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Aktieanalys utförd av tredje part

Inission: Recovery continues to materialise - ABG

Inission

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

Ladda ner rapporten (PDF)
* Orders +4%, sales +6%, adj. EBITA +15% vs. ABGSCe
* Guides for 2.3-2.5bn sales and 6% margin in '26: in line
* Strong report with recovery materialising as expected


Q4 results

Orders were down 9% y-o-y and 4% above our estimate. Sales grew 24% y-o-y and were 6% above our estimate. With a margin of 6.9%, 0.5pp above our estimate, EBITA adj. was 15% above our estimate. EBITA included non-recurring items with a negative margin impact of 1.0pp, pertaining mainly to restructuring costs in Enedo. Lease adj. FCF was 17m, bringing the R12m figure to 43m, i.e. 142% of net income. The strong results were driven by y-o-y improvements in both segments. There is a conference call at 09:00 CET: webcast


Estimate changes

The Q4 numbers in isolation imply EBITA adj. comes up 5%. The company guided for sales of SEK 2.3-2.5bn with an EBITA margin >6% in '26, which can be compared to our estimates of 2.39bn with a margin of 6.8%. We consider this in line with our expectations as the margin target should likely be read as a lower limit.


Company valuation

Over the past three months, the share has returned +12%, compared to the Nordic EMS peer median of +7% and the +11% of the OMX Stockholm Allshare. The share is currently trading at 15x-9.0x '25e-'27e P/E, compared to its 10-year historical median of 13x-8.9x and peers at 22x-13x.
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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.