Q3: Sales -4% and EBITA -13% vs ABGSCe
Prevas reported a solid Q3 that was a bit below our expectations. Sales were SEK 311m (+11% y-o-y, of which 4.5% organic) and EBITA was SEK 31.1m (33.3m) for an EBITA margin of 10% (11.7%). The decline in profitability y-o-y was entirely explained by calendar effects. Organic sales growth of 4.5% (6.4% in Q2) decelerated a bit more than we expected, but it looks like market expectations were much worse, as the share was up 5% on the report. The company described the market environment as normal but dynamic, and that it strategically chose where to recruit rather than looking for talents in all areas right now. We are still positive about Prevas' end-market exposure and think the collective agreement with Vattenfall that was announced 25 October holds potential in the years to come. Working capital normalised in the quarter, creating a strong FCF generation and a net cash position of SEK 50m at end-Q3.
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