Stockwik delivered a solid Q1, with sales of SEK 150m (1% vs. ABGSCe 149m), up 27% y-o-y. The sales growth was mainly driven by the recent acquisitions not included in the comparable period. Adj. EBITA was 13.5m, 22% above our expectations of 11.1m. The beat was mainly driven by the Healthcare and Property Services segments. The adj. EBITA margin increased to 9.0% (vs. ABGSCe at 7.4%), up 2.4 pp y-o-y. ND/EBITDA pf R12m is at 3.1x, a level that management says it is comfortable with.
Estimate changes
On isolated numbers, estimates come up 4% on the beat. Additionally, Stockwik has recently acquired Anders & Peters Däckservice and Trainparts Sweden, that together should add another 6-7% on estimates.
Final thoughts
The share trades at 12x and 9x EV/EBITA 22e and 23e, respectively.
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