Stockwik: Solid Q3 numbers but weak cash flow - Nordea

Stockwik delivered a solid Q3 report, with group sales of SEK 181m, up 35% y/y, while EBITA rose only 9%, partly due to Business Services still being burdened by the loss of a major customer. While cash flow was once again negative due to higher working capital, we expect to see a release in Q4, bringing 2022E net debt/EBITDA to 3.8x. Despite a more cautious outlook for Property Services, the better-than-feared Q3 report along with our expectation of a gradual improvement for Business Services leads us to raise 2022E-24E EBITA by 3%. As such, we keep our multiples-based fair value range of SEK 38-76 per share. - Marketing material commissioned by Stockwik Forvaltning.

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