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Nordic Waterproofing: Dramatic increases in input prices - ABG

Adj. EBIT 6% below ABGSCe
Margin compression to remain in Installation Services
15x ‘22e EV/EBITA on pre-report numbers

Sales SEK 1,003m (-4% vs. ABGSCe 1,043m), up 10% y-o-y whereof 1% organic. Organic growth of 1% is the result of +4% in Products & Solutions, all due to sales price increases, and -8% in Installation Services in Finland. The latter is predominantly caused by delays on job sites due to component shortages, and a disciplined approach towards not accepting lower margin business. Adj. EBIT was SEK 140m (-6% vs. ABGSCe 149m), corresponding to a margin of 14.0% (ABGSCe 14.3%). The positive development y-o-y is explained by the implementation of its turnaround plan in the Prefabricated Elements business. However, dramatic increases in input prices have had a negative effect on both business segments. In Products & Solutions it is in the process of absorbing these through a series of sales price increases, albeit with a time lag of several weeks.

The share has traded strong into numbers, up 29% L1M and is now trading at 15x ‘22e EV/EBITA on our pre-report numbers.

Finwire / Börsvärlden

Publicerad 02 November 2021, 09:06

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