Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team
Third party research

Moment Group: Stage seems set for Q4 - ABG

Moment Group

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Q3 EBIT SEK -16m vs. ABGSCe of SEK -12m
We raise our sales estimates by ~5% for ’21e-‘23e
Trading at EV/Sales of 1.6x-0.8x on ‘21e-‘23e

Moment Group reported Q3’21 net sales of SEK 92m (SEK 6m in government aid), which was well above our expectations of SEK 54m (+70.5%). The upswing in sales corresponds to y-o-y growth of ~207%, but is 37% below the 2019 level. The third quarter has been characterized by a successive re-opening of societies, which naturally has benefited Moment Group as all of its operations, in Sweden, Norway and Denmark, have fully reopened. Furthermore, EBIT came in at SEK -16m, which was ~33% below our expectations of SEK -12m, primarily driven by an expanded cost base as an effect of the re-opening. However, we note that EBIT increased y-o-y by approximately SEK 52m.

Following our estimate revisions and at the current share price, Moment Group is trading at EV/Sales of 1.6x-0.8x on ‘21e-‘23e and at EV/EBIT of 31.5x-25.8x on ‘22e-‘23e. All in all, the stage seems to be set for Q4, but with some uncertainties remaining, we are cautiously optimistic about the quarter.
Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.