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Eksterne analyser

Awardit: Sales and EBITA in line, FCF softer - ABG

Awardit

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

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Adj. EBITA of SEK 63m, 0% vs. ABGSCe in Q4
FCF was softer because of negative working capital effect
EBITA ests -4-5%; share is trading at 4.7x-2.7x '24e-'26e EV/EBITA


Sales and EBITA in line

Sales of SEK 428m (-1% vs. ABGSCe) and adj. EBITA of SEK 63m (0% vs. ABGSCe) in Q4 were both in line with our estimates. Sales increased 40% y-o-y (or 45% vs. the restated Q4'22 comps), mainly driven by M&A growth (+41%), while organic growth was -3% (vs. ABGSCe -2%). Breaking down the performance, most segments performed in line with expectations: 'core' Awardit continued to deliver solid growth of 13%, albeit with lower profitability as the segment is burdened by increased costs for central functions. Meanwhile, MBXP and Prämie saw declining sales and neutral EBITA, while Connex and IPO contributed SEK 23m in EBITA, all relatively in line with forecasts. Looking at 2024, we expect a good performance for 'core' Awardit and Connex, a stable performance for IPO and MBXP, and potential for some recovery in Prämie. Management said Q1 has started well with 2% organic growth in January.
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