Sales SEK 376m (-0.6% vs ABGSC 378m), EBITDA SEK 62m (7.0% vs ABGSC 58m), adj. EBITDA SEK 62m (7.0% vs ABGSC 58m), EBIT SEK 27m (6.5% vs ABGSC 25m).
Q4 thoughts
A report that confirms that synergies with A3 are gradually being reaped. Opex grew 0% q-o-q, versus the avg. historical growth (2015-2019) of c. 10% q-o-q. The gross margin continued to impress, coming in at 36.8% (ABGSCe 35.9%), up from 32.5% in Q4’20 and 35.9% in Q3’21, likely driven by recent price increases and an improved sales mix. The customer intake was -2,400, which was slightly above our forecast of -4,000.
Valuation and estimate changes
Based on the Q4 report, we believe that cons. will hike its gross margin assumptions, driving 3-5% adj. EBITDA increases for ’22-‘23e. The share is -3% YTD and is trading at 8.0x-7.5x ‘22e-‘23e EV/EBITDA on our unrevised estimates. Läs mer på Introduce
Aktuellt
SENASTE
