Conclusion
Q2 sales were 3-4% below our and FactSet consensus estimates but grew by 8% y/y, confirming that the more stable Services (long-term maintenance contracts at >60% of group sales) support Digia even in turbulent times. EBITA beat expectations by 7-11% thanks to record-high margin, which was boosted by temporary savings and probably not fully sustainable. Digia maintains guidance for higher EBITA in 2020, which is well in the bag already as H1 grew by 36% y/y. Digia mentions higher uncertainty in the market, which is no suprise. More info to follow at analyst briefing at 11:00 EET today and webcast at 12:00.
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