Studsvik - Segments in line, corporate costs drag EBIT
23 april, 09:00
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Q1 resultsStudsvik reported Q1 sales of SEK 226m, flat y-o-y and 2% above our estimate. EBIT came in below expectations at SEK 12m (vs ABGSCe 16m). However, segment EBIT was broadly in line with our estimates in aggregate, but higher-than-expected corporate costs (EBIT for group functions was SEK -12m vs. ABGSCe -8m) dragged down the group result. Management attributes the lower profit partly to strategic initiatives and acquisition-related costs related to the Kärnfull Next acquisition, though these are not quantified. Estimate changes and outlookThe Q1 numbers in isolation imply that EBIT comes down 5%. However, we note that the acquisition-related costs are one-off in nature, and since management has not quantified them, the underlying profitability of the quarter is difficult to assess. Management points to continued demand for Studsvik's products and services, a strong order backlog in FM&WM, increasing BlackStarTech sales in Scandpower, and an improving mix in D&RPS. Moreover, the strategic investments (Kärnfull Next, Rolls-Royce SMR and Novatron MoUs) are building optionality in SMRs and fusion for Studsvik. Company valuationOver the past three months, the share has returned -6%, compared to the +4% of the OMX Stockholm Allshare. The share is currently trading at 50x-40x '26e-'28e P/E. There is a conference call at 10:30 CET, link here. |
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Deviation table | |||
Source: ABG Sundal Collier, 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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Studsvik - Segments in line, corporate costs drag EBIT
23 april, 09:00
|
Q1 resultsStudsvik reported Q1 sales of SEK 226m, flat y-o-y and 2% above our estimate. EBIT came in below expectations at SEK 12m (vs ABGSCe 16m). However, segment EBIT was broadly in line with our estimates in aggregate, but higher-than-expected corporate costs (EBIT for group functions was SEK -12m vs. ABGSCe -8m) dragged down the group result. Management attributes the lower profit partly to strategic initiatives and acquisition-related costs related to the Kärnfull Next acquisition, though these are not quantified. Estimate changes and outlookThe Q1 numbers in isolation imply that EBIT comes down 5%. However, we note that the acquisition-related costs are one-off in nature, and since management has not quantified them, the underlying profitability of the quarter is difficult to assess. Management points to continued demand for Studsvik's products and services, a strong order backlog in FM&WM, increasing BlackStarTech sales in Scandpower, and an improving mix in D&RPS. Moreover, the strategic investments (Kärnfull Next, Rolls-Royce SMR and Novatron MoUs) are building optionality in SMRs and fusion for Studsvik. Company valuationOver the past three months, the share has returned -6%, compared to the +4% of the OMX Stockholm Allshare. The share is currently trading at 50x-40x '26e-'28e P/E. There is a conference call at 10:30 CET, link here. |
| |||
Deviation table | |||
Source: ABG Sundal Collier, 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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