48% org. sales growth, EBIT to turn positive in Q2'23e
Cavotec delivered continued strong order intake (backlog up 49% y-o-y) and improving backlog conversion, as sales grew 48% organically (ABGSCe 46%). We believe that the timing of deliveries in the backlog mean that we should start to see significant sales growth, and forecast ~40-30% organic sales growth in Q1-Q2'23e. However, cost headwinds (related to both internal inefficiencies, low-margins on orders in the backlog and external cost inflation) led to an EBIT loss in the quarter, as well as negative ~EUR 4m in lease adj. FCF. The near-term balance sheet risk was lowered as a result of the EUR 15m rights issue, and we expect positive EBIT to help lower leverage from Q2'23e, while FCF should be positive from Q3'23e.
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