Ecoclime: Solid sales, but we are still waiting for earnings - ABG

Adj. EBITDA SEK 5.4m vs. ABGSCe 0.2m
Circular Energy very strong at SEK 38m sales (ABGSCe 18m)
12-6x '23e-'24e EV/EBITDA (adj.)


Q4 results

Net sales came in at SEK 82.2m (23% vs. ABGSCe SEK 66.6m), up 84% y-o-y, of which 19.7% organic (ABGSCe 11%), but note we are not using restated figures for '21. The gross margin was 50% (ABGSCe 51%) and adj. EBITDA was SEK 5.4m (ABGSCe 0.2m), including NRIs of SEK -9.9m (ABGSCe -4.0m). This resulted in an EBIT of SEK -8.8 (vs. ABGSCe -7.6m). Circular Energy was the standout performer with revenue of SEK 38m (ABGSCe 18m), up 197% y-o-y. Smart Properties also saw strong growth to SEK 41m revenue (ABGSCe 33m), while Indoor Climate undershot our expectations.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ecoclime/Equity-research/2023/2/ecoclime---circular-energy-shines/