Boreo: Solid Q4 with improving cash flows - Nordea

Boreo reported Q4 adjusted EBIT excluding PPA of EUR 2.5m, slightly above our expectation. Electronics continued to perform well, while group costs were above our forecast. Operating cash flow recovered strongly, driven by a release of working capital from inventories. Improving cash flows should be supportive in terms of further acquisitions. The company appeared fairly confident in its outlook for 2023 with strong order backlogs and good performance within business areas. Based on underlying operations and M&A value-creation opportunities, we derive a slightly higher fair value range of EUR 43-51 (42-50) per Boreo share. Marketing material commissioned by Boreo.

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