Net sales were SEK 91m (+32% vs. ABGSCe 69m), up 58% y-o-y, of which +65% organic (ABGSCe +20%). Most of the sales beat came from the two exciting segments, Circular Energy (+51% vs. ABGSCe) and Smart Properties (+31% vs. ABGSCe), while the legacy segment Indoor Climate was +7% vs. ABGSCe. EBIT was -0.3m (ABGSCe -5.2m), and net profit was weighed by a realised loss from the previously announced divestment of H-Gruppen, leading to net profit of SEK -19m (ABGSCe -5m). Operating cash flow was poor at SEK -8.5m due to NWC build-up.
Estimate changes
The Q2 numbers in isolation imply positive sales revisions of 7-5% for '23e-'25e. On outlook, the company states that market conditions remain uncertain due to high interest rates affecting customers willingness to invest, however we believe the Q2 numbers signal that high demand for Evertherm persists despite this.
Valuation
The share is down 38% YTD, following high turnover both in management and on the board. On our pre-Q2 estimates, the share is now trading at 9x '23e EV/EBITDA.
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