Pricer’s strong momentum continued in Q2. Sales and EBIT grew 35% and 546% y-o-y, respectively, driven by a broad set of customers in several markets, which we view positive. Sales and order intake were in line with our forecast, but EBIT was slightly above on the back of a tad lower opex than expected. Pricer’s says that the supply chain remains distressed, which consequently has burdened its gross margin in the quarter. Even so, the gross margin expanded to 24.5% in Q2 from 23.9% in Q1 due to an improved sales mix. Encouragingly, the company continues to see high activity on most of its markets. It also highlights the fact that the market is gradually demanding more complex ESL solutions.
Estimate revisions and valuation
Based on the Q2 report alone, our ‘21e EBIT would increase by 2.5%. We believe that consensus will make modest revisions on 2021-2022 forecasts. On our unrevised estimates, Pricer’s share is trading at 28x ‘21e EV/EBIT, and 20x on ‘22e.
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