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Christian Berner Tech Trade: Delivering on Q4:s promise - ABG

Sales and EBITA way above expectations (+26% and +120%)
Organic growth of +31%, EBITA margin of 6.0%, up 2.6pp y-o-y
Margin expansion story gains traction


Q4 results

Sales came in at SEK 238m (+26% vs. ABGSC 190m), +31% y-o-y (+31% organic). EBITA was 14m (+119% vs. ABGSC 7m), and adj. EBITA was 14m (+119% vs. ABGSC 7m) for a margin of +6% (ABGSC +3%). Adj. net income was 9m (+146% vs. ABGSC 4m) for a margin of +4% (ABGSC +2%). The company produced lease adj. FCF of 6m, +256% y-o-y. Management highlights that the disruptions to logistics have begun to ease and that the company is starting to work its way back to more efficient working capital management. The company is pleased with the improved EBITA margin reaching 6.0% (3.4%), but emphasises that their target is even higher.
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