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Third party research

Studsvik - Small Q2 miss, but outlook remains solid - ABG

Studsvik

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

Download report (PDF)
Q2 results
Sales fell 3% y-o-y and were 7% below our estimate. With a margin of 6.9%, 0.2pp above our estimate, EBIT adj. was 4% below our estimate. EBIT included non-recurring items of SEK 1.9m in total, a retroactive repayment of electricity tax (+3.3m) and costs attributable to streamlining efforts (-1.4m). FMWT sales came in strong, +9% vs. ABGSCe, as a result of good progress in the company's projects and improved productivity. Decommissioning sales were -16% vs. ABGSCe, mainly due to increased competition and cost focus among customers. Scandpower sales, which tends to experience significant seasonal variation, came in -14% vs. ABGSCe.

Estimate changes
The Q2 numbers in isolation imply EBIT adj. comes down 1%. Management remain optimistic on outlook, with management expecting continued profitable growth driven by strong demand in nuclear fuel development, waste management solutions, and software for SMRs, especially in the US and Europe.

Company valuation
Over the past three months, the share has returned +79%, compared to the +8% of the OMX Stockholm Allshare. The share is currently trading at 33x-23x '25e-'27e P/E. There is a conference call at 10:00 CET: https://studsvik.events.inderes.com/q2-report-2025/register.
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