Ework Group: Solid growth, improving margins - ABG

Sales +16% y-o-y, -1% vs. ABGSCe
EBIT SEK 54m, +2% vs. ABGSCe
Expect slightly neg. est revisions on higher opex


Q1 results

Q4 sales of SEK 4,567m (-1% vs. ABGSCe 4,627m), up 16% y-o-y. Gross profit was SEK 174m (+2% vs. ABGSCe SEK 171m), +20% y-o-y, while EBIT was SEK 54m (+2% vs. ABGSCe 53m), +14% y-o-y. The gross margin of 3.81% improved from 3.69% in Q4, likely driven by a favourable sales mix. Ework notes that hourly prices grew ~5% y-o-y, which we believe serves as a good proxy for the entire Nordic market in Q1.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ework/Equity-research/2023/4/ework-group---solid-growth-improving-margins/