Q4 details
Sales came in at SEK 68m (-4% vs. ABGSCe 71m), +61% y-o-y of which 33% organically (ABGSCe 49%) as strong aftermarket sales continued (up ~110% y-o-y) while both OEM and private jet sales remained at a fairly low level. EBIT grew 160% y-o-y and reached SEK 21m (-27% vs. ABGSCe 28m), for a margin of 33% (ABGSCe 40%, 19% Q4'21), despite the fact that aftermarket revenues accounted for 80% of revenues (ABGSCe 73%). 2022 DPS was SEK 4.05 (ABGSCe 3.84), ~80% of net profit. For Q1'23, CTT guides for sales of SEK 68-73m, with the mid-point of ~71m implying 4% growth q-o-q and 43% growth y-o-y (ABGSCe 35% growth for FY'23e), due to higher OEM and private jet sales q-o-q offset by "significantly lower" aftermarket sales due to high inventory levels at distributors and airlines. Free cash flow was strong at ~80% of EBIT.
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