Sales stronger than expected and margins in-line. Sales was SEK 1,405m (7% vs ABGSCe 1,314m and 4% vs Infront consensus 1,348m), up 30% y-o-y and organic growth of 14% (10% ABGSCe). Continued strong performance in most of Lagercrantz’ businesses where the sales volume, both organically and including acquisitions, increased at about the same level as earlier in the year despite tougher comps. Adj. EBITA was 226m (7% vs ABGSCe 211m, 4% vs cons 218m), on a margin of 16.1% (ABGSCe 16.0%, cons 16.2%). Net Income 148m (7% vs ABGSCe 138m, 5% vs cons 141m).
Conclusions and outlook
Consensus estimates likely to come up 1-2% on the estimate beat. Management are confident in continued postive momentum and strong demand going into H1’22e driven by incoming orders remaining at a good level. However, management notes that the pandemic is certainly reappearing with increased spread of infection and high absence due to illness within the group and among its customers, but highlights that it already seems to be easing in the countries that were affected by Omicron early on. Lastly, Lagercrantz has effectively handled rising raw material and freight costs and component shortages through price adjustments and creativity.
Final thoughts
The share is down 20% YTD vs. peers at -19% and trades at 26.2x f12m adj. EV/EBITA on consensus, 3% above peer group but 7% below Addtech (L5Y average/median f12m adj. EV/EBITA in line for the two companies). Läs mer på Introduce
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