Copyright © Inderes 2011 - present. All rights reserved.
  • Senaste
  • Börs
    • Aktiejämförelse
    • Börskalender
    • Utdelningskalender
    • Aktieanalys
    • Artiklar
  • InderesTV
  • Portfölj
  • Forum
  • Q&A
  • Om oss
    • Bolag under bevakning
    • Teamet
Aktieanalys utförd av tredje part

Berner Industrier: A surprisingly strong finish to '24 - ABG

Berner Industrier

Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar

Ladda ner rapporten (PDF)
Orders recover sharply, +30% y-o-y, and sales beat our est. by 8%
Strong E&E margin brings group to 7.4% adj. EBITA, we had 3.8%
T&D restructuring continued (SEK -4.2m NRI), outlook improving

Q4 results
Order intake came in at SEK 272m (+29% vs. ABGSCe 212m), +29% y-o-y, marking a sharp recovery after a weak year, as the increased quotations seen in Q3 materialised into orders. Sales were SEK 247m (+7.7% vs. ABGSCe 230m), +5.3% y-o-y (+5.6% org.), and EBITA adj. was SEK 18m (+111% vs. ABGSCe 8.7m), for a margin of +7.4% (ABGSCe +3.8%). The beat was driven by the E&E segment which delivered impressive growth of 21% and a very strong margin of 14%. The T&D segment continued to struggle and once again saw some restructuring charges in the quarter (SEK -4.2m), but management highlights the necessity of this work to improve its longer-term prospects.

Estimates and outlook
While management wants to see more quarters of consistent growth in order to feel confident in the turn, and not all parts of the business are running at full speed yet, they do judge the aggregate momentum seen in the quarter as promising. On the Q4 numbers alone, '25e-'26e sales change by +1.9%, and EBITA adj. changes by +17%.

Company valuation
The share has returned -5.0% L3M (vs. peer median -5.3% and OMXSSMAC +4.4%), and is currently trading at 15x-11x '24e-'26e P/E on our pre-report estimates vs. the peer median of 33x-14x.
Följ oss på våra kanaler i social media
  • Inderes Forum
  • Youtube
  • Instagram
  • Facebook
  • X (Twitter)
Ta kontakt
  • info@inderes.se
  • +46 8 411 43 80
  • Vattugatan 17, 5tr
    111 52 Stockholm
Inderes
  • Om oss
  • Teamet
  • Jobba hos oss
  • Inderes som en investering
  • Tjänster för börsbolag
Vår plattform
  • FAQ
  • Servicevillkor
  • Integritetspolicy
  • Disclaimer
Inderes disclaimer gällande utförda aktieanalyser kan läsas här. För mer detaljerad information över de aktier som aktivt bevakas av Inderes, vänligen se respektive bolags bolagsspecifika sida på Inderes webbplats. © Inderes Oyj. Alla rättigheter förbehållna.