Q4 EBITDAC 9% below on higher costs
Napatech delivered sales of DKK 58m, up 71% y-o-y. This was 4% below our estimate of DKK 61m. The gross margin however, was much better at 79%, vs.ABGSCe at 74%. Consequently, gross profit came in 1% above ABGSCe at DKK 45m. Operating costs were DKK -38.5m, 4% above our estimate of DKK -37.1m. As a result, EBITDAC was DKK 7.1m, 9% below ABGSCe at DKK 7.8m. FCFF was DKK -0.6m, vs ABGSCe at DKK 4.3m mainly on working capital.
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