Impact Coatings - Starting the year with lower business activity
29 april, 08:45
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Q1 resultsSales came in at SEK 9.5m (+33% vs. ABGSCe 7.2m), +138% y-o-y. Coating Services came in at SEK 5.6m (1.6m) and Aftermarket came in at SEK 3.9m (2.4m). There were no Coating Systems sales during the quarter as, as expected, no systems were delivered. The company points out that the quarter was affected by the seasonal effect of the Chinese New Year, with large parts of the Chinese industry shutting down. But it also highlights a continued wait-and-see market situation. EBIT came in higher than expected SEK -14m (vs. ABGSCe -20m) due to higher sales and better than expected cost control. The company highlights its increased focus on cost control which was initiated in H2'24. In addition, FCF lease adj. improved during the quarter and came in at SEK -5.6m (vs. ABGSCe -17m). Estimates and outlookOn numbers alone, '25e-'27e sales change by +2%, and EBIT adj. changes by +6m. Management writes that the current investment environment remains cautious and that they expect the investment appetite within the hydrogen sector to be cautious for the rest of the year. However, management remains positive about the long-term outlook. ValuationThe share has returned -15% L3M (vs. peer median -18% and OMX Stockholm Allshare -8%), and is currently trading at 2.5x-2.2x '25e-'27e EV/Sales on our pre-report estimates vs. the peer median of 0.9x-0.5x. |
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Deviation table | |||
Source: ABG Sundal Collier Estimates, Company Data |
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
Ämnen i artikeln
Impact Coatings - Starting the year with lower business activity
29 april, 08:45
|
Q1 resultsSales came in at SEK 9.5m (+33% vs. ABGSCe 7.2m), +138% y-o-y. Coating Services came in at SEK 5.6m (1.6m) and Aftermarket came in at SEK 3.9m (2.4m). There were no Coating Systems sales during the quarter as, as expected, no systems were delivered. The company points out that the quarter was affected by the seasonal effect of the Chinese New Year, with large parts of the Chinese industry shutting down. But it also highlights a continued wait-and-see market situation. EBIT came in higher than expected SEK -14m (vs. ABGSCe -20m) due to higher sales and better than expected cost control. The company highlights its increased focus on cost control which was initiated in H2'24. In addition, FCF lease adj. improved during the quarter and came in at SEK -5.6m (vs. ABGSCe -17m). Estimates and outlookOn numbers alone, '25e-'27e sales change by +2%, and EBIT adj. changes by +6m. Management writes that the current investment environment remains cautious and that they expect the investment appetite within the hydrogen sector to be cautious for the rest of the year. However, management remains positive about the long-term outlook. ValuationThe share has returned -15% L3M (vs. peer median -18% and OMX Stockholm Allshare -8%), and is currently trading at 2.5x-2.2x '25e-'27e EV/Sales on our pre-report estimates vs. the peer median of 0.9x-0.5x. |
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Deviation table | |||
Source: ABG Sundal Collier Estimates, Company Data |
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
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Aktieråd
Investmentbolag
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Riksbanken
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