StrongPoint: Revenue up 18% y-o-y - ABG
Tämä on kolmannen osapuolen analyysi, eikä välttämättä vastaa Inderesin näkemystä tai arvoja
- Q2: Sales 6% above, EBITDA NOK 7m vs ABGSCe NOK 3m
- Positive development in projects
- Only minor adjustments to estimates expected
Q2: EBITDA of NOK 7m vs ABGSCe NOK 3m
Sales increased 18% y-o-y, driven by solid performance in UK&Ireland, Sweden and the Baltic's. Total revenues came in at NOK 350m, 6% vs our NOK 330m. GP was +9% vs. our estimate, giving a solid GM of 43.7% (ABG 42.5%). EBITDA came in at NOK 7m vs. ABGSCe NOK 3m, on higher gross profit and absence of non-recurring cost incurred last year as part of cost a headcount and cost reduction initiative. The EBITDA margin landed at 2.1% (vs. ABGSCe 0.9%). This is an improvement y-o-y (Q2'24 0.3%), and the H1'25 EBITDA margin came in at 2.5%. EPS came in at NOK -0.07 vs. ABGSCe NOK -0.19. Cash flow from operations was stronger compared to Q1, at NOK 20m vs NOK 8m. Net debt came in at NOK 73.6 m vs NOK 72m in Q1. On outlook: StrongPoint states that they see continued improvement in both EBITDA and recurring revenue. The long term ambitions are healthy revenue growth and an EBITDA margin >10%.
Positive development on projects
Recently, multiple new customers have been announced, and this is a step in the right direction for StrongPoint. In Belgium, the grocery retailer Carrefour chose StrongPoint’s Order Picking solution, a Nordic retailer placed an order of ~21 MNOK for AI scales to be used in their stores, and COOP Estonia has ordered 130 self-checkouts from StrongPoint. Regarding Sainsbury's, the roll-out is planned to be completed by summer '26.
Estimates largely unchanged
The markets remain challenging, but estimates have already come down, and are thus likely to remain largely unchanged. Run-rate revenue and EBITDA at NOK ~1.4bn and ~NOK 35bn - in line with our estimates.
- Positive development in projects
- Only minor adjustments to estimates expected
Q2: EBITDA of NOK 7m vs ABGSCe NOK 3m
Sales increased 18% y-o-y, driven by solid performance in UK&Ireland, Sweden and the Baltic's. Total revenues came in at NOK 350m, 6% vs our NOK 330m. GP was +9% vs. our estimate, giving a solid GM of 43.7% (ABG 42.5%). EBITDA came in at NOK 7m vs. ABGSCe NOK 3m, on higher gross profit and absence of non-recurring cost incurred last year as part of cost a headcount and cost reduction initiative. The EBITDA margin landed at 2.1% (vs. ABGSCe 0.9%). This is an improvement y-o-y (Q2'24 0.3%), and the H1'25 EBITDA margin came in at 2.5%. EPS came in at NOK -0.07 vs. ABGSCe NOK -0.19. Cash flow from operations was stronger compared to Q1, at NOK 20m vs NOK 8m. Net debt came in at NOK 73.6 m vs NOK 72m in Q1. On outlook: StrongPoint states that they see continued improvement in both EBITDA and recurring revenue. The long term ambitions are healthy revenue growth and an EBITDA margin >10%.
Positive development on projects
Recently, multiple new customers have been announced, and this is a step in the right direction for StrongPoint. In Belgium, the grocery retailer Carrefour chose StrongPoint’s Order Picking solution, a Nordic retailer placed an order of ~21 MNOK for AI scales to be used in their stores, and COOP Estonia has ordered 130 self-checkouts from StrongPoint. Regarding Sainsbury's, the roll-out is planned to be completed by summer '26.
Estimates largely unchanged
The markets remain challenging, but estimates have already come down, and are thus likely to remain largely unchanged. Run-rate revenue and EBITDA at NOK ~1.4bn and ~NOK 35bn - in line with our estimates.