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Third party research

Clavister: Higher growth, but also a bit higher cost - ABG

Clavister

This is a third party research report and does not necessarily reflect our views or values

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Sales 2% higher than expected; 24% y-o-y FX adjusted
But higher investments increased lead to miss on EBITDA
Estimates to come down 5-3%, but outlook maintained


Q1 results

Sales SEK 53m (2% vs ABGSC 52m). FX adjusted growth 24% (vs ABGSC 19%). Order intake 110m (190% y-o-y), ARR 134m (8% y-o-y). EBITDA 7m (-35% vs ABGSC 10m). EBIT -4m (vs ABGSC -1m). Net profit was positive (3m) but driven by FX revaluations on the loans denominated in EUR. While sales was relatively in line, with good growth, opex increased slightly more than we expected, in part driven by recruitments. Cash flow from operating activities was 5m, but 10m capex lead to -6m FCF which is relatively in line with what we expected.
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