Christian Berner Tech Trade: EPS estimates intact after mixed Q4 - ABG

Lower sales offset by margins as operational measures take effect
EPS estimates largely intact due to lower opex and interest expenses
Full effect of op. improvements yet to be seen, but focus turns to M&A


Q4: Sales down, margins up

Q4 sales were SEK 235m, down 5.2% y-o-y (-4.8% organic, -0.4% FX), breaking the company's four-quarter growth streak, as it encountered tougher comps. Order intake was also down y-o-y (-18%), which management attributes to order volatility and longer decision-making processes among customers due to the economic climate. Adj. EBITA was SEK 15.7m (10.4m) for a margin of 6.7% (4.2%), as the effects of management's operational improvements lifted margins. The EPS of SEK 0.58 (0.10) was further boosted by lower interest expenses, as the company paid off SEK 25m of its debt (14%), which also improved loan conditions due to reduced indebtedness. This was enabled by strong lease adj. FCF of SEK 17m (11m) in the quarter.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/christian-berner-tech-trade/Equity-research/2024/2/christian-berner-tech-trade---eps-estimates-intact-after-mixed-q4/