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Glaston

Analyst

Erkki Vesola

Erkki Vesola

Analyytikko

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Third party research
30.4.
2021

Glaston’s Q1 order intake improved 4% y/y continuing the ongoing recovery from the order drought during 2020.

Third party research
10.2.
2021

Glaston's Q4 results were mixed, as sales missed by 3% but order intake was 5% above our estimate. Overall, guidance for 2021 was encouraging, as Glaston expects sales and comparable EBITA to increase y/y. A good improvement in order intake in Q4 20 suggests most of the COVID-19 related hardships may be over for the company.

The share is still down from pre-COVID-19 levels and valuation looks attractive at 2021E EV/EBITDA of 6.9x.

Third party research
2.2.
2021

We expect Glaston’s Q4 report to be a lukewarm end to a difficult year, with sales up 10% q/q but still down 17% y/y. Even though Glaston raised its order intake outlook for Q4 20 in December, this won’t translate into sales until Q2 21 at the earliest, in our view.

We raise our estimates slightly for 2021, as the year-end recovery in Heat Treatment (HT) orders and gradually easing COVID-19 situation set a cautiously encouraging tone.
Third party research
27.10.
2020

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