Purmo Group: Gradual earnings improvement ahead
Purmo’s Q1 result was clearly stronger than we expected thanks to the good margin. We increased our adjusted EBITDA margin estimate by 9% for this year and are now at the top end of the reiterated guidance. We made no significant changes for the coming years. We still consider the expected return reasonable.
Purmo Group
Purmo Group develops solutions for indoor climate. The company provides heating and cooling solutions for residential buildings and premises, including radiators, towel warmers, underfloor heating, convectors, valves, and controls. The business is divided into a number of business areas and the solutions are used in industry and the real estate industry. Customers are found on a global level with the largest concentration in Europe. The products are aimed at corporate and private customers.
Read more on company pageKey Estimate Figures27.04.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 904.1 | 855.7 | 880.0 |
growth-% | 7.18 % | -5.35 % | 2.84 % |
EBIT (adj.) | 60.7 | 64.0 | 67.6 |
EBIT-% (adj.) | 6.71 % | 7.48 % | 7.69 % |
EPS (adj.) | 0.85 | 0.79 | 0.86 |
Dividend | 0.35 | 0.35 | 0.35 |
Dividend % | 4.25 % | 3.57 % | 3.57 % |
P/E (adj.) | 9.70 | 12.47 | 11.37 |
EV/EBITDA | 8.00 | 9.77 | 6.60 |