Studsvik - Small Q2 miss, but outlook remains solid
22 juli, 09:00
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Q2 resultsSales fell 3% y-o-y and were 7% below our estimate. With a margin of 6.9%, 0.2pp above our estimate, EBIT adj. was 4% below our estimate. EBIT included non-recurring items of SEK 1.9m in total, a retroactive repayment of electricity tax (+3.3m) and costs attributable to streamlining efforts (-1.4m). FMWT sales came in strong, +9% vs. ABGSCe, as a result of good progress in the company's projects and improved productivity. Decommissioning sales were -16% vs. ABGSCe, mainly due to increased competition and cost focus among customers. Scandpower sales, which tends to experience significant seasonal variation, came in -14% vs. ABGSCe. Estimate changesThe Q2 numbers in isolation imply EBIT adj. comes down 1%. Management remain optimistic on outlook, with management expecting continued profitable growth driven by strong demand in nuclear fuel development, waste management solutions, and software for SMRs, especially in the US and Europe. Company valuationOver the past three months, the share has returned +79%, compared to the +8% of the OMX Stockholm Allshare. The share is currently trading at 33x-23x '25e-'27e P/E. There is a conference call at 10:00 CET: https://studsvik.events.inderes.com/q2-report-2025/register. |
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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 - Small Q2 miss, but outlook remains solid
22 juli, 09:00
|
Q2 resultsSales fell 3% y-o-y and were 7% below our estimate. With a margin of 6.9%, 0.2pp above our estimate, EBIT adj. was 4% below our estimate. EBIT included non-recurring items of SEK 1.9m in total, a retroactive repayment of electricity tax (+3.3m) and costs attributable to streamlining efforts (-1.4m). FMWT sales came in strong, +9% vs. ABGSCe, as a result of good progress in the company's projects and improved productivity. Decommissioning sales were -16% vs. ABGSCe, mainly due to increased competition and cost focus among customers. Scandpower sales, which tends to experience significant seasonal variation, came in -14% vs. ABGSCe. Estimate changesThe Q2 numbers in isolation imply EBIT adj. comes down 1%. Management remain optimistic on outlook, with management expecting continued profitable growth driven by strong demand in nuclear fuel development, waste management solutions, and software for SMRs, especially in the US and Europe. Company valuationOver the past three months, the share has returned +79%, compared to the +8% of the OMX Stockholm Allshare. The share is currently trading at 33x-23x '25e-'27e P/E. There is a conference call at 10:00 CET: https://studsvik.events.inderes.com/q2-report-2025/register. |
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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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