Careium: Strong top-line growth, +14% org. growth - ABG - Börskollen
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Careium: Strong top-line growth, +14% org. growth - ABG

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Sales up 29% y-o-y, but pressured profitability
Write down of account receivable of SEK 15m due to UK
UK-restructuring to improve profitability by SEK 35-40m

Q1 results
Q1'22 report: Sales SEK 179m (10.3% vs ABGSC 162m and 10.2% vs cons 162m), EBIT SEK -24m (vs ABGSC 0m and -505% vs cons 6m), Net profit SEK -19m (vs ABGSC 0m). UK-related restructuring costs of SEK 12.4m, plus write down of account receivable of SEK 15m in the quarter. In Q1, the company grew the subscriber base with 11,000 new connections, a large improvement.

Q1 thoughts
Careium delivered strong organic growth of 14% in the quarter (vs ABGSC 3%), where both products and services contributed to the strong growth. The company made large subscriber base improvements with 11,000 new connections. The GM was pressured at 39% (vs ABGSC 41%) due to supply chain issues and sick leave in the quarter. Last night the company announced that they, in connection with the restructuring of the UK region, identified a need for write down of account receivable of SEK 15m. In the same press release, we got information that restructuring in the UK is expected to give an improved profitability of approximately SEK 35-40 million on an annual basis. Also, the estimated transformation costs during 2022 amounts to SEK 15-20 million (excluding write-downs of accounts receivable). The transformation costs are expected to be charged in Q1-Q3 2022 and the restructuring is expected to be completed during Q4 2022. The reported EBIT is SEK -24m. If we adjust for the restructuring costs at SEK 12.4m and the account receivable write down of SEK 15m, the adj. EBIT is instead SEK 3m, for an adj. EBIT margin of 2% (we had expected an adj. EBIT margin of 4%).

Valuation
The share is -51% YTD (while OMXS PI is down 19%) and is trading at EV/EBITA of 15.5x-8.3x for ‘22e-‘23e on our unrevised estimates. A webcast will be held at 10.00 (CET), where CEO and President Carl-Johan Zetterberg Boudrie will present the report and answer following question ...
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Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/careium/Equity-research/2022/4/careium---strong-top-line-growth-14-org.-growth/

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