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BTS: Recovery continues to be impressive - ABG

FX adj. sales growth 40% y-o-y, Adj. EBITA 12% vs ABG
Positive one-off of SEK 50m boosts reported figures
2021 guidance upgraded once again

Sales SEK 478m (6% vs ABG 450m, no cons), adj. EBITA SEK 64m (10% vs ABG 58m). Reported EBITA positively affected by a non-recurring gain of SEK 50m from the US PPP loans (the Paycheck Protection Program) received in 2020, meaning that EBIT and EPS beat significantly our expectations. FX adjusted growth in the quarter was 40% y-o-y (vs ABG 35%).

BTS today upgraded the 2021 guidance on EBITA to be “significantly better than in 2019” vs previously “better than in 2019”. We estimate this to correspond to >20% higher EBITA, meaning that 2021 on the new guidance should come in above SEK 294m. We forecast SEK 273 (pre today’s report). The new guidance provides a theoretical upside of 8% to our 2021e EBITA.
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