User

Peab AB (publ)

PEAB-B.ST

Engineering & Construction · Industrials

Price

kr 89.10

+1.90 (+2.18%)

Market Cap

kr 25.39B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Winston Score below 40. The stock fails on most of our quality checks.

Peab AB is a Swedish construction and civil engineering company that builds things like homes, offices, roads, bridges, and industrial facilities. Its customers include governments, municipalities, real estate developers, and private businesses across the Nordic region. Peab is one of the largest construction groups in the Nordics, operating through four main segments: Construction, Civil Engineering, Industry, and Project Development.

Peab earns money by winning contracts to build and develop projects, and it also sells construction materials like asphalt and concrete through its Industry segment. The company operates mainly in Sweden, Norway, and Finland, with annual revenues exceeding 60 billion Swedish kronor. Its local presence, owned materials production, and long-standing customer relationships give it a modest competitive edge in a fragmented market. The biggest risk Peab faces is a prolonged downturn in Nordic housing and real estate demand, which has already pressured new project starts and could continue to weigh on margins and order intake.

Winston Score History

Score breakdown

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Quality

Gross Margin

4.1%

Thin — 4.1% gross margin

Operating Margin

-1.4%

Losing money on operations — -1.4%

ROCE

-0.5%

Weak — -0.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-3.4%

Shrinking sales (-3.4% YoY)

EPS YoY

-24.2%

Earnings shrinking (-24.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

238%

Turns 238% of profit into real cash

FCF Margin

4.3%

Thin free cash flow (4.3%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Interest Cover

2.24x

Tight — interest eats into profit (2.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio

20.2x

Growth-priced — P/E 20.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+8.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (20.2 → 11.4)

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Dividends

Dividend Yield

3.46%

Moderate income — 3.46% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-59.7%

Dividend cut (-59.7% YoY) — warning sign

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