Nyab: Organic business better but less contribution from Dovre - ABG
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
EBIT -9% vs cons, -15% vs ABGSC
Order backlog +25%, organic growth +43% y-o-y
We expect limited estimate changes (-1-2% if any)
Q2 results
Sales were EUR 136m (11% vs ABGSCe 123m and 11% vs cons 123m), organic growth was 43% (vs ABGSC 8%, cons 5%). While the organic business was better, Dovre contributed a bit less than we expected (although in line with management expectations). EBITA was EUR 6m (-13% vs ABGSCe 7m, no cons). Margins improved in the organic business (from 5.1% to 5.3% y-o-y) but remained muted in Dovre. EBIT was EUR 6m (-15% vs ABGSCe 7m and -9% vs cons 6m), and net profit EUR 4m (5% vs ABGSCe 4m and 321% vs cons 1m). The organic order backlog increased 25% y-o-y. FCF was solid at EUR 6m in Q2 and EUR 21m LTM (74% conversion from EBITA). The company also announced that it will initiate a listing transfer to Nasdaq Stockholm's main list, which we think is positive.
Order backlog +25%, organic growth +43% y-o-y
We expect limited estimate changes (-1-2% if any)
Q2 results
Sales were EUR 136m (11% vs ABGSCe 123m and 11% vs cons 123m), organic growth was 43% (vs ABGSC 8%, cons 5%). While the organic business was better, Dovre contributed a bit less than we expected (although in line with management expectations). EBITA was EUR 6m (-13% vs ABGSCe 7m, no cons). Margins improved in the organic business (from 5.1% to 5.3% y-o-y) but remained muted in Dovre. EBIT was EUR 6m (-15% vs ABGSCe 7m and -9% vs cons 6m), and net profit EUR 4m (5% vs ABGSCe 4m and 321% vs cons 1m). The organic order backlog increased 25% y-o-y. FCF was solid at EUR 6m in Q2 and EUR 21m LTM (74% conversion from EBITA). The company also announced that it will initiate a listing transfer to Nasdaq Stockholm's main list, which we think is positive.