Sales were SEK 717m (+12% vs. ABGSCe 642m), up 45% y-o-y, of which 30% organic (ABGSCe 16%). Adj. EBITA was SEK 39m (-1% vs. ABGSCe 40m), for a margin of 5.5% (ABGSCe 6.2%). EBITA included a net NRIs of SEK 4m (ABGSCe -4m), one negative NRI from costs tied to the Beyers acquisition, one positive from a payout from AFA Försäkring, meaning reported EBITA was SEK 43m (+20% vs. ABGSCe 36m). While earnings were strong, the adj. EBITA margin was slightly lower than expected, stemming from high covid-related absences in staff and supply chain disruptions. Also, the Other Markets segment has several facilities in the middle of an expansion program, which affects profitability negatively (2.3% adj. EBITA margin vs. ABGSCe 4.3%). Main Markets, however, outperformed expectations with an adj. EBITA margin of 8.7% (ABGSCe 7.8%).
Estimate changes and outlook
The isolated Q4 numbers would not imply any estimate revisions on ’22e-’23e adj. EBITA. In terms of outlook, management says the beginning of 2022 continues to be affected by material shortages and that Q1 has seen high sick leave from Omicron cases. However, they add the challenges seem to be diminishing somewhat.
Final thoughts and conf call details
On our pre-Q4 numbers, the share is trading at 11x ’22e EV/EBITA (adj.) with an estimated ’21e-’23e adj. EBITA CAGR of 16%. Finally, a conference call is scheduled for 11:00 CET, dial-in SE: +46850558368, UK: +443333009268. The webcast can also be viewed at https://tv.streamfabriken.com/hanza-q4-2021.
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