Due to a large share of BestBuy deliveries in Q4’20, Pricer faced tough comps into this quarter, resulting in -28% sales growth y-o-y. Furthermore, the gross margin of 20.2% (ABGSCe 20.3%) was hurt by inflated freight rates and component costs. The order intake of SEK 453m was strong, coming in flat y-o-y (despite facing tough comps). We think that the supply chain disruptions had a positive effect on orders, leading to customers placing orders in advance. Furthermore, it was announced yesterday evening that the current CEO Helena Holmgren is leaving the helm. The BoD has initiated the search for a successor. Magnus Midgard, group finance director, will be acting CEO in the meantime. The news came as a surprise to us, as we have appreciated Ms. Holmgren’s advancement of the company since she entered the position in 2017. Naturally, this leads to a near term uncertainty mark in terms of sentiment from investors.
Estimate revisions and valuation
Pricer’s share is -3% YTD and is trading at 17.5x ‘22 EV/EBIT on our unrevised estimates. Based on the Q4 report, we would expect consensus to raise its ‘22e sales by c. 5%. However, we also expect cons to lower its gross margin forecasts for ’22, leading to EBIT cuts of c. 10%. For ’23, we expect smaller revisions on consensus’ EBIT estimate.
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