Rejlers AB Class B (REJL.B) AI Stock Analysis

• Market Cap: kr4.11B
• Dividend Yield: 2.68%
• Average Volume (3M): 18.59K
• Price to Earnings (P/E): 18.9
• Beta (1Y): 0.61
• Revenue Growth: 7.23%
• EPS Growth: 1.27%
• Country: SE
• Employees: 3,282
• Sector: Industrials
• Sector Strength: 72
• Industry: Consulting Services
• EPS (TTM): 1.97
• Shares Outstanding: 20,829,077
• 10 Day Avg. Volume: 24,386
• 30 Day Avg. Volume: 18,585
• PEG Ratio: 0.82
• Price to Book (P/B): 1.62
• Price to Sales (P/S): 0.71
• P/FCF Ratio: 8.09
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: kr201.00 ▲(3.82% Upside)

The score is driven primarily by solid financial performance, especially strong cash generation and manageable leverage alongside sustained revenue growth. This is partly offset by weak technical momentum (price below major moving averages and negative MACD). Valuation is supportive but not a major positive catalyst at the current P/E and dividend yield.

Positive Factors

Sustained Revenue Growth

Multi-year revenue expansion demonstrates durable demand for Rejlers' engineering and consulting services across energy, construction and infrastructure. Scale supports cross-selling, pricing leverage on large projects, and funds investment in capabilities that strengthen competitive position over 2–6 months.

Strong Free Cash Flow

Very high cash-to-earnings conversion signals earnings quality and operational cash generation. Reliable FCF enables reinvestment, acquisition flexibility, dividends or gradual debt reduction, giving durable financial optionality and resilience through sector cycles over the medium term.

Manageable Leverage & Equity Growth

Moderate leverage and rising shareholders’ equity provide balance-sheet resilience and borrowing capacity. This structural strength supports funding of working capital for project delivery and selective M&A to reinforce market position without immediate refinancing stress.

Negative Factors

Modest Profitability

Mid-single-digit margins are typical for consulting but limit internal fund availability for growth and cushion against margin compression. Sustained modest profitability constrains investment pace, reduces buffer for cost inflation, and can limit ROE upside absent margin improvement.

Gross Margin Volatility

Volatile gross margins suggest sensitivity to project mix, pricing pressure, or one-offs. Structural margin swings complicate forecasting, weaken predictability of cash flows and returns, and raise execution risk on large projects over the coming months if contract mix or cost control worsen.

Project-Based Revenue Concentration

Dependence on project fees creates lumpy revenue and exposure to sector cyclicality (construction, energy, industry). This structural revenue concentration can amplify downturns and compress utilization and margins, making sustained growth and cash flow less predictable without longer-term, recurring contracts.

Rejlers AB Class B Business Overview & Revenue Model

Company Description

Rejlers AB (publ) provides technical and engineering consultancy services in Sweden, Finland, Norway, and the United Arab Emirates. It serves energy, buildings, industry, telecom, and infrastructure sectors. The company was formerly known as Rejlerkoncernen AB and changed its name to Rejlers AB (publ) in July 2013. Rejlers AB (publ) was founded in 1942 and is headquartered in Stockholm, Sweden.

How the Company Makes Money

Rejlers AB makes money by offering a variety of engineering and consulting services to clients in the Nordic region. The company's revenue model primarily revolves around providing expert consultancy in sectors such as energy, infrastructure, industry, and real estate. Rejlers charges fees for its services, which may be structured as hourly rates, fixed project fees, or retainer agreements, depending on the nature and duration of each project. Additionally, Rejlers may engage in long-term contracts with clients, ensuring a steady stream of revenue. Partnerships with industry leaders and collaborations with technology providers also enhance Rejlers' ability to deliver comprehensive solutions, contributing to its financial performance.

Rejlers AB Class B Financial Statement Overview

Summary

Financials are solid: strong multi-year revenue growth (2020 ~2.37B to 2024 4.43B; TTM 4.65B), steady but mid-level profitability (TTM operating margin ~7.3%, net margin ~4.6%), moderate leverage (TTM debt-to-equity ~0.38), and strong cash generation with good cash-to-earnings conversion (FCF ~368–387M; ~0.93–0.95x net income). Key watch items are gross margin volatility and rising absolute debt.

Income Statement

Results show a solid growth profile with revenue rising from ~2.37B (2020) to 4.43B (2024) and further to 4.65B in TTM (Trailing-Twelve-Months). Profitability is steady but not exceptional for a services business: in TTM (Trailing-Twelve-Months), operating profitability is ~7.3% and net margin ~4.6%. A key watch item is volatility in reported gross margin (notably 2024 vs. TTM), suggesting either mix shifts or reporting/one-off effects; net income is also slightly below 2024 despite higher revenue.

Balance Sheet

Leverage looks manageable and consistent, with debt-to-equity in a moderate band (~0.34–0.38 recently; 0.38 in TTM (Trailing-Twelve-Months)). Equity has grown over time (from ~1.16B in 2020 to ~2.03B in TTM), supporting balance-sheet resilience. Returns on equity are healthy and stable around ~10–13% in recent years (10.8% in TTM), though not accelerating, and total debt has trended up versus earlier years—worth monitoring if growth slows.

Cash Flow

Cash generation is a clear strength: free cash flow is strong and improving (387M in 2024; 368M in TTM (Trailing-Twelve-Months)), and free cash flow closely matches reported earnings (about 0.93–0.95x in 2024/TTM), indicating good earnings quality. Operating cash flow is consistently positive, though it covers only a modest portion of debt (~0.26–0.29 recently), implying debt paydown would take time without continued steady cash generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	4.65B	4.43B	4.09B	3.51B	2.90B	2.37B
Gross Profit	1.39B	2.33B	1.44B	1.37B	1.10B	779.90M
EBITDA	528.00M	538.60M	457.20M	432.40M	258.60M	191.10M
Net Income	214.80M	221.80M	185.40M	196.40M	110.20M	285.00M
Balance Sheet
Total Assets	4.01B	3.70B	3.65B	2.98B	2.35B	2.24B
Cash, Cash Equivalents and Short-Term Investments	0.00	68.60M	59.20M	144.80M	151.90M	336.60M
Total Debt	766.20M	665.40M	681.60M	528.00M	424.90M	516.30M
Total Liabilities	1.98B	1.76B	1.85B	1.50B	1.13B	1.08B
Stockholders Equity	2.03B	1.94B	1.80B	1.49B	1.22B	1.16B
Cash Flow
Free Cash Flow	367.60M	387.40M	245.30M	254.00M	147.00M	284.00M
Operating Cash Flow	393.30M	407.70M	265.90M	275.20M	170.00M	331.60M
Investing Cash Flow	-142.00M	-107.70M	-551.70M	-245.60M	-132.40M	70.70M
Financing Cash Flow	-206.00M	-291.80M	203.10M	-40.40M	-223.50M	-206.40M

Rejlers AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 193.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:REJL.B, the sentiment is Negative. The current price of 193.6 is above the 20-day moving average (MA) of 185.95, above the 50-day MA of 191.13, and above the 200-day MA of 192.28, indicating a bearish trend. The MACD of -2.25 indicates Positive momentum. The RSI at 40.83 is Neutral, neither overbought nor oversold. The STOCH value of 24.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:REJL.B.

Rejlers AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AFRY	69 Neutral	kr15.90B	17.24	6.97%	4.09%	-3.73%	-22.34%
SWEC.B	66 Neutral	kr53.20B	24.59	18.65%	2.20%	2.79%	14.00%
REJL.B	66 Neutral	kr4.11B	18.85	10.98%	2.68%	7.23%	1.27%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
COOR	63 Neutral	kr5.02B	34.52	10.13%	3.29%	-0.69%	-14.04%
ELTEL	56 Neutral	kr1.41B	104.06	0.72%	―	-6.38%	―
VESTUM	50 Neutral	kr3.02B	-104.02	-0.85%	―	-27.41%	49.11%

Rejlers AB Class B Corporate Events

Rejlers Renews Partnership with Fingrid to Support Finland’s Energy Transition

Rejlers has renewed its partnership with Fingrid Oyj, Finland’s transmission system operator, to provide energy metering and quality data services. This agreement, starting in early 2026 and lasting four years with an extension option, reinforces Rejlers’ role in supporting Finland’s energy transition. The collaboration highlights Rejlers’ expertise in energy metering and data collection, essential for maintaining a stable and efficient grid amid the evolving Finnish electricity market. The renewed agreement underscores the trust and value Rejlers brings to its clients in the rapidly changing energy landscape.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Partners with Huddinge for Sustainable Energy Project

Rejlers has secured a new framework agreement with Huddinge Samhällsfastigheter to design and implement turnkey contracts for energy-saving projects in Huddinge’s public facilities. This collaboration aims to reduce energy use to 120 kWh per m² by 2030, aligning with Huddinge’s strategy for sustainable development and offering climate benefits and financial savings.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Partners with Skanska for Forsmark SFR Expansion

Rejlers has signed an agreement with Skanska to design construction documents for the expansion of the final repository for short-lived radioactive waste (SFR) in Forsmark, Sweden. This project, part of SKB’s long-term strategy for safe radioactive waste management, involves creating approximately 117,000 cubic meters of storage space and is expected to be completed by 2030. Rejlers’ work will focus on various technical systems, including electricity, telecommunications, and climate-conscious design solutions, contributing to SKB’s climate goals.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers to Enhance Capacity on Sweden’s Southern Main Line with New Bypass Tracks

Rejlers has been tasked by the Swedish Transport Administration to develop a railway plan and related documents for the Slätthult bypass track project, aimed at enhancing capacity and punctuality on the Southern Main Line, a crucial railway route in Sweden. This project, which includes the design of two new bypass tracks, is expected to improve train encounters and traffic management, ultimately leading to more efficient freight transport and reliable passenger journeys. The initiative is part of a broader effort to create a robust and future-proof railway system, with construction documents expected by autumn 2028.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Partners with Elenia to Boost Electricity Network Safety and Quality

Rejlers has entered into a partnership with Elenia Oy, Finland’s second-largest distribution system operator, to enhance quality and safety in electricity network construction. This three-year agreement, with an option for a two-year extension, involves Rejlers providing quality assurance for distribution networks, substations, and high-voltage grids, aiming to improve safety, sustainability, and operational efficiency. This collaboration is a significant step for Rejlers in expanding its electricity network business and supporting the energy transition towards a more resilient and sustainable sector.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers Secures Framework Agreement with Vattenfall for Energy Consulting

Rejlers has signed a new framework agreement with Vattenfall, one of Sweden’s largest energy companies, to provide technical consulting services for energy and infrastructure projects within Sweden. This agreement, effective from January 2026 to December 2028, strengthens their long-term collaboration and supports Rejlers’ investment in nuclear technology and the energy transition, enhancing their role in developing sustainable energy solutions.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.

Rejlers AB Reports Strong Q3 2025 Sales Growth and Profitability

Rejlers AB reported a 6.0% increase in net sales for the third quarter of 2025, with organic sales growth also at 6.0%. The company’s EBITA margin improved slightly to 7.2%, despite acquisition expenses impacting operating profit. Over the first nine months of 2025, Rejlers saw a 6.9% increase in net sales, though net profit after tax decreased slightly due to currency effects and revaluation of liabilities. The company’s strong organic growth and profitability underscore its attractive position in the engineering consultancy industry, as highlighted by CEO Viktor Svensson.

The most recent analyst rating on ($SE:REJL.B) stock is a Hold with a SEK208.00 price target. To see the full list of analyst forecasts on Rejlers AB Class B stock, see the SE:REJL.B Stock Forecast page.