Prevas: Tough start in Finland - ABG

1% organic sales decline y-o-y
Enmac had negative EBITA in Q3, actions taken
Adj. EBITA down 11-7% for '24e-'26e


Q3: Sales -10% and adj. EBITA -34% vs. ABGSCe

Prevas experienced a challenging Q3, with an organic sales decline of 1% and adj. EBITA of SEK 26.5m (31.1m), equal to an adj. EBITA margin of 7.5% (10%). In addition, the recently acquired Enmac unit struggled in a weak Finnish market characterised by customers delaying their investment decisions. This led Enmac to post negative EBITA and Prevas has decided to temporarily lay off 23 FTEs. This was not what we were expecting, and group sales were 10% below (we expected 2.5% organic growth) ABGSCe, with adj. EBITA 34% below. The majority of the deviation was caused by weaker M&A contribution, although core Prevas was also below on organic growth and likely also saw lower utilisation and profitability vs. Q2.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/prevas/Equity-research/2024/10/prevas---tough-start-in-finland/