Solwers: Outlook brighter after a tough 2024 - Nordea - Börskollen
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Solwers: Outlook brighter after a tough 2024 - Nordea

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Solwers had already released a profit warning for Q4 2024 and the full year on 1 February. Q4 EBIT was EUR 0.3m, burdened by changes in conditional purchasing prices, writedowns on doubtful receivables and preparation costs for the possible listing change. A lower billing rate and tough price competition burdened earnings in Q4. Solwers' order backlog, however, remains at a good level and the company sees signs of improving activity, although we do not expect a rebound until after H1. Following the Q4 report, we trim our top-line estimates by 2% for 2025-26 and cut our adjusted EBIT estimates by 13-15%. Consequently, our DCF- and peer-based fair value range declines to EUR 3.8-4.5 (4.3-5.1), which includes EUR 0.6 per share for the present value of unannounced acquisitions. We believe Solwers will continue its M&A-driven strategy; the company is about to expand into the Polish market, and we foresee further margin improvement potential once the market recovers in Solwers' operating countries. Marketing material commissioned by Solwers.

Länk till analysen i sin helhet: https://research.nordea.com/api/reportfileapi?id=998125

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