NYAB: Market activity points to continued growth - ABG
Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar
Encouraging results, even if it was low season
We raise our EBITA estimates 2-3% on '25e-'27e
Svenska Kraftnät increased its already ambitious investment plan
Organic business beat on both growth and margins
Even if Q1 is a low seasonal quarter for NYAB, we think it was encouraging to see strong performance once again, with 33% organic growth y-o-y and solid profitability. Adjusted for one-time costs related to the Dovre acquisition, EBITA was EUR 2.8m (0.9m) for a 3% margin (2%), 44% higher than ABGSCe at EUR 2.2m. While Dovre contributed to the increased earnings, the Civil Engineering segment—which mainly comprises the organic NYAB—also saw EBIT rise by 165% to EUR 1.9m (0.7m) for a 2.4% margin (1.2%). With a solid order book within Civil Engineering that increased by 31% y-o-y to EUR 372m, and management communicating a positive market outlook, we expect continued high sales and earnings growth in the coming quarters.
We raise our EBITA estimates 2-3% on '25e-'27e
Svenska Kraftnät increased its already ambitious investment plan
Organic business beat on both growth and margins
Even if Q1 is a low seasonal quarter for NYAB, we think it was encouraging to see strong performance once again, with 33% organic growth y-o-y and solid profitability. Adjusted for one-time costs related to the Dovre acquisition, EBITA was EUR 2.8m (0.9m) for a 3% margin (2%), 44% higher than ABGSCe at EUR 2.2m. While Dovre contributed to the increased earnings, the Civil Engineering segment—which mainly comprises the organic NYAB—also saw EBIT rise by 165% to EUR 1.9m (0.7m) for a 2.4% margin (1.2%). With a solid order book within Civil Engineering that increased by 31% y-o-y to EUR 372m, and management communicating a positive market outlook, we expect continued high sales and earnings growth in the coming quarters.