Q4'21 report: Sales SEK 27m (-16% vs ABGSC 33m), Gross profit SEK 21m (-15% vs ABGSC 25m), EBITDA SEK 1.7m (-14% vs ABGSCe 2.0m) and EBIT SEK -2.7m (ABGSC -1.8m).
Q4 thoughts
The royalty sales came in lower than expected (-44% vs ABGSCe), the reason was primarily due to the component shortage among the customers, which resulted in lower production volumes. However, sales are all in all up 22% y-o-y. Digital identity had sales of SEK 4.7m in Q4’21, a strong increase from SEK 0.1m in Q4’20. We think that Digital Identity has an interesting pipeline including pilot projects with EastCoast, which are planned for commercialization during H1’22. The company delivered an EBITDA of SEK 1.7m in the quarter, an increase from SEK 0.7m last year. The strong EBITDA was primarily driven by the two new customers in the automotive industry, as well as the acquisition of EastCoast, which delivered the best month of the year in December (numbers were included in December). We remain confident about the revenue and cost synergies that can be found between Precise and EastCoast.
Estimate revisions and valuation
Precises’ share is down 13% YTD and is trading at EV/sales of 3.6x on ’22e our unrevised estimates. Based on the Q4 report, we would expect consensus to only slightly come down for ‘22 due to the lower royalty sales in the quarter.
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