Inission: Strong order recovery signals cycle bottom - ABG
Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.
Orders +41%, sales +0%, adj. EBITA +12% vs. ABGSCe
High NRIs lower quality of beat, but orders indicate cycle bottom
'25e guidance a bit soft, but likely conservative, we are 13% above
Q4 results
Order intake came in at SEK 761m (+41% vs. ABGSCe 540m), recovering sharply from last year's low, and indicating that the cycle has indeed bottomed out. Sales were SEK 531m (0% vs. ABGSCe 533m), -4% y-o-y. EBITA adj. was SEK 28m (+12% vs. ABGSCe 25m), for a margin of +5.2% (ABGSCe +4.6%). We have adjusted for SEK -9.7m of non-recurring items, comprising costs for the upcoming listing change (4.8m), retroactive payroll tax for '20-'23 in Enedo (3.5m), and inventory write-downs (1.4m). The high NRIs lower the quality of the adj. EBITA beat, but we conclude that the underlying business seems to be operating much as expected.
High NRIs lower quality of beat, but orders indicate cycle bottom
'25e guidance a bit soft, but likely conservative, we are 13% above
Q4 results
Order intake came in at SEK 761m (+41% vs. ABGSCe 540m), recovering sharply from last year's low, and indicating that the cycle has indeed bottomed out. Sales were SEK 531m (0% vs. ABGSCe 533m), -4% y-o-y. EBITA adj. was SEK 28m (+12% vs. ABGSCe 25m), for a margin of +5.2% (ABGSCe +4.6%). We have adjusted for SEK -9.7m of non-recurring items, comprising costs for the upcoming listing change (4.8m), retroactive payroll tax for '20-'23 in Enedo (3.5m), and inventory write-downs (1.4m). The high NRIs lower the quality of the adj. EBITA beat, but we conclude that the underlying business seems to be operating much as expected.