Careium: Solid end to a challenging year - ABG

Q4: Sales in line, but EBIT beat on strong GM
We slightly cut our sales estimate, but raise adj. EBITA
Share is trading at 9x-8x '25e-'26e EV/EBITA adj.


Encouraging product sales growth and profitability

Careium delivered solid sales in Q4, with organic growth of +12.5% compared to -8% in Q3'24. Product sales increased by 39% y-o-y (vs. -36% in Q3'24), with the UK and other regions growing by 20% and 150%, respectively (albeit from low levels in other regions), and the Nordics declined by -7%, further affected by the market delays. The gross margin was a solid 44.4%, up 1.7pp q-o-q, driven by a favourable product/service mix. Adj. EBITA was up 39% in Q4 y-o-y, and 22% for the full year. We are positive about the earnings trajectory following the better-than-expected cost control, with an adj. EBITA margin of 11% for the full year (up 1.4pp from 9% in FY'23). FCF was SEK 17m, down y-o-y and up q-o-q (SEK 36m in Q4'23 and SEK 3m in Q3'24).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/careium/Equity-research/2025/2/careium---solid-end-to-a-challenging-year-/