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Pääanalyytikko
Raute has now largely cleaned its Russian exposure and Western orders are materializing at a good pace, however H2’22 profitability will still be far from satisfactory.
Raute’s Q2 revenue and EBIT were clearly worse than we expected, however order intake was well above our estimate.
Raute reports Q2 results on Jul 22. We make downward revisions to our estimates due to the latest update as well as the deterioration in wider economic conditions.
Inflation hurt Raute’s Q1 EBIT more than we estimated, but the longer-term picture wasn’t changed all that much.
Raute’s Q1 revenue and order intake were above our estimates, however inflation had a larger negative effect than we had expected as EBIT clearly missed our estimate.
Raute reports Q1 results on Apr 29. We continue to expect only break-even EBIT for this year. In our view Europe and North America will now be Raute’s focus markets.
Raute withdrew its guidance for the year due to the large Russian order book exposure. We downgrade our estimates.
Raute’s Q4 report didn’t provide that many news as recent profitability challenges are familiar. Demand stays high, but inflation means H1’22 EBIT is to remain well below potential. We continue to expect gradual improvement.
Raute’s Q4 figures didn’t include that many surprises as the company had already disclosed some preliminary info on FY ’21 results.
Raute reports Q4 results on Fri, Feb 11. Last year was another gap in terms of profitability, but Raute has managed to stack up a record-high order book in the past year or so.
