Bildkälla: Stockfoto

Poolia: Continues to outperform our expectations - ABG

Impressive profitability in Q3
EBIT up 28%-21% for ‘21e-‘23e, mainly due to Sweden
‘22e P/E 12x, 4.7% dividend yield

Poolia reported Q3 sales of SEK 464m (+36% y-o-y), 3% ahead of ABGSCe driven by a better performance in Sweden. The acceleration in sales growth was especially evident in Poolia Sweden (+53% y-o-y) despite tougher comps in Q3 than Q2. The Swedish business has succeeded in bringing in new customers and been successful in new areas such as Finance, IT and Life Science. EBIT was SEK 26.7m (5.4m), roughly 100% ahead of ABGSCe ,with the deviation to an even higher extent driven by the Swedish operations. Both Uniflex and Poolia posted record high Q3 EBIT margins. Another positive was that Poolia was able to improve profitability in the German market after recent struggles.

Poolia wants to continue to grow and grab market share, both via organic growth and M&A. It is debt free and has SEK 77m in cash end as of Q3.
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