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Alcadon: Data centres perform, fibre slowing - ABG

Mixed results with stronger adj. EBITA but softer net income
Implied revisions: adj. EBITA +2%, net income -4%
10x '23e EV/EBITA on pre-Q1 estimates


Q1 outcome

Sales were SEK 389m (-1% vs. ABGSCe 392m), up 90% y-o-y, of which 3% org (ABGSCe 11%). The main deviations on sales were Sweden (on the positive side) and Denmark (negative), where the company is seeing postponed fibre projects. The gross margin was 26.0% (ABGSCe 25.0%), leading to an adj. EBITA of SEK 31.4m (+8% vs. ABGSCe 29.0m), for a margin of 8.1% (ABGSCe 7.4%). This included NRIs of SEK -3.3m (ABGSCe 0m) tied to unrealised exchange rate gains and losses and revaluations of contingent consideration. Net financials were higher than expected (interest expenses roughly in line, 6.9m vs. ABGSCe 6.5m, but other financial costs were higher), resulitng in net profit of SEK 11.6m (-23% vs. ABGSCe 15.0m).
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