We expect consensus to lower '24e EBITA by 4-6% on the back of a softer-than-expected Q2 report, while the recent M&A within the Water segment should offset this by 3-4%, which results in net negative revisions of 1-2%.
Share price view
A soft report. The share has outperformed the broader market into numbers (+8% L1M vs. OMXSGI -6%) and is trading at 10-7x EBITA '24e-'26e, ~20-30% below key service/M&A peers despite our expectation of Vestum delivering similar financial performance in 2024e-2026e. Thus, we would expect a negative reaction on the day. There is a conference call at 11:00 CET, link: https://ir.financialhearings.com/vestum-q2-report-2024/register.
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