Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
  • inderesTV
  • Portfolio
  • Forum
  • Q&A
  • About Us
    • Our Coverage
    • Team
Third party research

Ecoclime: 15% adj. EBITDA margin will take some time - ABG

Ecoclime Group

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
Q4 report due on Thursday 16 February
We expect net sales of SEK 67m, up 49% y-o-y
New CEO to start in May


Q4'22 expectations

We expect Ecoclime to report Q4 sales of SEK 67m, up 49% y-o-y (+11% organic, +38% M&A), whereof the organic growth is mainly driven by Circular Energy. We expect Circular Energy to contribute SEK 18m, i.e. ~7 Evertherm systems (assuming SEK 2.5m per system), putting FY'22e system sales at ~23. We expect a gross margin of 51%, similar to Q3 (50%), but down substantially y-o-y from 72%. This is partly an effect of temporary margin pressure on installations contracts that have burdened Ecoclime's earnings in during '22, but also dilution from the consolidation of Miljöbelysing. All in all, on a lower gross margin and growing opex base, we expect an adj. EBITDA of SEK 0.2m (SEK 3.8m).
Find us on social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Get in touch
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.