Profitability improvement trajectory lowered, again Management says it has secured agreements with most of its customers in Sweden, Finland, and Denmark to recover parts of the cost increases, and it expects improvements will be visible entering ’23. After Q2, Eltel signed an agreement with GlobalConnect in Denmark, which will generate sales of EUR 47m over the next 3.5 years, something that will also support the margin improvement in Denmark. All in all, given the estimate miss and delay in price increases until ‘23, we lower ‘22e, ‘23e and ‘24e adj. EBITA by 44%, 17% and 10%, respectively. However, due to the GlobalConnect contract, we raise our sales estimates by 1-2% for the same period.
Share down 45% YTD, in line with estimate revisions The share is down 45% YTD and our ‘23e adj. EBITA estimates are down 42% in the same period. The sh ... Läs mer på ABG Sundal Collier
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