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Ecoclime: Solid sales, but we are still waiting for earnings - ABG

ECC BThird party research17.02.2023 klo 15.28

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

Download report (PDF)
Adj. EBITDA SEK 5.4m vs. ABGSCe 0.2m
Circular Energy very strong at SEK 38m sales (ABGSCe 18m)
12-6x '23e-'24e EV/EBITDA (adj.)


Q4 results

Net sales came in at SEK 82.2m (23% vs. ABGSCe SEK 66.6m), up 84% y-o-y, of which 19.7% organic (ABGSCe 11%), but note we are not using restated figures for '21. The gross margin was 50% (ABGSCe 51%) and adj. EBITDA was SEK 5.4m (ABGSCe 0.2m), including NRIs of SEK -9.9m (ABGSCe -4.0m). This resulted in an EBIT of SEK -8.8 (vs. ABGSCe -7.6m). Circular Energy was the standout performer with revenue of SEK 38m (ABGSCe 18m), up 197% y-o-y. Smart Properties also saw strong growth to SEK 41m revenue (ABGSCe 33m), while Indoor Climate undershot our expectations.