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Aktieanalys utförd av tredje part

Inission: Sales miss on delays offset by strong orders - 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 -9%, adj. EBITA -22% vs. our estimates
EBITA miss driven by 3 high-volume delivery delays, opex better
Maintains guidance, more cost savings, strong orders offset miss


Q1 results

Orders were up 61% y-o-y and 4% above our estimate, marking the second quarter in a row with strong order recovery and a high book-to-bill of 1.3x. Sales fell 17% y-o-y and were 9% below our estimate. The company cited that the declining sales were driven by three high-volume products whose deliveries were delayed for different reasons, so the sales miss may partly be a timing effect. With a margin of 4.8%, 0.8pp below our estimate, EBITA adj. was 22% below our estimate. The EBITA miss was driven entirely by the lower sales, and opex actually came in a bit better than we expected. EBITA included non-recurring items with a negative margin impact of 0.6pp, pertaining to the main-market listing which was completed in the beginning of Q2. Lease adj. FCF was 16m, bringing the R12m figure to -25m, i.e. -67% of net income. We think the EBITA miss is partly offset by the strong orders and potentially that delivery delays, not weaker demand, was the main driver. There is a conference call at 17:00 CET: https://www.inissiongroup.com/webcasts/annual-general-meeting-may-8th/
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