buildings and Urban Areas; Water, Energy, and Industry; Transportation Infrastructure; and Architecture segments. It provides energy analysis and environmental certification, fire safety engineering and risk analysis, and HVAC and sanitation, as well as design of electrical, telecom, and security systems; building construction and industrial structures design, and construction economics, as well as steel, timber, and glass structures design; statistics and forecasts, analysis and strategy, studies, and planning and design; project and design management, property development and management, and site supervision; and systems development and big data, data coordination and BIM, 3D visualization and geographical analyses, and strategy and operational support services, as well as Twinfinity, a BIM platform. The company offers energy production studies, transmission and distribution planning, and energy market analysis and optimization advice; water and wastewater engineering, water resource planning, urban water management, and design of flood protection structures; waste management planning and advice, environmental studies and impact assessments, and chemical substances and associated legislation; and process engineering, plant design, and logistics planning services. It provides road and land use planning, rock excavation design and geotechnical engineering, bridge design, port master planning, and surveying; tracks, electricity, signaling, telecoms, and operation and maintenance; and capacity, accessibility, and strategic planning services, as well as intelligent transportation systems. The company also offers urban planning; landscape, building, and interior architecture; and cultural heritage and lighting design services. The company was founded in 1889 and is headquartered in Stockholm, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Sweco AB reported revenue of 31.6B SEK in FY2025 versus 21.8B SEK in FY2021, a compound +9.7%/yr. Reported net income was 2.2B SEK in FY2025, compounding +10.5%/yr from FY2021.

Growth Quality 75/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
31.6B SEK
Latest YoY
+3.0%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+9.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.7%
Avg. revenue growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+12.7% (9.9 + 2.8)
Revenue +9.7%/yr
FY21 21.8B SEK
FY22 24.3B SEK
FY23 28.5B SEK
FY24 30.7B SEK
FY25 31.6B SEK
Net income +10.5%/yr
FY21 1.5B SEK
FY22 1.7B SEK
FY23 1.7B SEK
FY24 2.1B SEK
FY25 2.2B SEK
Character of growth · EPS growth decomposed (2014-2025) +12.0 % p.a.
Revenue per share +9.0 %

of which total revenue +10.4 % · buybacks/dilution −1.3 %

EBIT margin +3.2 %
Tax rate +0.2 %
Residual (interest, one-offs) −0.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Sweco AB Fair Value". https://www.fairvalue-calculator.com/stock/SWEC-B

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Engineering & Construction · 817 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 65 · Top 25%
Fair Value upside −1% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 7% · Above median
Operating margin (TTM) 11% · Top 25%
Revenue growth 3% · Above median
Dividend yield (TTM) 2.8% · Above median
Debt / equity 0.12× · Higher than median

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 22.3× · Pricier than median
P/B 3.90× · Pricier than 75% of peers
P/S (TTM) 1.52× · Pricier than 75% of peers
P/FCF 1.4× · Cheaper than median
EV/EBITDA 12.3× · Pricier than median
PEG 4.61× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE33 · sector 17
FUTURE17 · sector 12
PAST69 · sector 26
HEALTH94 · sector 94
DIVIDEND57 · sector 39

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $620.06 $143.92 −77%
Vinci SA DG €114.35 €185.62 +62%
Comfort Systems USA, Inc FIX $1,615 $519.97 −68%
Larsen & Toubro Limited LT ₹4,072 ₹2,196 −46%
Ferrovial N.V FER €57.28 €19.17 −67%
HOCHTIEF Aktiengesellschaft HOT €426.40 €203.87 −52%
Samsung C&T Corporation 028260 373,000 KRW 261,411 KRW −30%
EMCOR Group EME $775.04 $549.47 −29%
MasTec, Inc MTZ $241.00 $100.00 −59%
Bouygues SA EN €46.65 €65.67 +41%

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Frequently asked questions

Is Sweco AB (SWEC-B) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 129.36 versus a price of kr 130.20, about −1% upside (fairly valued).
What is the fair value of SWEC-B?
Our model-based fair value for Sweco AB is kr 129.36 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 130.20.
What is the quality score of SWEC-B?
Sweco AB has a Quality Score of 64/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Sweco AB (SWEC-B)?
Sweco AB reported trailing-twelve-month revenue of about 31.9B SEK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of SWEC-B?
The net profit margin of Sweco AB is about 6.8%, meaning it keeps roughly 6.8% of revenue as net income. Based on the latest reported figures.
Does Sweco AB pay a dividend?
Sweco AB currently shows a dividend yield of about 2.84% relative to its recent price (as of Aug 27, 2026).
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