I-tech: Strong start to the year - ABG

Sales +24% and EBIT +52% vs. consensus
Strong quarter with record-high turnover and profit
Outlook remains unchanged, strong demand


Q1 results

Sales came in at SEK 38m (+20% vs. ABGSC 32m, +23% vs. consensus 31m), +24% y-o-y (+34% organic). EBIT was 9m (+49% vs. ABGSC 6m, +52% vs. consensus 6m), and adj. EBIT was 10m (+70% vs. ABGSC 6m, +74% vs. consensus 6m) for a margin of +27% (ABGSC +19%, consensus +19%). Adj. net income was 9m (+65% vs. ABGSC 6m, +58% vs. consensus 6m) for a margin of +25% (ABGSC +18%, consensus +19%). The company produced lease adj. FCF of 14m, +33% y-o-y. The profit was slightly offset by elevated costs linked to the EU regulatory process, which amounted to SEK 1.3m (~25% of external costs). Overall a strong quarter, where turnover and profit amount to the highest ever in the company's history, and which clearly demonstrates that the underwhelming Q4 revenue was indeed a temporary dip.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/i-tech/Equity-research/2024/5/i-tech---strong-start-to-the-year/