Awardit: A gift that keeps on giving - ABG

Q4'22 was strong across the board
Expect strong organic growth and margin improvements
18% EBITA/sh CAGR ('21-'25e) trading at 11x EBITA '23e


Beats expectations and gives positive outlook

Awardit delivered a strong Q4 report across the board. Both sales and EBITA were 9% above our forecasts, mainly driven by higher than expected organic growth. Organic growth of 21% likely saw a positive impact of ~3% from FX. Excluding FX, the growth was still impressive, however. The company reported that January started strong as well, with 18% organic growth, which is encouraging, and already ahead of expectations. Additional highlights from the report were that Prämie Direkt was back to growth despite tough market conditions in Germany (like-for-like sales up 8% y-o-y). Looking ahead, management believes its German energy clients will come back, which could fuel more growth, and that synergies between segments will drive higher margins.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/awardit/Equity-research/2023/2/awardit---a-gift-that-keeps-on-giving/