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Eksterne analyser

Dedicare: Continues to grab market share - ABG

Dedicare Group

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

Download analyse (PDF)
Another impressive quarter in Norway
Denmark is also gaining momentum
Growth initiatives hurt profitability in Q4


Q4: Sales growth of 41% y-o-y (34% organic)

Dedicare reported another impressive quarter with sales of SEK 504m (378m), 17% above ABGSCe. The beat was mainly driven by continued excellent performance in Norway, where sales growth re-accelerated to 53% y-o-y when the Norwegian market slowed to 19% growth y-o-y in total. It means that Dedicare is rapidly taking market share in the country from its already leading position. Sales growth in Denmark also accelerated further from Q3 and Dedicare now reported y-o-y growth of 31% y-o-y (up from 27% in Q3). Sales in Sweden was also ahead of our forecast but not to the same extent. Overall, we expected a slowdown in a seasonally weaker quarter, but demand exceeded our expectations. Despite being 17% above our sales forecast, adj. EBIT of SEK 34m (26.2m) was in line with ABGSCe: mainly because Dedicare took some growth initiatives in Norway and prioritised growth over margin in Denmark.
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