Q2 net sales 6% below ABGSCe
We trim our long-term EBIT estimates by 10%
Fair value range of SEK 17-29 (20-33)
Q2: Organic sales growth -4% y-o-y on high sick leave
Projektengangemang (PE) reported Q2 net sales of SEK 245m (-12% y-o-y), 6% below ABGSCe. The deviation was evenly spread between the three segments, and around 3-4% of the sales decline was caused by higher sick leave vs. last year. The company saw organic sales growth of -4%, but was reported a higher number of FTEs q-o-q for the first time in over two years. We think that is a good sign for the coming quarters, especially in combination with a high utilisation rate in Q2, an increase in the order book and higher eNPS levels. EBITA was SEK 14.8m (23.5m) and was affected by SEK 7m in IAC, half from a final settlement regarding short-term COVID-19 layoffs and half from obligations from discontinued operations. Adj. EBITA was SEK 21.8m and 7% below ABGSCe, with the deviation explained by the lower sales level.
LÄS MER
