‘23e EBIT down 3% from lower profitability and Germany We lower our estimates following the report, with the sales revisions driven entirely by the divestment of the German operations. The EBIT revisions, meanwhile, are mainly driven by lower expected profitability in the remaining business. In total, our ‘23e sales and EBIT are down 2.6% and 3.2%, respectively. Excluding the effect from Germany, sales and EBIT for ‘23e are up 1.7% and down 0.9%, with Poolia in particular continuing to grow sales y-o-y at a faster rate than we anticipated, albeit at a slightly lower profitability level.
EV/EBIT of 6.3x with expected dividend yield of 8.8% for ‘22e Despite the increasing macro uncertainties, Poolia seems to enjoy solid demand and is in a good position to continue to grow in H2 ‘22e. The stock is currently trading at a P/E of 8.8x, EV/EBIT of 6.3x and an expected dividend yield of 8.8% for ‘22e.
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