* Sales +1%, EBITA adj. +13% vs. FactSet consensus * Strong organic growth, but adj. EBITA beat supported by one-offs * Good start to the year, consensus adj. EBITA likely up 2-4%
Q1 results
Sales grew 6% y-o-y (+5% org.) and were 2% above our estimate (1% above FactSet consensus). With a margin of 4.8%, 0.8pp above our estimate (0.5pp above consensus), EBITA adj. was 22% above our estimate (13% above consensus). EBITA included non-recurring items with a negative margin impact of 0.7pp, relating to e.g. costs for restructuring of the Finish operations. The numbers are positive, especially the strong organic growth and a better margin in Sweden, but the majority of the adj. EBITA beat is driven by one-offs, which were likely not included as adjustments in consensus.
Estimate changes
According to management, the market is still cautious, but it did see some positive signs during the quarter. Q1 growth still benefitted somewhat from the harsh winter despite customers buying only what they need, like we expected. The restructuring efforts in Finland are proceeding according to plan, which is good to see. We expect consensus EBITA adj. to come up 2-4%.
Company valuation
Over the past three months, the share has returned +5%, compared to the +3% of the OMX Stockholm Allshare. The share is currently trading at 15x-10x '26e-'28e P/E, compared to its 10-year historical median of 14x-9.4x.