Q4 results
Sales came in at SEK 36m (+0% vs. ABGSCe 36m), -1% y-o-y. Annualised EEs produced were 3.1m (-5% vs. ABGSCe 3.3m), -16% y-o-y. Sampling cups sold were 48,900 (+3% vs. ABGSCe 47,500), -19% y-o-y. Installation revenue was strong as expected. EBIT adj. was SEK 9.5m (+31% vs. ABGSCe 7.2m), for a margin of +27% (ABGSCe +20%). The EBIT beat was entirely attributable to better than expected FX-hedge contract revaluations in the quarter, and the underlying result was thus in line with our expectations. The company proposed a DPS of SEK 7.0 (6.1), for a yield of 7%.