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Analyytikko
Exel’s Q1 was expected to be soft but it turned out quite weak. This year will continue to see rather modest profitability while long-term potential still exists.
Exel’s Q1 results came in clearly below our and consensus estimates. At least Q2 is also to remain weak, however H2’23 should see some improvement.
Heady growth continued in H1’22, but H2’22 was slowerExel’s Q4 revenue landed at EUR 31m vs the EUR 36m/35m Evli/cons. estimates.
Exel’s Q4 figures missed our and consensus estimates. Top line declined as there was temporary softness in e.g. wind power orders. Cost management helped profitability remain flat y/y.
Exel’s Q3 results didn’t meet our estimates, but long-term EBIT potential remains significant even if it materializes somewhat slower than we previously estimated.
Exel’s Q3 results came in soft relative to our estimates. There appears to be nothing particularly dramatic, but both top and bottom line landed relatively low after the strong Q2 report.
Exel’s Q2 report didn’t disappoint as both revenue and profitability clearly topped estimates. Growth was driven by a new aerospace application within the Transportation customer industry.
Exel’s EBIT appears bound to improve more from the recent lows. We make only minor revisions to our estimates.
Exel’s Q1 report showed the company is making progress in the US as the unit was back to black.
Exel’s Q4 EBIT was soft relative to estimates, yet demand doesn’t seem to abate and in our view the US unit should, sooner or later, again reach the required performance level. Long-term earnings potential therefore remains significant.