Aktieanalys

Stockwik: Satisfying working capital release in Q4 - Nordea

Nordea Publicerad: 20 Feb 2023 07:39

Stockwik delivered a somewhat soft Q4 with a sales growth of 24% y/y, while EBITA declined 2% y/y, burdened by two subsidiaries facing headwinds, which should be resolved by Q2 2023 and beyond. Cash flow was solid in the quarter, bolstered by a working capital release from Industry, which had a strong quarter with an estimated underlying EBITDA margin north of 20%. Stibor continues to rise, and we expect interest rates to remain elevated, even after the company's upcoming refinancing. Using a multiples-based valuation approach, we lower our fair value range slightly to SEK 36-74 (38-76). Marketing material commissioned by Stockwik Forvaltning.

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