Poolia reported Q4 sales of SEK 533m (+31% y-o-y), 9% better than ABGSCe. The deviation was mainly from the Swedish operations where both Uniflex and Poolia performed above our expectations. Poolia Sweden grew above 50% y-o-y, which we find impressive. EBIT was SEK 41.1m (6.7m) and adj. EBIT was SEK 22.1m (6.7m) as Poolia received retroactive compensation from AFA of SEK 19m in Q4. This was 7% better than ABGSCe and corresponded to an adj. EBIT margin of 4.1% (1.7%). The better profitability versus ABGSCe entirely stemmed from Uniflex Sweden, which maintained an elevated margin, whereas Poolia Sweden, Norway and Germany were below our forecasts. In Poolia Sweden, the company had extra costs of SEK 1m for establishing the QRIOS brand that Poolia will separate as a standalone consultancy business starting from 2022. The proposed dividend was SEK 1.00 (0.60) per share.
Revisions stem mainly from the Swedish operations
We make positive revisions following the Q4 report, mainly from increased margin assumptions in Uniflex Sweden and higher expected sales growth in Poolia Sweden. We still believe that the operating margin in Uniflex, which was 5.0% in 2021, will revert back to a lower level as the current high demand in the market settles down. However, the company seems set to enjoy these elevated margins for longer than we previously expected. The increased sales in Poolia Sweden mainly stem from the deviation in Q4, and by applying a normal seasonality from that level we get an increase in sales. In total this results in sales revisions of +3-5% for ’22-‘23e and EBIT revisions of +3-4% for the same period.
‘22e P/E of 11.5x, expected dividend yield of 7.2%
There is a lot going on within the company that we look forward to in 2022. First, it will launch a new consultancy business called QRIOS that stems from
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