Ramp-up already in estimates On isolated numbers, the smaller-than-expected loss would raise our 2022e EBIT by ~20%. However, we already factor in a notable ramp-up in profitability (EBIT margins of ~10-15% Q3-Q4) as a result of significantly higher revenues (EUR 38m Q3, EUR 47m Q4). Nevertheless, Q2 numbers should, in our view, support the notion that New Cavotec has indeed structurally improved its cost base and is ready to deliver higher volumes from its rapidly growing backlog.
Final thoughts A reassuring report, and positive to see the Airports exit being finalised in the upcoming days while demand remains strong. The stock is up 9% L1M, vs. the OMXSGI at +7% (-15% YTD, OMXSGI -24%) and is trading at 24x EBIT 2022e, which drops to 8-5x EBIT 2023e-2024e. We would expect a positive initial reaction on the day.
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