Sales SEK 942m (3% vs ABG 916m), Adj. EBITA SEK 57m (-15% vs ABG 67m), Adj. EBITA margin 6.0% (ABG 7.3%). Organic sales growth -14% (vs ABG -14%), of which system sales -24% and service sales 4% (cloud 1%). DPS SEK 1.50 (6% vs ABG 1.42).
PW in December, but adj. EBITA fell short
Proact sent out a profit warning in December regarding delayed system sales due to challenging supply chains. We estimated the margin to be lower for system sales than service sales and therefore expected to see a smaller effect on adj. EBITA. This turned out not to be the case, and profitability came in short of our expectation. The market activity is good with cloud revenues and order intake at ATH in Q4, but the company has not yet seen any material improvements in the supply chain. We therefore expect H1’22 to be lumpy on system sales and profitability.
Expectations slightly down today
Given the weaker than expected profitability in Q4 and wording on a challenging supply chain, we expect to see consensus coming down slightly on 2022 estimates.
Läs mer på Introduce
Aktuellt
SENASTE
