* Sales SEK 14m vs. ABGSCe 10m, EBIT in line at SEK -12m * No machine deliveries in the quarter (in line with estimates) * Rights issue of ~SEK 87m announced, ~52% discount Q3 results Sales came in at SEK 14m (vs. ABGSCe 10m), -57% y-o-y. EBIT was SEK -12m, in line with estimates (ABGSCe -12m). There were no machine deliveries during the quarter, in line with our estimates. Sales was therefore entirely driven by Coating Services (SEK 10.6m) and Aftermarket (SEK 3m). In terms of costs, the opex. base was lower than expected at SEK -16m vs. ABGSCe SEK -19.5m. This indicates the early signs of success of the company's cost-saving initiatives. The company ended the quarter with a cash balance of SEK 13m (vs. ABGSCe 12m). Rights issue of ~SEK 87m On numbers alone, '25e-'27e sales change by 4%, and EBIT adj. changes by -2%. The company writes that its liquidity planning has been tied to forecasted flow of system orders, which has been delayed as time has elapsed. Management believes these delays are due to a cautious investment environment in parts of the energy sector in which Impact operates, but reiterates that it remains confident that demand remains intact. Due to the company's current financial position the company this morning announced its intention to launch a rights issue of ~SEK 87m at a subscription rate of SEK 1.5 per share, a discount of ~52% to yesterday's closing price. The company has received subscription commitments from existing shareholders and members of the Board and Management, corresponding to ~SEK 2.4m (~2.7% of the rights issue). Assuming the rights issue is fully subscribed, it will result in a dilution effect of ~40%. Valuation The share has returned -19% L3M (vs. peer median -5% and OMX Stockholm Allshare +4%), and is currently trading at 3.1x-2.0x '25e-'27e EV/Sales on our pre-report estimates vs. the peer median of 1.5x-0.7x. The company will be hosting a presentation in connection with its Q3 report at 09:00 CEST.
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