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Third party research

Serneke: Stable performance in uncertain times - Nordea

Serneke Group

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

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Serneke delivered a solid set of numbers with Q2 sales of SEK 2.7bn (up 22% y/y) and an EBIT margin of 2.3%, 90 bp better than we expected.

On the negative side, order intake was SEK 1.6bn, 29% below our forecast, suggesting a downward trend in the backlog that will have a negative impact on sales. Due to the Q2 miss on the construction EBIT margin, we lower it by 30-50 bp for 2022E-24E, but the negative impact should be offset by the development business, which showed continuing solid profitability with an EBIT margin of 14.6%. Marketing material commissioned by Serneke.
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