Q2 details
Slightly lower org. growth but better underlying earnings and good margins from new acquisitions. Sales grew 32% y-o-y to SEK 1,495m (+1% vs. ABGSCe, +3% vs. FactSet cons.) and 4% organically (ABGSCe 9%, cons 8%, 12% Q1'23), with similar growth rates in all regions. EBITA adj. for acquisition-related items grew 52% y-o-y to SEK 141m (+7% vs. ABGSCe, +8% vs. cons), for a margin of 9.4% (ABGSCe 8.9%, cons 9.0%, 8.2% Q2'22). We estimate that org. adj. EBITA was up 1% (ABGSCe -1%) while FCF was OK at ~10% of adj. EBITA (neg. Q2'22, ~160% Q1'23). R12m gearing came up slightly to 3.1x (3.0x Q1'23) and 2.8x excl. earn-outs (2.7x). According to management, Swedish margins were impacted by roughly 2pp due to a one-off impairment and provisions related to a single loss-making project (Swedish margins 5.4% vs. ABGSCe 8.0%). On outlook, the CEO states that the backlog remains solid, but that increasing competition has resulted in more competitive bidding processes on projects to be completed by the end of the year or early in 2024.
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