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Moment Group: Stage seems set for Q4 - ABG

Q3 EBIT SEK -16m vs. ABGSCe of SEK -12m
We raise our sales estimates by ~5% for ’21e-‘23e
Trading at EV/Sales of 1.6x-0.8x on ‘21e-‘23e

Moment Group reported Q3’21 net sales of SEK 92m (SEK 6m in government aid), which was well above our expectations of SEK 54m (+70.5%). The upswing in sales corresponds to y-o-y growth of ~207%, but is 37% below the 2019 level. The third quarter has been characterized by a successive re-opening of societies, which naturally has benefited Moment Group as all of its operations, in Sweden, Norway and Denmark, have fully reopened. Furthermore, EBIT came in at SEK -16m, which was ~33% below our expectations of SEK -12m, primarily driven by an expanded cost base as an effect of the re-opening. However, we note that EBIT increased y-o-y by approximately SEK 52m.

Following our estimate revisions and at the current share price, Moment Group is trading at EV/Sales of 1.6x-0.8x on ‘21e-‘23e and at EV/EBIT of 31.5x-25.8x on ‘22e-‘23e. All in all, the stage seems to be set for Q4, but with some uncertainties remaining, we are cautiously optimistic about the quarter.

Finwire / Börsvärlden

Publicerad 11 November 2021, 07:48

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