* Sales in line, EBIT adj. EUR +0.5m vs. ABGSCe * Orders -18% vs. ABGSCe, weighed by timing and customer caution * Strengthened profitability in Industry Q3 results Order intake came in at EUR 36m (-18% vs. ABGSCe 44m), flat y-o-y. Sales came in at EUR 36m (flat vs. ABGSCe 36m, -19% y-o-y). As expected, the company states that the lower volumes in the quarter are primarily due to the long lead times for Ports & Maritime orders, combined with continued customer caution. EBIT adj. was EUR -0.2m (vs. ABGSCe -0.7m). Industry showed signs of improving profitability (EBITDA EUR 3m vs ABGSCe 1m) as a result of the company's cost-saving and efficiency measures implemented in '24. EBIT has been adjusted for non-recurring costs of EUR 0.3m related to the relocation of Cavotec's registered office from Switzerland to Sweden. FCF lease adj. came in at EUR 2.0m (vs. ABGSCe -1.4m). Estimates and outlook On numbers alone, '25e-'27e sales change by 0%, and EBIT adj. changes by EUR +0.5m. The company highlights its strong order backlog, noting that most deliveries will begin next year. Management adds that the short-term softness in order intake mainly reflects timing effects in large electrification projects. Despite continued customer uncertainty, it remains confident in the strength of its underlying markets. Valuation The share has returned -15% L3M (vs. peer median +6% and OMXSALLS +5%), and is currently trading at 58x-16x '25e-'27e P/E on our pre-report estimates vs. the peer median of 22x-15x.
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