Strong report, weaker orderbook. Sales EUR 117m (23% vs ABGSCe 95m and 15% vs cons 102m), EBITA 13m (48% vs ABGSCe 8m), EBIT 12m (51% vs ABGSCe 8m and 31% vs cons 9m), margin 10.5% (vs. ABGSCe 8.5%, cons 9.2%, Q3’24 9.7%), net profit 9m (47% vs ABGSCe 6m and 29% vs cons 7m). Order backlog EUR 325m, +10% y-o-y, down vs 382m in Q3’24
Q4 thoughts
NYAB delivered strong execution in Q4, resulting in higher margins. In our view, this highlights NYAB's ability to execute well on larger projects, which we believe remains one of the key concerns for the company.
Preliminary estimate changes
Even if the Q4 report was strong, (sales +33%, EBITA +64% y-o-y), we think the order backlog was somewhat lower than expected. For reference, the order backlog growth of 10% y-o-y can be compared to our expected sales growth of 13% in 2025e. We estimate that consensus will reduce sales expectations for 2025e slightly, while raise margins for a relatively neutral effect on EBITA.
