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Projektengagemang: Q4, sales impacted by covid, profitability at good levels - SEB

Covid-19 still had a significant on top-line impact, while decent cost control and government subsidies supported profitability. Sales lagged our estimates by 3%, while EBITA came in at SEK 16.5m (vs. us at SEK 17.7m), with EBITA margins coming in at 5.8%. Despite deteriorating sales, all divisions improved earnings from the challenging Q4 2019. Q4 2020 operating earnings were even burdened by SEK 14m project write-downs, indicating good underlying profitability.

Covid-19 still had a significant on top-line impact, while decent cost control and government subsidies supported profitability. Sales lagged our estimates by 3%, while EBITA came in at SEK 16.5m (vs. us at SEK 17.7m), with EBITA margins coming in at 5.8%. Despite deteriorating sales, all divisions improved earnings from the challenging Q4 2019. Q4 2020 operating earnings were even burdened by SEK 14m project write-downs, indicating good underlying profitability.
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