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Third party research

Coor: Better margins and strong cash flow - ABG

Coor Service Management Holding

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

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Adj. EBITA +12% vs. cons, +39% vs. ABGSCe
Better margins and guidance to improve conviction in margin target
5-6% upside to cons 2026; share trades 15% below key peers


Q1 details

Better than feared margins and strong cash flow. Sales SEK 3,052m (-1% vs ABGSC 3,087m and -1% vs cons 3,088m), adj. EBITA SEK 144m (39% vs ABGSC 103m and 12% vs cons 129m), EBIT SEK 110m (71% vs ABGSC 64m and 29% vs cons 85m), net profit SEK 50m (166% vs ABGSC 19m and 43% vs cons 35m). Organic growth was -2% (vs ABGSC -2%). Lease adj. FCF was strong at SEK 268m (186% conversion from adj. EBITA) driven by reduced working capital. As a result of the strong cash flow, gearing was reduced to 2.8x (3.0x in Q4).
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