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Third party research

Svedbergs Group Q4: EBITA growth of 37% y-o-y - ABG

Svedbergs Group

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

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Net sales SEK 537m, +3% vs ABGSCe, 0% vs Factset cons.
Adj. EBITA SEK 82m, +4% vs ABGSCe, +9% vs. cons.
Sees gradually improving 2025 market


Q4 in brief: YTD trends continue, UK stronger

Svedbergs Group reports net sales of SEK 537m in Q4'24, for an organic growth of 0.2% and net sales growth of 17%. This is +3% vs ABGSCe and in line with Factset cons. By segment, Svedbergs grew -17% y-o-yon the back of a continued soft market in Sweden and Finland, Roper Rhodes by +10% (+5% org.), Macro Design by +1.5% and Cassoe by -12%. Thebalux reported net sales of SEK 95m compared to our SEK 89m estimate. Gross margins were 47.8%, +160bp y-o-y on the back of UK price adjustments and the inclusion of Thebalux into the Group, which coupled with better opex efficiency led to Group Q4 EBITA of SEK 82m. This was +4% vs ABGSCe and +9% vs cons, and corresponds to 37% EBITA growth y-o-y and a 15.2% margin. The board proposes a dividend of SEK 1.50 (1.00), for a 47% payout ratio.
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