Sales were SEK 3,146m (+2% vs. ABGSCe 3,078m, +2% vs. cons 3,083m). 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%). Reported net profit was SEK 386 (+57% vs. ABGSCe 246m, +53% vs cons 253m), but included positive NRIs of SEK 115m in net financials which stemmed from revaluation of contingent consideration in the acquisition of GW plastics. Adj. Net profit was therefore SEK 271m (+10% vs. ABGSCe 246m, +7% vs cons 253m). The quarter saw strong performance in Integrated Solutions, driven by VHP sales, which was expected on the guidance from Q3’21. Medical Solutions outperformed expectations (+9% vs. cons on EBITA) form high demand in diagnostics, while Industrial Solutions underperformed (-20% vs. cons on EBITA) following continued supply chain disruptions.
Estimate changes
The Q4 numbers in isolation would not imply any significant estimate revisions on adj. EBITA. However, the company guides for flat q-o-q growth in the Integrated Solutions segment, which implies ~40% y-o-y growth. The new guidance is roughly 16% above our Q1 expectations for the Integrated Solutions segment.
Final thoughts and conference call details
On our pre-Q4 estimates, the share is trading at 17x ’22e EV/EBITA (adj.) with a ’20-’23e adj. EBITA CAGR of 16%.
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