DistIT (Sponsored) - Q4'21 report: Sales SEK 818m (+0.9% vs ABGSC 810m), EBITDA SEK 59m (+1% vs ABGSC 58m), EBIT SEK 51m (-0.4% vs ABGSC 51m), Net profit SEK 35m (-3.8% vs ABGSC 37m).
Q4 thoughts
The Q4 report was overall in line with our expectations and even though DistIT was affected by the COVID restrictions that were reintroduced during the important holiday season, the company delivered 11% y-o-y sales growth. The GP stood out at SEK 186m (+9% vs ABGSCe 170m), for a GM of 22.8%, below Q4’20 of 23.5%, but above our expectations of 21%, driven by a large share of own products. Own products came in at SEK 241m, up 9% y-o-y, and 5% better than our expectations of SEK 230m. Efuel contributed with sales of SEK 42m, above our expectations of SEK 40m. However, Efuel had a negative EBIT of SEK -10.7m, driven by in large a one-off of SEK 10m. Septon delivered strong results with sales of SEK 107.9m (+10% vs ABGSCe 98m), for 21% y-o-y growth, driven by strong B2B-sales. The EBIT came in at SEK 5.5m for Septon (+70% vs ABGSCe 3.2m), driven by restructuring of the unit.
Estimate revisions and valuation
DistIT’s share is -17% YTD and is trading at EV/EBIT of 12x-10x for ‘22e- ‘23e on our unrevised estimates, slightly above FactSet consensus’ 5Y historical average of 8.5x NTM. Based on the Q4 report, we would expect consensus to slightly come up for 2022-2023.
Läs mer på Introduce
Aktuellt
SENASTE
