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Third party research

NYAB: Better Q1 and positive outlook - ABG

NYAB

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

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Organic growth 33% y-o-y; adj. EBITA 44% vs ABGSCe
Beat in low season quarter, but est's +3-5%
Positive market outlook bodes well for near-term order activity


Q1 results

Sales SEK 107m (27% vs ABGSCe 84m and 22% vs cons 88m), organic growth 33% vs ABGSC 5%. EBITA SEK 1m (-38% vs ABGSCe 2m), EBIT SEK 1m (-49% vs ABGSCe 2m and -42% vs cons 2m), net profit SEK 0m (-162% vs ABGSCe 1m and -135% vs cons 1m). However, M&A cost related to the Dovre acquisition of 1.4m weighed on earnings. Adjusted for this, EBITA was 3m (44% vs ABGSC). FCF 6m in Q1 and 15m r12m (54% conversion from EBITA). Order book 372m, +31% y-o-y.
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