Analytikerkommentar

WindowMaster: Fourth 2024 guidance upgrade and release of new 2025 guidance

Af HC Andersen Capital

Today, WindowMaster upgraded its 2024 guidance for the fourth time, released its new 2025 guidance, and also announced that the Board of Directors expects to propose a total dividend of DKK 5m for 2024 (DKK 0.34 per share) based on the expected 2024 result and capital structure by the end of 2024.

For 2024, WindowMaster now expects revenue in the range of DKK 283-286m (before DKK 270-280m) and EBITDA in the range of DKK 34-36m (before DKK 30-35m), corresponding to an EBITDA margin of 12.3% based on the midpoint in the guidance ranges. The growth momentum (new 2024 revenue guidance range corresponds to approx. 19-20% YoY growth) is driven by a positive development in project execution across its markets and products. The company also highlights that the final revenue and EBITDA for 2024 will depend on the completion percentage of ongoing projects.

Order intake for the full year 2024 is expected in the range of DKK 280-285m, which is an increase of approx. 10-12% compared to the order intake in 2023.

WindowMaster’s cash flow from operations has improved significantly. As a result of the strong cash flow and improved financial flexibility, the Board of Directors expects to propose a dividend of DKK 0.34 per share for 2024.

Looking into 2025, WindowMaster’s 2025 revenue guidance is in the range of DKK 290-310m, and the 2025 EBITDA guidance is in the range of DKK 36-41m. Based on the guidance midranges, this corresponds to approx. 5% revenue growth, and an EBITDA margin of approx. 12.8%.

WindowMaster also states that the 2025 outlook has a high level of uncertainty in relation to projects in the Nordic and German markets due to lower expected activity in the first half of 2025. WindowMaster has a more solid outlook for the North American market. Moreover, WindowMaster does not include contracts with major OEM suppliers to deliver products in 2025. Despite the uncertainty in relation to timing, the business environment is expected to improve during 2025 and especially in 2026 due to the implementation of regulations that support natural ventilation. However, this also means that the 2025 revenue guidance growth range is less than its targeted yearly growth of 10-15% outlined in its strategy plan, 'Accelerated Core', which was announced in 2022.

Tomorrow, 13 December at 13:30, WindowMaster’s CEO Erik Boyter and CFO Steen Overgaard Sørensen will present an update based on today’s news and answer questions in an online live event. Sign up and ask questions here: https://www.inderes.dk/videos/windowmaster-management-qanda

HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 15:38 (updated 15:45), 12 December 2024.

WindowMaster tilbyder avancerede ventilationsstrategier, der gør det muligt for byggebranchen at reducere sit CO2-aftryk betydeligt. Med målsætningen »At skabe en bedre verden, hvor alle har frisk luft indendørs og et sikkert bygget miljø« udvikler, producerer og distribuerer virksomheden facade- og tagautomatiseringsløsninger til hybridventilation, naturlig ventilation og røgventilationssystemer. I løbet af de seneste fire år (2020-2024) har WindowMaster leveret en rentabel vækst med en omsætningsvækst på 12 % (CAGR), samtidig med at både EBITDA og cashflow er blevet forbedret. Virksomhedens resultater har vist større modstandsdygtighed end den bredere byggematerialesektor, understøttet af dens eksponering over for det mere stabile renoveringssegment, det stærkt regulerede marked for røgkontrol og voksende investeringer i den grønne omstilling. En disciplineret kapitalallokeringsstrategi har skabt betydelig værdi gennem investeringer i innovation, egen produktionskapacitet og den globale salgsorganisation. Disse initiativer har cementeret WindowMasters stærke markedsposition på kernemarkederne i Europa og Nordamerika. Med en robust platform for både organisk og uorganisk vækst er WindowMaster godt positioneret til at skabe langsigtet værdi for aktionærerne. I 2025 udbetalte virksomheden sit første udbytte siden børsnoteringen, hvilket afspejler dens sunde økonomiske fundament og forpligtelse til at skabe værdi for aktionærerne.

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