Sales were SEK 890m (5% vs. ABGSCe 850m), up 16% y-o-y whereof 5% organic. Adj. EBIT was SEK 59m (-10% vs. ABGSCe 66m), margin 6.6% (ABGSCe 7.8%). Strong top-line growth, all driven by price increases in the Product & Solutions segment, whereas the profitability was on the softer side for the group, explained by a drop in profitability in Installation Services where NWG not yet been able to pass on the significant cost inflation to customers. Additionally, OCF has been negatively affected by increased inventory due to securing raw material availability, higher input costs and higher finished product levels to secure its delivery capabilities. Lastly, the Board propose to pay a cash dividend of SEK 6.00 per share (vs. ABGSCe at SEK 5.1).
Estimate changes and outlook
Management guides for a degree of margin compression to remain in the foreseeable future in the Installation Services segment, not fully reflected in cons. estimates. Thus, we expect cons. EBIT est. do come down 2-3% on the guidance.
Final thoughts
The share is down 11% YTD and now trades at 13x ‘22e EV/EBIT (on pre-Q4 numbers), ~30% above its L5Y avg.
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