Analyser av Vestum

Vestum: Water continues to shine - ABG

- Strong performance in product companies behind EBITA beat.

- Sales -6%, adj. EBITA +5% vs cons in Q3 - Strong performance in product companies behind solid margins - More optimistic about 2025 growth...

11% adj. EBITA miss but improvement already in Q3 '24e adj.

Q2 details Growth and margins held back by challenging end-markets.

Acquires UK-based PDAS, adding ~4% to '25e EBITA A market leader in design, installation, and maintenance 60% of EBITA comes from a growing ...

Q2 report due 15 August '24e-'26e EBITA down 5-1%; 9% CAGR '23-'26e 10-6x EBITA '24e-'26e, 11-15% FCF yields Q2 expectations We believe tha...

Positive growth outlook for margin-accretive Water segment.

Decelerating org. growth but strong cash flow '24e-'26e adj.

Sales 0%, adj. EBITA -2% vs. cons, -4% org. sales Cons to lower '24e EBITA by 1-3% Strong cash flow but slower organic momentum Q1 details ...

Core objectives, including divestments and securing bond refinancing completed One new divestment announced, Plåtslagaren G.

A diversified M&A play on civic infrastructure 1) Rapid growth, 2) deleveraging, 3) 15% growth & 12% margins 9% adj.