Current BS allows for additional M&A
Q2 results
All in all, Seafire delivered a strong Q2. Sales were 283m (20% vs. ABGSCe 236m), up 170% y-o-y whereof 23% organically (ABGSCe 16%). Management says the strong organic growth was mainly drive by increased volumes but supported by price increases. Adj. EBITA was SEK 35.4m (12% vs. ABGSCe 31.7m), corresponding to an adj. EBITA margin of 12.5% (11.3%) vs. ABGSCe 13.4%. The Industry segment showed solid development, beating our expectations whereas the Retail & Services segment was slighly soft on the margin. OCF at SEK -29m (20m) was negatively impacted by NWC build up.
Estimate changes and outlook
Adj. EBITA estimates comes up 4% on isolated numbers. Management says Q3 has started good with and highlights that current balance sheet allows for additional acquisitions.
Final thoughts The share is down 23% YTD (vs. OMXSPI -24%) with its f12m EV/EBITA multiple contracting from 13.0x (Dec ’21) to 8.9x.
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