Proact: Impressive execution in Q4 - ABG

40% org growth (ABGSCe 18%), adj. EBITA +37% vs consFourth consecutive organic growth quarterCons estimates up 5-10%, share at 8.5x 2023e EV/EBITAQ4 detailsSales SEK 1,440m (23% vs ABG 1,168m), Adj. EBITA 102m (37% vs ABG 74m), Adj. EBITA margin 7.1% (ABG 6.4%). Organic sales growth 40% (vs ABG 18%), of which system sales grew 65% organically and service 8%.Demand holds up well and supply chain improvedProact gained from strong deliveries due to eased supply chains and a large order book that drove the sales beat, especially in system sales. We estimate that the SEK ~200m boosted order book has now been delivered. Nordics did best in the quarter, UK and Germany solid performance as well, and the company remains confident about 2023. Good cash flow and raised DPS y-o-y in the report as well. There is still some way to go to reach the EBITA margin target of 8%, which the company reiterates. However, it revises its ROCE target from 25% to 20% to better align with the acquisition strategy. We find this relatively neutral.Consensus estimates up 5-10%We estimate consensus to raise estimates by 5-10% based on the strong growth and better margin than expected, and share to perform particularly well today. Conf call at CET 10.00.DeviationSource: ABG Sundal Collier, company dataLäs mer på ABG Sundal Collier

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