Polygiene reported Q4 sales of SEK 40m (+51% y-o-y, -25% organic). The report was below our expectations as the polymer shortage caused cancellations and delayed order deliveries to a higher extent than we have seen previously during 2021. Polygiene also struggled with supply chain related issues that caused a delay for orders going to distributors. The sales growth in the quarter was 51% y-o-y and organic growth excluding sales to distributors was 11% y-o-y. The gross margin was 67.8% (64.9%), but the increased level was an effect of lower sales to distributors. The adj. EBIT margin was 15.4% (0.9%), where we expected 26%. However, opex was only 4% higher than ABGSCe, meaning the miss in sales caused most of the deviation on adj. EBIT. The company highlighted a breakthrough in the transportation segment with a new partnership in the UK and also announced it will participate at the largest aviation interior trade show in Hamburg in June, a segment where it sees large potential.
Polymer shortage and supply chain issues cause revisions
We adjust our forecasts due to the headwinds faced in the Q4 report. The polymer shortage has been mentioned by the company throughout 2021, but this was the first quarter it affected the business meaningfully. Polygiene expects a gradual recovery during 2022. The supply chain issues seem to be less of a headache and we think the company can recover the delayed orders in H1‘22e. In total, we lower our sales forecasts by 10% for ‘22e and 8% for ‘23e. Our revisions on EBIT are a bit higher as we expect similar opex levels as before.
A temporary setback, ‘22e EV/EBIT of 16.5x
Management expects the issues faced in Q4 to be temporary and gave a reassuring message of improved profitability already in Q1‘22e during the conference call. We adjust our fair value range slightly,
...
Läs mer på Introduce
Aktuellt
SENASTE
