Proact - Adj. EBITA beat in prel Q1
20 april, 10:45
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Positive PW in Q1Proact published preliminary Q1 numbers this morning, above market expectations, with adj. EBITA 110-120m (+29-41% vs ABG, no cons), adj. EBITA margin 9-9.5% (ABG 6.9%). This is implies sales of SEK ~1,222-1,263m (-1% to +3% vs ABG). The positive adj. EBITA deviation is explained by both higher gross margin driven by temporary market conditions (pre-buying due to higher memory prices), as well as effects following cost-efficiency measures mainly implemented in 2025. Full report is due 5 May. 2026 EBITA likely up 10-15%Proact mentions "temporary market conditions", so limited long-term effects, but as deviation is also driven by cost reductions these are of recurring nature and most likely linked to segments West (Netherlands) and Central (Germany). We expect the pre-buying boost to stick for another 1-2 quarters, but could linger into 2027. Consensus FY EBITA likely raised by 10-15%, and stock to outperform today. |
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Prel Q1'26 deviation | |||
Source: ABG Sundal Collier, company data |
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NTM EV/EBITA vs peers (Friday close) | |||
Source: ABG Sundal Collier, FactSet, peers: ATEA, Dustin, Bechtle, Cancom, Computacenter |
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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Proact - Adj. EBITA beat in prel Q1
20 april, 10:45
|
Positive PW in Q1Proact published preliminary Q1 numbers this morning, above market expectations, with adj. EBITA 110-120m (+29-41% vs ABG, no cons), adj. EBITA margin 9-9.5% (ABG 6.9%). This is implies sales of SEK ~1,222-1,263m (-1% to +3% vs ABG). The positive adj. EBITA deviation is explained by both higher gross margin driven by temporary market conditions (pre-buying due to higher memory prices), as well as effects following cost-efficiency measures mainly implemented in 2025. Full report is due 5 May. 2026 EBITA likely up 10-15%Proact mentions "temporary market conditions", so limited long-term effects, but as deviation is also driven by cost reductions these are of recurring nature and most likely linked to segments West (Netherlands) and Central (Germany). We expect the pre-buying boost to stick for another 1-2 quarters, but could linger into 2027. Consensus FY EBITA likely raised by 10-15%, and stock to outperform today. |
| |||
Prel Q1'26 deviation | |||
Source: ABG Sundal Collier, company data |
| |||
NTM EV/EBITA vs peers (Friday close) | |||
Source: ABG Sundal Collier, FactSet, peers: ATEA, Dustin, Bechtle, Cancom, Computacenter |
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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