Humble reports Q4’21 sales SEK of 862m (11% vs ABGSC 778m), gross profit SEK 285m (15% vs ABGSC 248m), EBITDA SEK 118m (33% vs ABGSC 89m), EBITA SEK 120m (51% vs ABGSC 80m), Adj. EBITA SEK 154m (93% vs ABGSC 80m), EBIT SEK -128m (-196% vs ABGSC -43m), net profit SEK -143m (-85% vs ABGSC -77m). In all, Humble is finishing 2021 on a strong note, growing sales to SEK 1,518m, and adj. EBITA to 217m yielding a margin of 14%. On pro forma level, the FY’21 sales amounted to SEK 3,749m and adj. EBITA to 479m, which corresponds to a financial target fulfilment of 23% and 25%, respectively.
Q4 thoughts
As expected, the lion’s share of Humble’s acquisition made so far became visible in the Q4 report, hence continuing to drive most of the sales. Furthermore, we are impressed by Humble’s ability to continue delivering strong underlying organic growth of 42% (ABGSCe 13%), which shows the group’s ability to grow the acquired businesses once integrated into the group. Although it is stated that Humble has experienced some disruptions, it has, in line with our expectations, not effected the group to a large extent. This is reflected in the relatively strong gross margin of 33% (+1.2pp vs ABGSCe) and adj. EBITA margin of 17.9% (+7.6pp vs ABGSCe). We note that Humble’s adjustments amounts to SEK 34m in the quarter, where 11m comes from increased freight costs. Moreover, Humble post a positive operating cash flow of 100m. Lastly, mgmt. outlooks sound positive, adding some confidence into ‘22e.
Cons. revisions should be slightly positive
Since we published our preview, Humble has announced that it intends to acquire MedicaNatumin, which we estimated to add roughly 6% and 3% to our unrevised ’22e sales and EBITDA estimates, respectively. Mechanically, today’s report would lift cons. ‘22e-‘23e estimates by c. 5-10% on sales and adj. EBITA. The Humble share is -39% YTD and is on our
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