Svedbergs reports a Q4 with sales SEK 281m (-1% vs ABGSC 283m), gross profit SEK 116m (-3% vs ABGSC 120m), EBIT SEK 14m (-59% vs ABGSC 33m), PTP SEK -1m (-104% vs ABGSC 32m), EPS SEK -0.22 (-118% vs ABGSC 1.19). In all, Svedbergs is ending 2021 on a strong note, growing group sales by 34% y-o-y to SEK 869m. Full-year EBITA amount to SEK 119m, yielding a group margin of 13.7% (vs 12% in 2020), which is slightly below the group’s financial target of 15%.
Q4 thoughts and outlook
Svedbergs grew Q4 sales by 52% y-o-y to SEK 281m, including the Roper Rhodes acquisition which was consolidated on December 1 2021. We note that the group is posting organic growth of 16%, supported by a strong end-market. Furthermore, group seem to have continued to handle the ongoing cost inflation and supply chain disruptions in a relatively controlled manner, which is reflected in a stable gross margin of 41% (-1.1pp vs ABGSCe, but +0.3pp y-o-y). In terms of EBITA, it grew 60% y-o-y, translating into a margin expansion of 0.6pp to 11.7%. We note that the miss on net profit (vs ABGSC) is due to restructuring and acquisition-related costs. Looking ahead, management states that the underlying market is continuing experiencing high demand regarding both renovation and new buildings. This confirms our positive outlook on primarily the Swedish market, which constitute 64% of group sales in 2021.
We expect cons to make minor estimate revisions
The Svedbergs share is -15% YTD and is trading at 13x EV/EBITA in ‘22e on our unrevised estimates. At a first glance, we expect consensus to make minor estimate revisions for sales and EBITA in ‘22e-‘23e. Svedbergs is hosting a conf call today at 11.00 a.m. CET which can be followed at: https://financialhearings.com/event/41571.
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