Strongpoint Q3: margins lower, opex outlook better - ABG

Q3: EBITDA NOK 21m vs our NOK 24m
E-com investment levels to come down from here
Estimates likely lowered on slightly weaker margins


Q3: EBITDA below ABGSC on lower margins

StrongPoint reported Q3 revenues of NOK 346m, (+76% y-o-y, 20% organically), 6% above our estimate NOK 327m. The gross margin was 37.1%, down from 45.5% in Q3 last year, and below our 38.7%, mainly explained by high share of ESLs under product revenues and the ALS acquisition diluting GM. EBITDA was NOK 21m (6.0% margin), NOK 3m below our NOK 24m expectation (7.3% margin). EBIT was NOK 10m vs our NOK 14m, and reported EPS was NOK 0.18 vs our NOK 0.24.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/StrongPoint/Equity-research/2022/10/strongpoint---q3-margins-lower-opex-outlook-better/