Q4 sales were SEK 3,146m (+2% vs. ABGSCe 3,078, +2% vs. Infront cons. 3,083m), +26% y-o-y, of which 28% was organic (ABGSCe 25%) and -2% FX. Adj. EBITA was SEK 336m (-1% vs. ABGSCe 339m, -1% vs. cons. 340m), for a margin of 10.7% (ABGSCe 11.0%, cons. 11.0%). Net profit, however, deviated heavily (+57% vs. ABGSCe, +53% vs. cons) due to a SEK 115m positive NRI in net financials tied to revaluation of contingent consideration of the GW Plastics acquisition, which has struggled during the pandemic. Integrated Solutions saw impressive organic growth (+67%) from strong VHP sales, but this was in line with prior company guidance and therefore was not a surprise (EBITA was 0% vs. ABGSCe and -2% vs. cons.). Medical Solutions outperformed expectations (EBITA +9% vs. ABGSCe, +9% vs. cons.) and Industrial Solutions underperformed (EBITA -20% vs. ABGSCe, -20% vs. cons.) due to continued component shortage issues. For Q1’22, the company now guides for flat q-o-q sales growth for Integrated Solutions, which implies ~40% y-o-y growth and is 16% above our pre-Q4 estimate for the segment.
’22e-’23e adj. EBITA raised on Integrated Solutions guidance
We raise our ’22e-’23e adj. EBITA estimates by 3%, primarily due to higher expected growth in the Integrated Solutions segment following the positive company guidance. We also raise our Medical Solutions estimates slightly and lower our Industrial Solutions estimates on the Q4 numbers.
17x ’22e EV/EBITA, ~35% gap to M&A compounder median
On our estimates, the share is currently trading at 17x ’22e EV/EBITA (adj.), which is ~35% below the M&A compounder median (26x) despite Nolato having a higher expected ’21-’23e adj. EBITA CAGR (15% vs. compounders at 10%). We keep our fair value range of SEK 90-130 per share, which we derive by applying a 10-40%
... Läs mer på Introduce
Aktuellt
SENASTE
