Based on the Q2 report alone, we believe preliminary estimate revisions could amount c. +5% revisions on EBIT. However, we expect that the results could be extrapolated to c. 6-7% to account for the strength in prefab elements, which previously have been a drag on margins. NWG mentions that the order books in prefab are fully booked for 2021.
Final thoughts
On our pre-Q2 estimates, NWG is trading at 13x ‘22e EBITA and c. 6% lease adj. FCF yields.
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