Ecoclime: Time to step up to regain trust - ABG
Q1 report due on Thursday, 4 May
We lower '23e sales by ~4% as we trim Circular Energy sales
The share is trading at 5x EV/EBITDA on '24e
Q1'23e: Evertherm organic growth key driver
We expect Ecoclime to report Q1 net sales of SEK 71m, up 30% y-o-y (+16% organic, +14% M&A), of which the organic growth is mainly driven by Circular Energy, which we expect will contribute SEK 20m. We forecast a gross margin of 49% and expect continued margin pressure from installation contracts, which have hampered profitability for some time. Finally, we expect EBITDA of SEK -1.3m (SEK -4.4m).
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ecoclime/Equity-research/2023/4/ecoclime---time-to-step-up-to-regain-trust/