Q4: Sales +6% and EBITA +17% vs ABGSCe
Prevas reported another solid report for Q4, with sales up 22% y-o-y, of which roughly half was organic. We calculate that organic growth was evenly split between price increases and volume growth, but we do not know the exact utilisation rate. The EBITA margin was flat y-o-y, but we deem 13.4% to be solid, especially as Prevas acquired some companies in 2022 with lower profitability. The EPS was down y-o-y, but it was mainly driven by one-time effects, such as a revaluation of stock options and a normalised tax rate. The board proposed a dividend of SEK 4.50 (3.50), and we saw some build-up of working capital at the end of the year, which the company expects will normalise in the coming quarters.
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