Probi: Analyst - ABG

Good organic growth but weak margins in Q4
2024 will be a year of transition
EBITDA revised down 8-11% for '24e-'25e


Earnings miss due to higher costs

Probi reported Q4 sales of SEK 156.1m (ABGSCe SEK 155.7m), equal to an organic growth rate of +9.1% (ABGSCe +5.6%), driven by strong developments in EMEA and APAC, at the same time as sales in Americas declined. EBITDA in Q4 amounted to SEK 19.1m, (ABGSCe SEK 26.6m) equal to an EBITDA margin of 12.2% (ABGSCe 17.1%). However, adjusted for non-recurring items of approximately SEK 4m, the adjusted EBITDA margin would have been 15% and the deviation to our forecast -13%, rather than the -26% deviation on reported EBITDA.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/probi/Equity-research/2024/1/probi---analyst/