Expect a slowdown in projects to become visible in H1’23 Entering H2’22 we believe there is cause for optimism regarding continuous organic growth. The Swedish building start index is higher on a trailing twelve-month basis than the preceding period. Due to this, and considering the strong Q2, we raise ’22e sales by 3%, but leave our ’23e-’24e sales basically unchanged due to a market slowdown already being factored in to our estimates. Looking at the margins, surging raw material prices and increased freight costs remain uncertain factors. Although we expect Svedbergs to be able to offset a majority of this with price hikes, we lower ’23-’24e EBITA by 2%.
Share is trading at 8x-7x EV/EBITA in ’22e-’23e The Svedbergs share is down 56% YTD, currently trading at 8x-7x EV/EBITA in ’22e-’23e. On the back of our small estimate changes, we lower our fair value range by SEK 1 to SEK 49-64 (50-65) per share. Läs mer på ABG Sundal Collier
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