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Eolus Vind: A solid pipeline - it's all about execution now - ABG

Q4 report due on Thursday, 16 February
Sale of Centennial Flats expected to be the main EBIT driver
We lower our '22e EBIT by 12% due to timing of project sales


Q4'22 expectations

We expect Eolus to report sales of SEK 411m, mainly driven by the announced sales of Centennial Flats and Öyfjellet, where we expect the latter to be finally completed in Q1'23. However, we foresee Centennial Flats to be the key EBIT driver (we expect it to contribute SEK 56m) together with an increasing degree of completion in Stor-Skälsjön (we foresee it to contribute SEK 27m). Moreover, we expect Öyfjellet to carry its opex costs and to have an EBIT margin of 0%. All in all, we expect a group EBIT of SEK 100m with an EBIT margin of 24.3%, resulting in a net profit of SEK 79m.
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