Stockwik delivered a solid Q4, its seasonally strongest quarter. Sales were in line with expectations at SEK 192m (-1% vs ABGSCe), up 33% y-o-y primarily on M&A. EBITA was, however, stronger than expected at SEK 21.5m (35% vs. ABGSCe), corresponding to a record margin of 11.2% (4.6%) vs. ABGSCe 8.2%. The beat and improvement y-o-y were primarily driven by the Industry Segment. On R12m, pf sales were SEK 649m and EBITA was 56.3m, corresponding to a pf EBITA margin of 8.7%.
Estimate changes and outlook
Estimates should come up 5-10% on isolated numbers. The company states that a foundation for a high acquisition pace has been laid during 2021, with a strengthened management team.
Final thoughts
The share is down 12% YTD and trades at 12x ‘22e EV/EBITA on pre-reported numbers.
Läs mer på Introduce
Aktuellt
SENASTE
