Q1: Sales SEK 28m (12.5% vs ABGSC 25m), EBITDA SEK 4m (43.9% vs ABGSC 3m), EBIT SEK -1m (vs ABGSC -1m), Net profit SEK -1m (vs ABGSC -1m).
EastCoast’s integrated solution to bring contracts in Q2
Q1 sales came in 12.5% above our expectations for a y-o-y growth of 39% (vs ABGSCe 24%). The strong sales were driven by the revenue stream Licenses, Support & Maintenance that came in +23% compared to our expectations. Digital Identity had sales of SEK 6.0m in Q1’22, a strong increase from SEK 0.5m in Q1’21, driven by EastCoast. The company was still impacted by component shortages, which affected the royalty sales in the quarter that declined by 6% in the quarter, however, in line with our expectations. The company delivered an EBITDA of SEK 4.0m in the quarter, up from SEK 0.0m last year and above our expectations of SEK 2.8m. During the quarter, the company has installed new projects related to phones. Moreover, in March, the company demonstrated the first integrated product of YOUNiQ’s and EastCoast’s respective solutions, which enables for visitors to check in and register with EastCoast’s visitor management system using their face and QR code. The company expects to enter into agreements for this solution during Q2’22.
Valuation and estimate changes
The share is down 38% YTD and is trading at EV/sales of 3.6x to 3.2x on 2022e and 2023e our unrevised estimates. Based on the Q1 report, we would expect consensus to slightly come up for 2022. There is a conference call today at 10.00 CET.
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