Stockwik: Burdened by Property Services, again - Nordea

Stockwik delivered a weaker-than-expected Q2 report. Sales and EBITA were up by 35% and 83% y/y, respectively, but the latter missed our estimate by 37%. The results were burdened by several unprofitable projects in the Property services segment and we also note significant working capital buildup in the quarter, which hampered group cash flow. We argue that the hiccup within Property Services is temporary and we expect a working capital release in H2 that will support cash flow, given the recent positive commentary about the supply chain. Following the weaker results, however, we lower our 2022-24 estimates by 2-9% and adjust our fair value range to SEK 54-109 (64-121) per share, which suggests a valuation range of 8-12x 2023E EV/EBITA. Marketing material commissioned by Stockwik Forvaltning.

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