Boreo: Solid execution in Q1 – SANY exit should support cash flows in Q2 - Nordea

Boreo reported Q1 adjusted EBIT ex-PPA of EUR 2.1m, 13% above our estimate and 5% above Refinitiv consensus. Net sales of EUR 41m grew 29% y/y in comparable terms (+12% on organic basis) and came 3% above our estimate and 5% above consensus. Reported EBIT was EUR 1.4m, in line with our estimate. Net sales and adjusted EBIT ex-PPA increased in all business areas. Operational cash flow was EUR 0.8m in Q1 (EUR 1.5m a year ago, including discontinued operations), burdened by EUR 1.1m higher working capital, while SANY exit should support cash flow in Q2. EPS of EUR 0.07 came below our expectation of EUR 0.17 owing to higher financial expenses. In line with its guidance policy, the company does not provide short-term financial guidance. Based on management comments on business areas, outlook appears to be stable to slightly positive going forward. We expect consensus to make only limited estimate revisions based on the Q1 report.

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