Awardit: Very strong report - ABG
Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar
Reported EBITA of SEK 28m, +74% vs. ABGSCeBack to normal sooner than expectedShare trading at 8x EV/EBITA on 2023e
Q2 detailsSales SEK 194m (-1%vs ABGSCe 196m), EBITA SEK 27.8m (+74% vs ABGSCe). We expected sequential improvement over Q1, but this was significantly better than expected. In aggregate, TIC, MBXP and Prämie saw 7.1m EBITA. MBXP developed in-line with seasonal pattern and Prämie successfully turned around from a weak Q1 by replacing cancelled campaigns with energy clients with new business, which we find encouraging. Management guided that it will not reach SEK 1bn in sales this year, but still believe it can grow 60% with good profitability, vs ABGSCe 57%. It also said that it has interesting M&A discussions ongoing, indicating that the M&A activity has increased.
Estimate changesConsensus is likely to up adj. EBITA by 15-20% for 2022e on the back of this report. Sentiment around the company is also likely to improve following improved trust compared to the significant miss last quarter.
Improved outlookWe are encouraged by the fast and strong turnaround from Q1, and believe the outlook for the rest of the year look solid. Conference call at 10:00 CET.
Läs mer på ABG Sundal Collier
Q2 detailsSales SEK 194m (-1%vs ABGSCe 196m), EBITA SEK 27.8m (+74% vs ABGSCe). We expected sequential improvement over Q1, but this was significantly better than expected. In aggregate, TIC, MBXP and Prämie saw 7.1m EBITA. MBXP developed in-line with seasonal pattern and Prämie successfully turned around from a weak Q1 by replacing cancelled campaigns with energy clients with new business, which we find encouraging. Management guided that it will not reach SEK 1bn in sales this year, but still believe it can grow 60% with good profitability, vs ABGSCe 57%. It also said that it has interesting M&A discussions ongoing, indicating that the M&A activity has increased.
Estimate changesConsensus is likely to up adj. EBITA by 15-20% for 2022e on the back of this report. Sentiment around the company is also likely to improve following improved trust compared to the significant miss last quarter.
Improved outlookWe are encouraged by the fast and strong turnaround from Q1, and believe the outlook for the rest of the year look solid. Conference call at 10:00 CET.
Läs mer på ABG Sundal Collier