Proact: Strong margin beat in Q1 - ABG

Flattish sales on tough comps, EBITA +31% vs cons on higher GM
Stabilised market with improvements in Germany
Strong OCF, buybacks continue, estimates at least +5-10%


Q1 details

Sales SEK 1,191m (-1% vs ABG 1,207m, -4% vs cons 1,237m). Adj. EBITA 95m (55% vs ABG 61m, 31% vs cons 72m), Adj. EBITA margin 7.9% (ABG 5.0%, cons 5.8%). Organic sales growth -3% (vs ABG -2%), of which system sales declined -9% organically (tough comps) and services grew 5%. OCF also strong at SEK 104m (30m Q1’23).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/proact/Equity-research/2024/5/proact---strong-margin-beat-in-q1/