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Balco Q4: Better than our estimates across P&Ls, strong on order guidance - SEB

Balco Group delivered Q4 results that were ahead of our forecasts and guides for "continued strong order intake in current trading". Proposed DPS of SEK 2 (split in two payments) compares to our SEK 1.50 estimate. Sales growth of 21% y/y is bolstered by a full 8% organic growth (SEBE: +4%). EBIT of SEK 38m (11.7% of sales) are 21% ahead of our forecasts and imply a 4% upgrade to our FY 2022 estimates, all else equal. We reiterate our DCF-based mid-point value of SEK 135.

Balco Group delivered Q4 results that were ahead of our forecasts and guides for "continued strong order intake in current trading". Proposed DPS of SEK 2 (split in two payments) compares to our SEK 1.50 estimate. Sales growth of 21% y/y is bolstered by a full 8% organic growth (SEBE: +4%). EBIT of SEK 38m (11.7% of sales) are 21% ahead of our forecasts and imply a 4% upgrade to our FY 2022 estimates, all else equal. We reiterate our DCF-based mid-point value of SEK 135.
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