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    The Bull Case For Skanska (OM:SKA B) Could Change Following Major LAX Roadway Contract Expansion

    Simply Wall St·01/05/2026 21:15:55
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    • Skanska announced that, in a joint venture with Flatiron, it secured an additional US$445.00 million share of a US$868.00 million roadway modernization contract at Los Angeles International Airport and a separate US$228.00 million data center build in the US, alongside new US contracts and a residential investment in Norway.
    • Together, these wins expand Skanska’s US order bookings and highlight its exposure to large-scale transport infrastructure and mission-critical data center construction.
    • We’ll now examine how the expanded LAX roadway contract shapes Skanska’s existing investment narrative around backlog quality and margins.

    Find companies with promising cash flow potential yet trading below their fair value.

    Skanska Investment Narrative Recap

    To own Skanska, you need to be comfortable with a construction and development group whose value hinges on the quality and profitability of its backlog, not just headline order growth. The expanded LAX roadway contract and new US data center work reinforce Skanska’s exposure to large, complex infrastructure and mission-critical facilities, but they do not fully offset the near term risk that weak Nordic residential and commercial markets could continue to weigh on volumes and earnings.

    Among the recent announcements, the additional US$445.00 million share of the Los Angeles International Airport roadway modernization stands out as most relevant. It meaningfully enlarges the US order book and underlines Skanska’s focus on long duration transport infrastructure, which can support backlog visibility at a time when the project development segment faces a shallow transaction market and more uneven earnings recognition.

    Yet, while these contract wins look reassuring on the surface, investors should still be aware that...

    Read the full narrative on Skanska (it's free!)

    Skanska’s narrative projects SEK206.4 billion revenue and SEK9.0 billion earnings by 2028. This requires 3.8% yearly revenue growth and an earnings increase of about SEK2.8 billion from SEK6.2 billion today.

    Uncover how Skanska's forecasts yield a SEK265.00 fair value, in line with its current price.

    Exploring Other Perspectives

    OM:SKA B Earnings & Revenue Growth as at Jan 2026
    OM:SKA B Earnings & Revenue Growth as at Jan 2026

    Six members of the Simply Wall St Community value Skanska anywhere between SEK170 and about SEK370.67 per share, underlining how far apart individual views can be. Against that backdrop, the risk of a sluggish recovery in Nordic residential and commercial property markets could be an important factor shaping how you interpret these competing fair value estimates.

    Explore 6 other fair value estimates on Skanska - why the stock might be worth as much as 43% more than the current price!

    Build Your Own Skanska Narrative

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.