A decentralised consultancy growth platform - Nordea

We initiate coverage of Solwers, a company that acts as a growth platform for the built environment consultancy sector in the fields of architecture, technical consulting, project management, environmental monitoring, circular economy and digital solutions. Solwers' growth strategy, targeting over 20% annually, is based on acquisitions with virtually no integration, and instead letting the subsidiaries operate under their own brands. However, we believe that there are clear top-line synergies that can be achieved. Given Solwers' strong balance sheet, we see ample M&A-driven growth opportunities ahead, with underlying earnings recovering in 2025E. Based on DCF, peer group valuation and M&A-driven value creation, we derive a fair value range of EUR 5.2-6.1 for the Solwers share. Marketing material commissioned by Solwers.

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