Sales came in at SEK 5.5m (+19% vs. ABGSC 4.7m, -17% vs. FactSet cons. 6.7m), +0.4m y-o-y. EBIT was -22.9m (+1% vs. ABGSC -23.1m, -112% vs. cons. -10.8m), and adj. EBIT was -13.2m (-7% vs. ABGSC -12.4m) for a margin of -239% (ABGSC -265%). The company produced FCF of -16.2m (-3% vs. ABGSC -15.7m, -3% vs. cons. -15.7m), and ended the quarter with a cash balance of 60.0m, +96% y-o-y. The company states that multiple expected Freemelt ONE orders are taking longer than expected to land, but that the company has not lost any potential orders so far.
Estimates and outlook
On numbers alone, '23e sales come up +3% and adj. EBIT comes down -2%. Freemelt is still in a development phase, and multiple actions were undertaken in the quarter to support the move into a more commercial phase, such as establishing an American subsidiary and recruiting key personnel. The company also announced its 2030 strategy, which comprises becoming a billion SEK company, and emphasises services and aftermarket sales, which it plans will constitute 25% of revenue by then.
Valuation
The share is down -13% YTD (vs. OMXSPI +6%), and is currently trading at 9-3x '23e-'25e EV/Sales on our pre-report estimates.Deviation tableSource: ABG Sundal Collier Estimates, Company Data, FactSet EstimatesFactSet consensus
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