We only make minor tweaks to our sales forecast, increasing sales per employee, which is offset by a lower number of employees following the slower recruitment pace in Q4. '23e EBIT is raised 2.2% as profitability surprised positively in the report. We still expect the EBIT margin to be down y-o-y as 2023 contains two less working days than 2022. We forecast an EBIT margin of 11.1% for '23e, which is still above the financial target of 10%.
Reached both financial targets in 2022
For the full year, Eurocon manages to reach both its sales and profitability target of 10%, it grew sales by 16% (all organic) and ended the year with an EBIT margin of 12%. There is no sign of slowing demand at the time of writing but the future of the company is determined on whether the cash bid from Rejlers at SEK 10.75 is successful or not. Given the strong initial backing of the bid and the fact that there is no major shareholder (above 15% of capital) to oppose the bid, we see a high likelihood for the bid to be successful. What remains to be seen is whether a competing bid will be presented or not.
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