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Awardit: Beat on sales and EBITA, strong FCF - ABG

Q4 EBITA SEK 58m (+9% vs. ABGSCe)
Organic growth was 21% vs. ABGSCe 9%
No signs of slowing down, FCF strong at 61m


Q4 details

Sales SEK 305m (9% vs ABGSCe 281m), reported EBITA SEK 58m (9% vs ABGSCe 53m). EBIT SEK 45m (10% vs. ABGSCe 41m). Organic growth was 21% vs. ABGSCe 9%. Importantly, cash conversion was high, yielding FCF of SEK 61m. Encouragingly, the report was strong across the board. Prämie Direkt continues to manage the tough market conditions in Germany well, now showing growth and a return to budgeted levels after the chock from the energy crisis in H1'22. Breakage from Zupergift was SEK 5.5m (3.7). The volume of Zupergift sold was SEK 40m (43). Outlook looks strong with 18% organic growth in January, ahead of expectations already. The board proposes a dividend of SEK 2.25 per share (0).
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