Proact: Highest adj. EBITA margin in more than 5 years - ABG
Sales declined -9% organically, -5% vs ABG Adj. EBITA 19% vs ABG due to gross margin beat Consulting revenues +24% y-o-y, estimates ~unchanged
ANNONS
Sales SEK 810m (-5% vs ABG 850m), Adj. EBITA SEK 60m (19% vs ABG 50m), Adj. EBITA margin 7.4% (ABG 5.9%). Organic sales growth -9% (vs ABG -3%), of which system was -16% and service 0% (cloud 2%). Adj. EBITA 11% y-o-y due to a strong margin, up 80 bps y-o-y.
If the gross margin is affected by one time effects, we foresee relatively unchanged estimate revisions on the back of the report. Share should hold up well today in our view, as Proact still delivered the strongest adj. EBITA margin in more than five years, despite organic sales growth came in on the weaker side. Con call at CET 10.00.
