Company Overview
Admicom is a leading provider of digital solutions for the construction industry, specializing in project management, construction technology, and building information modeling (BIM). With over two decades of experience, Admicom has established itself as a trusted partner for construction companies, architects, and engineers. The company's mission is to empower its customers with innovative solutions that enhance their productivity, efficiency, and quality. Admicom's core values include a customer-centric approach, a commitment to excellence, and a passion for innovation.
The primary mission of Admicom is to become the leading provider of digital solutions for the construction industry, enabling its customers to build smarter, faster, and more efficiently. To achieve this goal, Admicom focuses on developing cutting-edge technologies, providing exceptional customer service, and fostering a culture of innovation and collaboration.
Core Values
Admicom's core values are rooted in its commitment to excellence, customer satisfaction, and innovation. The company's core values include:
- A customer-centric approach: Admicom prioritizes the needs and expectations of its customers, delivering tailored solutions that meet their unique requirements.
- Commitment to excellence: Admicom strives for perfection in everything it does, from product development to customer support.
- Innovation and collaboration: Admicom fosters a culture of innovation, encouraging its employees to share ideas and collaborate with customers to drive growth and success.
Key Products/Services
Admicom offers a range of key products and services that cater to the needs of construction companies, architects, and engineers. These include:
- Project management solutions: Admicom provides comprehensive project management tools, enabling customers to streamline their workflows, reduce costs, and improve quality.
- Construction technology: Admicom develops cutting-edge construction technologies, including BIM, that enhance the efficiency and productivity of its customers.
- BIM services: Admicom offers BIM services, including modeling, rendering, and collaboration tools, to help its customers create accurate and detailed building information models.
- Software as a Service (SaaS): Admicom provides SaaS-based solutions that enable customers to access its products and services from anywhere, at any time.
Benefits
The benefits of using Admicom's products and services include:
- Improved productivity: Admicom's solutions help construction companies streamline their workflows, reducing costs and improving efficiency.
- Enhanced quality: Admicom's BIM services enable customers to create accurate and detailed building information models, improving the overall quality of their projects.
- Increased collaboration: Admicom's SaaS-based solutions facilitate collaboration among stakeholders, ensuring that everyone is on the same page.
- Reduced costs: Admicom's project management solutions help construction companies reduce costs by minimizing errors and optimizing resources.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 5.0 | 5.0 | 5.0 | 5.0 | 4.9 | 4.9 | 4.9 |
| Target Valuation (MEur) | 268.1 | 242.2 | 240.9 | 234.2 | 220.3 | 218.5 | 218.5 |
| Targer Price | 53.75 | 48.56 | 48.29 | 46.67 | 45.02 | 44.67 | 44.67 |
| Potential, % | 15.6 | 12.3 | 1.8 | 8.3 | 63.4 | 62.1 | 62.1 |
| Recommendation | Hold | Hold | Hold | Hold | Buy | Buy | Buy |
| MCAP (MEur) | 231.9 | 215.7 | 236.7 | 216.2 | 134.8 | 134.8 | 134.8 |
| Price | 46.49 | 43.24 | 47.45 | 43.09 | 27.56 | 27.56 | 27.56 |
| EV | 230.0 | 210.0 | 232.0 | 207.0 | 124.0 | 117.0 | 110.0 |
| P/S | 7.34 | 6.29 | 6.65 | 5.73 | 3.5 | 3.41 | 3.31 |
| EV/S | 7.26 | 6.12 | 6.51 | 5.49 | 3.23 | 2.96 | 2.7 |
| EV/EBIT | 21.23 | 21.37 | 28.12 | 27.36 | 20.01 | 20.29 | 21.42 |
| P/E | 29.08 | 30.31 | 40.3 | 40.74 | 30.74 | 29.24 | 32.87 |
| P/B | 7.89 | 7.38 | 7.28 | 6.15 | 4.06 | 3.57 | 3.22 |
| P/OCF | 21.04 | 20.84 | 24.81 | 22.9 | 14.8 | 14.71 | 14.41 |
| EV/OCF | 20.83 | 20.28 | 24.27 | 21.95 | 13.64 | 12.78 | 11.73 |
| P/FCF | -41.79 | 21.61 | 114.23 | 30.22 | 19.3 | 18.79 | 18.31 |
| EV/FCF | -41.36 | 21.03 | 111.77 | 28.96 | 17.79 | 16.32 | 14.9 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 31.6 | 34.3 | 35.6 | 37.7 | 38.5 | 39.6 | 40.7 |
| Rev. Growth, % | 26.9 | 8.5 | 3.8 | 5.9 | 2.1 | 2.9 | 2.8 |
| Ebit | 10.8 | 9.8 | 8.2 | 7.6 | 6.2 | 5.8 | 5.1 |
| Ebit Growth, % | 3.8 | -9.3 | -16.3 | -7.3 | -18.4 | -6.5 | -12.1 |
| Ebit, % | 34.2 | 28.6 | 23.0 | 20.2 | 16.1 | 14.6 | 12.5 |
| Profit | 8.0 | 7.1 | 5.9 | 5.3 | 4.4 | 4.6 | 4.1 |
| EPS | 1.6 | 1.42 | 1.18 | 1.06 | 0.9 | 0.94 | 0.84 |
| Profit Growth, % | -1.2 | -11.3 | -16.9 | -10.2 | -17.0 | 4.5 | -10.9 |
| Profit, % | 25.3 | 20.7 | 16.6 | 14.1 | 11.4 | 11.6 | 10.1 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acc. Receivable | 2.7 | 2.7 | 0.8 | 0.7 | 0.5 | 0.5 | 0.6 |
| Cash | 15.5 | 9.9 | 9.4 | 9.2 | 10.6 | 17.8 | 25.2 |
| Equity | 29.4 | 29.2 | 32.5 | 35.2 | 33.2 | 37.8 | 41.9 |
| ROE, % | 27.2 | 24.3 | 18.2 | 15.1 | 13.3 | 12.2 | 9.8 |
| ROCE, % | 25.4 | 29.4 | 22.3 | 21.5 | 18.6 | 15.3 | 12.1 |
| Net Debt | -2.4 | -5.8 | -5.1 | -9.0 | -10.5 | -17.7 | -25.1 |
| Gearing, % | -8.2 | -19.8 | -15.7 | -25.6 | -31.8 | -46.9 | -59.9 |
| Equity ratio, % | 59.3 | 72.0 | 74.8 | 85.5 | 86.4 | 92.2 | 98.2 |
| Acc. Payable | 0.3 | 0.6 | 0.4 | 0.4 | 0.3 | 0.1 | 0.0 |
| Total Assets | 49.6 | 40.6 | 43.5 | 41.1 | 38.4 | 41.0 | 42.7 |
| ROA, % | 16.1 | 17.5 | 13.6 | 12.9 | 11.5 | 11.2 | 9.6 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 11.0 | 10.4 | 9.5 | 9.4 | 9.1 | 9.2 | 9.4 |
| Investment Cash Flow | -16.6 | -0.4 | -7.5 | -2.3 | -2.1 | -2.0 | -2.0 |
| Free Cash Flow | -5.5 | 10.0 | 2.1 | 7.2 | 7.0 | 7.2 | 7.4 |
| OCF/CAPEX | 0.67 | 28.12 | 1.28 | 4.13 | 4.28 | 4.61 | 4.7 |
| Financial Cash Flow | 3.0 | -15.6 | -2.6 | -7.3 | -5.6 | 0.0 | 0.0 |
Disclaimer
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