Stockwik: A strong start to 2022 - ABG
Adj. EBITA SEK 13.5m, 22% above ABGSCe
Estimates up ~10% on est. beat and M&A
12x ‘22e EV/EBITA
Q1 results
Stockwik delivered a solid Q1, with sales of SEK 150m (1% vs. ABGSCe 149m), up 27% y-o-y. The sales growth was mainly driven by the recent acquisitions not included in the comparable period. Adj. EBITA was 13.5m, 22% above our expectations of 11.1m. The beat was mainly driven by the Healthcare and Property Services segments. The adj. EBITA margin increased to 9.0% (vs. ABGSCe at 7.4%), up 2.4 pp y-o-y. ND/EBITDA pf R12m is at 3.1x, a level that management says it is comfortable with.
Estimate changes
On isolated numbers, estimates come up 4% on the beat. Additionally, Stockwik has recently acquired Anders & Peters Däckservice and Trainparts Sweden, that together should add another 6-7% on estimates.
Final thoughts
The share trades at 12x and 9x EV/EBITA 22e and 23e, respectively.
Läs mer på ABG Sundal Collier
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/stockwik/Equity-research/2022/5/stockwik---a-strong-start-to-2022/
