Clavister: Strong business momentum continues - ABG

Q2e: sales +18% and EBITDA +38% y-o-y
We raise our EBITDA estimates by 10-6% on '24e-'26e
Positive EBIT now within reach; 17-7x EV/EBITDA '24e-'26e


Continued high growth and margin expansion in Q2e

We expect Clavister to maintain a high growth pace in Q2, with sales +18% y-o-y, marking a third consecutive quarter with growth around its target of >20%. While deliveries of defence orders are driving part of the growth, we also see a strong development in the underlying firewall and IAM businesses. For example, we see the IAM business (PhenixID) coming out of a transitional year in 2023 with lower growth, potentially delivering >15% sales growth in 2024 with >90% gross margins. In terms of profitability, we forecast an EBITDA margin of 10% for SEK 5m EBITDA in Q2, +38% from SEK 3m last year.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/clavister/Equity-research/2024/6/clavister---strong-business-momentum-continues/