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Ecoclime: Progressing towards profitability - ABG

ECC BThird party research2024-01-19 07:25

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

Download report (PDF)
Q4e: sales SEK 95m, up 16% y-o-y, EBITDA SEK 9m (-4.6m)
Estimates reflect increased focus on profitability vs. growth
Investments in increased capacity likely required for strong growth


Q4e: Tougher comps moderate growth rate

For Q4e, we expect sales of SEK 95m, up 16% y-o-y, as tougher comps dampen the growth rate. We expect this growth to be mainly driven by the Circular energy segment growing 30%. We estimate EBITDA of SEK 9m (-4.6m), for a margin of 10% (-5.6%), and company adj. EBITDA of SEK 13m (5.3m), a margin of 14% (6.5%). We expect this will convert into EPS of SEK 0.07 (-0.03).