EBITDAC DKK 17.6m above on higher margin and lower costs
Napatech delivered sales of DKK 49.7m, up 31% y-o-y. This was 4% above our estimate of DKK 47.6m. The gross margin came in at 78%, well above ABGSCe at 64% and consequently gross profit came in 27% above ABGSC. Operating costs were DKK -32.1m, -23% below our estimate of DKK -41.5m. As a result, EBITDAC was DKK 6.6m vs ABGSC at DKK -11m. Furthermore, capex in the quarter was DKK -1.5m, vs. our estimate of DKK -6m. Consequently, EBITDA-capex came in at DKK 6.4m vs. our estimate of DKK -12m. FCFF was DKK -10.3m, vs ABGSC at DKK 0.4m.
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