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Pricer: Strong deliveries in uncertain times - ABG

Sales and EBIT 16% and 38% vs. ABGSCe
Expect relatively small est. revisions from cons. on 2021
29x-14x ’21-‘23e EV/EBIT on our unrevised estimates

Sales SEK 496m (16.3% vs ABGSC 426m), Gross profit SEK 107m (10.4% vs ABGSC 97m), EBIT SEK 40m (38.2% vs ABGSC 29m), PTP SEK 39m (39.8% vs ABGSC 28m), EPS SEK 0.29 / share (45.3% vs ABGSC 0.20 / share). The sales (and EBIT) beat stemmed from better-than-expected deliveries of the robust order book of SEK 563m by end-of-Q2.

Based on the Q3 report alone, our ‘21e EBIT would rise by 10%. That said, orders and the gross margin came below our forecasts. On our unrevised estimates, Pricer’s share is trading at 29x ‘21e EV/EBIT, and 18x on ‘22e. Investor presentation starts at 13.00 CET, https://financialhearings.com/event/13243.
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