Rejlers AB Class B (SE:REJL.B)
:REJL.B
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Rejlers AB Class B
(REJL.B)
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Rating:56Neutral
Price Target:
kr158.00
▼(-18.39% Downside)
Action:ReiteratedDate:02/07/26
The score is driven mainly by mixed fundamentals: strong growth and manageable leverage are outweighed by a sharp 2025 drop in free cash flow and weaker gross margin. Technicals are also a headwind with the stock trading below key moving averages and negative momentum indicators, while valuation is only moderately supportive due to a mid-teens-to-20s P/E and a ~2.9% yield.
Positive Factors
Multi-year revenue growth
Sustained revenue expansion through 2020–2025 indicates durable demand for Rejlers' engineering and consulting services. Over the medium term this supports scale benefits, better coverage of fixed costs, stronger negotiating leverage on pricing and staffing utilization, and a larger repeat-client base that underpins revenue durability.
Negative Factors
Free cash flow collapse in 2025
Free cash flow dropping to zero in 2025 materially weakens cash conversion despite positive operating cash flow. This suggests working-capital swings or higher investments that reduce financial flexibility, constrain discretionary capital allocation, and raise questions about earnings quality until cash conversion normalizes over subsequent quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year revenue growth
Sustained revenue expansion through 2020–2025 indicates durable demand for Rejlers' engineering and consulting services. Over the medium term this supports scale benefits, better coverage of fixed costs, stronger negotiating leverage on pricing and staffing utilization, and a larger repeat-client base that underpins revenue durability.
Read all positive factors
Rejlers AB Class B (REJL.B) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr3.77B
Dividend Yield2.68%
Average Volume (3M)18.59K
Price to Earnings (P/E)21.5
Beta (1Y)0.59
Revenue Growth7.23%
EPS Growth1.27%
CountrySE
Employees3,282
SectorIndustrials
Sector Strength72
IndustryConsulting Services
Share Statistics
EPS (TTM)4.63
Shares Outstanding21,086,317
10 Day Avg. Volume24,386
30 Day Avg. Volume18,585
Financial Highlights & Ratios
PEG Ratio-1.76
Price to Book (P/B)2.03
Price to Sales (P/S)0.90
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)12.8
Revenue Forecast (FY)kr5.17B
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 Rejle...
How the Company Makes Money
Rejlers primarily makes money by selling engineering and technical consulting services on a project and assignment basis. Revenue is typically generated from billable hours (time-and-materials consulting), fixed-price project deliveries, and frame...
Rejlers AB Class B Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
48
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.74B | 4.43B | 4.09B | 3.51B | 2.90B |
| Gross Profit | 299.00M | 2.33B | 1.44B | 1.37B | 1.10B |
| EBITDA | 574.70M | 538.60M | 457.20M | 432.40M | 258.60M |
| Net Income | 197.40M | 221.80M | 185.40M | 196.40M | 110.20M |
Balance Sheet | |||||
| Total Assets | 3.97B | 3.70B | 3.65B | 2.98B | 2.35B |
| Cash, Cash Equivalents and Short-Term Investments | 66.90M | 68.60M | 59.20M | 144.80M | 151.90M |
| Total Debt | 856.80M | 665.40M | 681.60M | 528.00M | 424.90M |
| Total Liabilities | 1.87B | 1.76B | 1.85B | 1.50B | 1.13B |
| Stockholders Equity | 2.10B | 1.94B | 1.80B | 1.49B | 1.22B |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 387.40M | 245.30M | 254.00M | 147.00M |
| Operating Cash Flow | 312.80M | 407.70M | 265.90M | 275.20M | 170.00M |
| Investing Cash Flow | -141.30M | -107.70M | -551.70M | -245.60M | -132.40M |
| Financing Cash Flow | -197.90M | -291.80M | 203.10M | -40.40M | -223.50M |
Rejlers AB Class B Technical Analysis
Neutral
193.60
Price Trends
163.53
Positive
177.65
Negative
186.03
Negative
Market Momentum
-0.40
Negative
59.55
Neutral
81.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:REJL.B, the sentiment is Neutral. The current price of 193.6 is above the 20-day moving average (MA) of 157.25, above the 50-day MA of 163.53, and above the 200-day MA of 186.03, indicating a neutral trend. The MACD of -0.40 indicates Negative momentum. The RSI at 59.55 is Neutral, neither overbought nor oversold. The STOCH value of 81.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:REJL.B.
Rejlers AB Class B Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | kr51.46B | 20.52 | 18.52% | 2.20% | 2.79% | 14.00% | |
64 Neutral | kr5.69B | 21.43 | 10.13% | 3.29% | -0.69% | -14.04% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
59 Neutral | kr14.07B | 19.30 | 6.31% | 4.09% | -3.73% | -22.34% | |
56 Neutral | kr3.77B | 21.54 | 10.98% | 2.68% | 7.23% | 1.27% | |
51 Neutral | kr3.67B | -24.33 | -3.72% | ― | -27.41% | 49.11% | |
48 Neutral | kr1.33B | 58.96 | 0.72% | ― | -6.38% | ― |
* Industrials Sector Average
SE:REJL.B
Rejlers AB Class B
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-10.91
-6.20%
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Rejlers AB Class B Corporate Events
Rejlers Calls 2026 AGM and Sets Out Board, Pay and Capital Mandate Proposals
Mar 27, 2026
Rejlers AB has called its shareholders to an Annual General Meeting on 29 April 2026 at the company’s Stockholm office, setting out participation procedures, registration requirements and rules for proxy representation in line with Swedish c...
Rejlers Wins Extension of Sinfra Security Contract to Protect Swedish Infrastructure
Mar 24, 2026
Rejlers has secured a one-year extension of its framework agreement with Sinfra, giving 541 municipal member companies across Sweden continued access to security consultancy services. The deal primarily supports operators of critical infrastructur...
Rejlers Norway to Acquire Future Technology and Expand Advisory Capabilities
Mar 18, 2026
Rejlers Norway has agreed to acquire all shares in Future Technology AS, a Norwegian consultancy specializing in electrical engineering, power systems, technical safety, project management and health and safety services across infrastructure, indu...
Rejlers boosts Finnish infrastructure offering with acquisition of SGM Consulting
Feb 27, 2026
Rejlers has acquired Finland-based SGM Consulting, a leading provider of measurement and geotechnical investigation services, to broaden its capabilities in the infrastructure sector. The deal brings around 50 specialists and approximately EUR 7 m...
Rejlers Adjusts Share Capital Following Acquisition-Linked New Issue
Feb 27, 2026
Rejlers AB has updated its share capital structure following a directed non-cash issue linked to its acquisition strategy. As of 27 February 2026, the company has 22,835,567 shares outstanding, divided into 1,749,250 class A shares and 21,086,317 ...
Rejlers Delivers Record 2025 Results and Ramps Up Nordic Expansion
Feb 5, 2026
Rejlers reported record sales and earnings for both the fourth quarter and full year 2025, with annual net sales rising 7.0% to SEK 4.74 billion and EBITA climbing to a record SEK 377.7 million, while maintaining an 8.0% EBITA margin despite fewer...
Rejlers Extends Telia Towers Finland Partnership to Bolster Telecom Infrastructure Services
Feb 4, 2026
Rejlers will extend its multi-year partnership with Telia Towers Finland to handle site acquisition, permitting, construction oversight, maintenance and safety coordination for telecommunications towers and related infrastructure, reinforcing Rejl...
Rejlers Buys Rörkraft to Bolster Water Infrastructure and Industrial Expertise
Feb 2, 2026
Rejlers has acquired Ingenjörsfirman Rörkraft, a Swedish engineering consulting firm specialising in water treatment, energy transition, defence, industry and environmental projects, thereby significantly strengthening its capabilities i...
Rejlers Wins Major Engineering Role in Oriola’s New High-Tech Distribution Hub
Jan 20, 2026
Rejlers has been awarded a significant technical consultancy contract by Oriola to support the construction of a new, highly automated pharmaceutical distribution centre in Järvenpää, Finland, a key logistics hub in the Nordic healt...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.