Alcadon delivered sales slighly above expectations at SEK 206m (2% vs ABGSCe 202m, 1% vs. cons 203m) up 89% y-o-y, of which 5% organically (ABGSCe 6%, cons 6%). Sweden remains on a flat level (-1% y-o-y) while Norway deliveries high organic growth (+19% y-o-y), driven by datacentres. Adj. EBITA (adjusted for acquisition cost of SEK -0.8m and negative FX impact of SEK -0.6m) was SEK 16.6m (-6% vs ABGSCe 17.7m, -9% vs. cons 18.2m), corresponding to an adj. EBIT margin of 8.0% (8.5%) vs. ABGSCe 8.8% and cons 8.9%.
Estimate changes and outlook
Cons estimates should come down 3-4% on lower-than-expected profitability. However, some of the increased cost relates to efforts to create new long-term revenue streams, and management guides for several new product launches going ahead. High sick-leave and pandemic related restrictions have had a negative impact in the quarter, mainly affecting operations in Germany. Management expects these issues to continue in Q1’22 but to gradually diminish during H2’22 and project deliveries to commence in summer ’22. Thus, the ramp up in Germany will be tilted towards H2’22.
Final thoughts
The share is down 35% YTD (vs. OMXSPI at -17%) and trades at 13.5x and 11.2x EV/EBIT adj on ‘22e and ‘23e, respectively, on our pre-report estimates.
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