LapWall operates in the building products industry with several factories. The company manufactures wooden wall and ceiling elements in factory conditions for construction companies. The product range includes several standard products that are delivered and installed by the customer. The company's market area is Finland. LapWall was founded in 2011 and its headquarters are located in Pyhäntä, Finland.
Omsättningen och marginalen vände till tillväxt under Q3 från den svaga nivån i början av året, vilket stöddes av en något förbättrad marknadssituation.
LapWall berättade i stora drag om projektet redan i samband med sin Q2-rapport, så beställningen kom inte som en överraskning för oss. Affären är enligt vår bedömning av god ekonomisk storlek för LapWall, men strategiskt är vinsten av det första datacenterprojektet enligt vår mening ännu mer värdefullt än en direkt leverans. Ordern orsakar inga omedelbara revideringar i våra estimat för LapWall, eftersom vi inkluderade affären i företagets kortfristiga estimat redan i samband med Q2-uppdateringen. På motsvarande sätt har strategiska framgångar bakats in i våra långsiktiga estimat.
Join Inderes community
Don't miss out - create an account and get all the possible benefits
Inderes account
Followings and notifications on followed companies
LapWalls pigga försäljning under Q2 och öppningen på datacentermarknaden vände enligt oss helhetsbilden av företagets H1-rapport till positiv, även om omsättningen och marginal var på väntad svaga nivåer. Vi gjorde inga betydande ändringar i våra redan estimat som förväntar sig snabb tillväxt. Aktiens värdering pressas även med nästa års multiplar först till ett neutralt område och därmed är inte den förväntade avkastningen attraktiv ens med ett års sikt.
LapWall publicerar sin H1-rapport på torsdag klockan 9. Vi väntar oss att den utmanande verksamhetsmiljön och den hårda konkurrensen har fått både omsättningen och marginalen att minska. Vi förväntar oss att bolaget har lyckats öka orderstocken i samma takt som tidigare år trots den utmanande verksamhetsmiljön.
Ibrukstagandet av den nya delfabrik som ökar bolagets kapacitet och effektiviserar produktionen infaller i slutet av året. Ett lyckat ibruktagande av fabriken och i synnerhet framgång med försäljningen av den nya produktionskapaciteten är kritiska milstolpar för de kommande åren. Vi förväntar oss att bolaget kommer att uppnå tydlig tillväxt under de närmaste åren, med stöd av återhämtningen på byggmarknaden och ökade marknadsandelar. Aktien handlas dock på tydlig vinsttillväxt, vilket gör att den förväntade avkastningen blir svag på kort sikt.
LapWall’s Q4 was slightly stronger than we expected in terms of profitability. Although the declining backlog poses a potential downside risk, the company's tender pipeline has shown quarter-over-quarter improvement throughout 2024. Additionally, management...
LapWall's fourth quarter performance was solid, despite net sales falling 13% y/y. The combination of operating leverage and the company's fixed cost discipline continued to support the profitability. Dividend proposal beat our estimates at EUR 0.18 ...
LapWall releases its Q4 result on 6th of February. As the 2024 result is already largely known, our focus lies on orders, market commentary and outlook for 2025. 2025 will be pivotal for LapWall, with new capacity investment completing in the second ...
LapWall’s Q3 was strong as the company was able to improve margins through volume growth leading to improved capacity utilization which was coupled with fixed cost reduction. With short-term uncertainty reduced, we increase our TP to EUR 4.2 while keeping...
LapWall's third quarter performance was solid, with net sales climbing in spite of a difficult market climate. The combination of operational leverage and the company's efficient production led to an uptick in profitability.
LapWall revised its 2024 financial guidance range yesterday, the positive update in terms of profitability guidance eases the short-term uncertainty. The updated net sales forecast matches our current estimate, while the EBITA guidance is significantly...
LapWall releases its Q3 business review on the 29th of October. We expect relatively steady development despite the challenging market. In addition to the figures, our focus lies on order development and market commentary.
We initiate coverage of LapWall with a BUY-rating and TP of EUR 3.8. The sluggish residential construction market at present offers a buying opportunity as the company's valuation seems modest considering the cycle-low earnings.
In our view, LapWall's Q1 report can be interpreted as a slight defensive win given the challenging overall picture for the construction sector. We have not made any material changes to our near-term outlook for LapWall, but the strong start to the year and the guidance provided have lowered the risk level of the stock.
In light of RT’s forecasts, the short-term estimates for construction product companies, i.e. LapWall and EcoUp, still involve downward risks despite recent estimate cuts.
We included the expected investment decision that LapWall sealed last week for the Pyhäntä unit in our forecasts. We expect it to create value for shareholders as profitable growth but expect the benefits to be clearly visible in the figures only from 2027 onwards. In the shorter term, we believe the stock will be driven by the development of the Finnish construction cycle in particular and the company’s earnings outlook for 2024-2025, which depends on it.
The confirmation of the investment was expected and we are positive about the project, even though it is very large by LapWall standards. We will include the project in our LapWall forecasts in the near future, but it will not affect our short-term earnings forecasts. In the longer term, the timing and magnitude of the benefits of the investment relative to our current forecasts will depend in particular on LapWall's ability to gain market share in the Finnish market for prefabricated elements and also on the timing of the turnaround in the construction cycle.
LapWall's Q4 report was slightly weaker than expected as a whole, due to lower order backlog than we predicted, the increasingly bleak outlook for residential construction, and the slight Q4 earnings miss. However, the report had a limited impact on LapWall’s overall picture, and we still expect the company to achieve significant earnings growth with its competitive advantages as the construction cycle turns.
LapWall will publish its H2 report on Wednesday at 9 am EET. Given LapWall's narrow and unchanging guidance for the whole year (2023 adj. EBIT 4-4.5 MEUR), the surprise element with the Q4 figures is quite limited. In its short stock market history, LapWall has only provided earnings guidance after H1, so the guidance is unlikely to give a clear indication of expectations for the current year.
