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Eksterne analyser

Awardit: Sales and adj. EBITA beat, strong FCF - ABG

Awardit

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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Sales 5% vs. ABGSCe, adj. EBITA 7% vs. ABGSCe
No material estimate changes
Trading at 9-6x EV/EBITA on '24e-'26e (8-11% FCF yields)


Adj. EBITA +5% vs. ABGSCe, 67% converted to FCF

Awardit delivered Q1 sales of SEK 286m, 5% above ABGSCe, mainly driven by stronger sales contribution from the acquired company IPO. Organic growth, meanwhile, was relatively in line at -1% vs. ABGSCe at -2%. As expected, the core Nordic loyalty and gift card operations continued to grow in Q1 (mainly existing clients), while sales in the DACH region continued to weigh on consolidated growth. Adj. EBITA of SEK 14m, for a margin of 5%, was 7% above our forecast of SEK 13m, while the reported EBITA of SEK 9m was impacted negatively by costs of SEK 5m related to the public offer. Despite the recent and current headwinds for MBXP and Prämie Direkt, both companies improved operating profits y-o-y on lower cost bases. Meanwhile, Connex contributed with lower sales and operating profit compared to last year. The FCF of SEK 23m (SEK -20m) was positively impacted by a SEK 27m working capital reduction, bringing the LTM FCF to SEK 69m for a conversion of 67% from adj. EBITA.
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