Goodbye Kansas Group: Profitable on EBITDA level - ABG

Q1 sales +27% vs ABGSC, a growth of 54% y-o-y
Positive EBITDA at SEK 1.6m (vs ABGSC -1.7m)
We expect consensus estimates to come up

Q1 results
Net sales SEK 90m (27% vs ABGSC 71m), EBITDA SEK 1.6m (vs ABGSC -1.7m), Net profit SEK -16m (vs ABGSC -15m).
GBK begun the year with strong profitable growth
Goodbye Kansas Group delivered a strong report above our expectations on both sales and profitability. Sales came in 27% above our expectations for a growth of 54% y-o-y. The largest segment, Goodbye Kansas Studios, came in 32% above our expectations. We note that the good market momentum and Goodbye Kansas strong position on the market gets visitable in the strong figures. Moreover, the company was profitable on EBITDA level in the quarter, something we see as very positive. Moreover, the company states that the cost optimization program is fully implemented and is expected to reduce operating expenses by SEK 28m on an annual basis during 2022 compared to 2021.
Estimate revisions and valuation
GBK’s share is trading at ‘22 EV/sales of 1.0x on our unrevised estimates. Based on the Q4 report, we would expect consensus estimates to come up.
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Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Bublar-Group/Equity-research/2022/5/goodbye-kansas-group---profitable-on-ebitda-level/