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Serneke: Stable performance throughout 2021 - Nordea

Serneke ended 2021 on a high note, reporting sales growth of 27% y/y. Adjusted EBIT improved considerably from SEK -79m to SEK 235m, implying an EBIT margin of 2.7%. We believe the good momentum will continue in 2022 as we estimate sales growth of ~7% and an EBIT margin of 2.8%. We take a cautious approach to our estimates for development operations as they have previously varied significantly q/q. If the company were to maintain stable divestments of projects with strong underlying profitability, there could be upside to our estimates. Marketing material commissioned by Serneke.

Serneke ended 2021 on a high note, reporting sales growth of 27% y/y. Adjusted EBIT improved considerably from SEK -79m to SEK 235m, implying an EBIT margin of 2.7%. We believe the good momentum will continue in 2022 as we estimate sales growth of ~7% and an EBIT margin of 2.8%. We take a cautious approach to our estimates for development operations as they have previously varied significantly q/q. If the company were to maintain stable divestments of projects with strong underlying profitability, there could be upside to our estimates. Marketing material commissioned by Serneke.
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