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Third party research

I-tech: A strong beat on all lines - ABG

I-tech

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

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Sales +36% and EBIT +82% vs. ABGSCe
Expect cons. to raise '25e-'26e sales by ~15%
Overall a strong beat across the board


Strong Q4 report

I-Tech delivered higher than expected sales of SEK 58m (+36% vs. ABGSCe 42m) +129% y-o-y (+120% org, +9% FX). EBIT was SEK 17m (+82% vs. ABGSCe 9m), for a margin of 29% (ABGSCe +22%). EPS came in at SEK 1.2 (+34% vs. ABGSCe) and FCF lease adj. came in at SEK 5.9m (-38% vs. ABGSCe 9.5m), -543% y-o-y. In the quarter, costs increased, mainly as a result of the EU process and an increase in personnel costs due to year-end bonuses. We estimate the costs linked to the EU process to be at least in the same order of magnitude as in previous quarters (~SEK 1.6m). Despite this, the company continued to grow on the back of higher-than-expected sales. Additionally, the company announced a dividend policy comprising an ordinary dividend of SEK 1.00 per share with an extra dividend of SEK 0.75 per share, in total SEK 1.75 (1.5) corresponding to 53% of net profit for the year (88%).
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