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

Serneke: Good order intake despite challenging times - Nordea

Serneke Group

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

Download report (PDF)
Serneke delivered a mixed set of numbers, with Q3 sales of SEK 2.1bn (up 4% y/y and 2% better than we had expected) and an EBIT margin of -1.9% compared with our 1.2% forecast. The margin fell short of our estimate partly due to the construction segment, which came in below our expectations On a positive note, order intake was SEK 2.6bn, above our forecast, suggesting a upward trend in the backlog that will boost sales. In total, we raise our sales estimates owing to better order intake than expected but lower our margin assumptions, leading to EBIT revisions of -3% for 2023E-24E. The share trades at low single-digit earnings multiples. Marketing material commissioned by Serneke.
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.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Forum
  • About Us
    • Our Coverage
    • Team