The surprisingly strong performance in Poolia Sweden is even more impressive given that the company has recently communicated two new framework agreements, one in April and one in June, with a combined yearly potential of SEK 45m, according to Poolia. Those agreements in conjunction with a stronger assumed Q1’22e should pave the way for higher growth in Poolia Sweden in ‘22e. Given this, we raise our group sales forecast by 7-8% for ‘21e-‘23e. We also raise our group EBIT margin assumption by 0.8-0.5pp for ‘21e-‘23e, with the hike mainly due to the Swedish operation, where Uniflex is currently posting strong profitability and Poolia’s long-term profitability potential of a 6-8% EBIT margin is beginning to materialise. For Uniflex, however, we expect that the ‘21e EBIT margin of 3.9% is temporarily boosted and any excessive earnings will usually mean-revert in a competitive market.
‘22e P/E of 10.8x, EV/EBIT of 7.8x and 6% dividend yield
The share is trading at a ‘22e P/E of 10.8x after our revisions.
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