Coor: Tidy quarter, EBITA +7% vs. ABGSC - ABG

Adj. EBIT SEK 160m, 7% vs. ABGSC, 2% vs. cons
No material changes to estimates expected
Conference call at 10:00 CET


Q1 details

Sales SEK 3,124m (0% vs ABGSC 3,136m and 0% vs cons 3,125m), adj. EBITA SEK 160m (7% vs ABGSC 150m and 2% vs cons 157m), EBIT SEK 125m (21% vs ABGSC 103m and 2% vs cons 123m), net profit SEK 62m (17% vs ABGSC 53m and -7% vs cons 67m). Organic growth was 2% (vs. ABGSC 2% and cons 3%). FCF of SEK 95m increased 86% y-o-y (51m), for a 59% conversion from adj. EBITA (33%). Management said the efficiency program continues to progress according to plan, which should render further profitability gains later this year. Important IFM contract extensions were signed during the quarter, including the already announced SAAB and ICA contracts and Heimstaden, further supporting our thesis that the Ericsson situation was a one-off, as well as new contracts signed.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/coor/Equity-research/2024/4/coor---tidy-quarter-ebita-7-vs.-abgsc/