Lower margins on installations, product margins stable Near-term cost base re-assessed Fair value SEK 10-17 (11-18), 13x ’23e EV/EBITDA (adj.) Installation services and expansion costs weigh on margins Ecoclime reported Q2 sales of SEK 57m (-13% vs. ABGSCe of SEK 66m), with organic growth of 9.6% (ABGSCe 9.0%). The gross margin decreased substantially, which to our understanding is mainly due to installation services underperforming, while product margins remain stable, which is an important distinction as Ecoclime’s strategic focus is on growing product sales while scaling down the installation business. Also, opex increased more than we expected, which the company attributes to investments in Evertherm, resulting in an adj. EBITDA of SEK -4.3m (ABGSCe SEK 5.8m) and EBIT of SEK -13.3m (ABGSCe SEK 1.0m).
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