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Awardit: Strong growth and profitability - ABG

Adj. EBITA +32% vs. ABGSCe
Expect cons. to up EBITA est by 5-10%
+54% org growth in Jan 2022

Q4 details: EBITA +32% vs. ABGSCe
Sales of SEK 229.5m (+7% vs. ABGSCe SEK 214m), corresponding to 175% growth y-o-y, where of 43% organic (vs. ABGSCe 39%). EBITDA of SEK 57.7m (+55% vs. ABGSCe SEK 37.2m). Adj. reported EBITA of SEK 48.4m (+32% vs. ABGSCe SEK 36.8m). EBITA was boosted by a Covid-19 support of SEK 8.9m in MBXP, received retroactively. SEK 3.8m in Zupergift breakage (included in other income). Acquired businesses contributed with SEK 103.5m in sales, vs ABGSCe SEK 98m.

Estimates
We expect consensus 2022e EBITA to come up by ~5-10% because of the report, driven by higher margins.

Strong trading update: 54% organic growth in Jan 2022
The first month of 2022 started with 54% organic growth according to the company, which we find very encouraging. In addition, management expects continued increased margins in the longer term, with seasonal variations. Management will hold a presentation of the report at 10:00 CET.
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