StrongPoint: Report largely in line - ABG

Q4: EBITDA of NOK 5m vs ABGSCe NOK 6m
Lower target range likely
Estimates likely unchanged


Q4: EBITDA of NOK 5m vs ABGSCe NOK 6m

StrongPoint's Q4 showed promising development, although the market continues to be plagued by long decision cycles and project postponements. Sales increased 3% y-o-y on easy comps, an improvement vs. the -7% y-o-y decline on average the last 4Q. Total revenues came in at NOK 340m, +3% vs our NOK 331m. Revenues from Norway were up 4% while revenues from Sweden were up 19% y-o-y, respectively. GP was -1% vs. our estimate, giving a GM of 39.4% (ABG 41%). EBITDA came in at NOK 5m vs. ABGSCe NOK 6m. EPS came in at NOK -0.05 vs. ABGSCe NOK -0.14, driven by taxes. Cash flow from operations was stronger compared to Q3, at NOK 77m vs NOK 10.1m, driven by WC. Net debt came in at NOK 59.6m vs NOK 109m in Q3.

On outlook: StrongPoint states that, while there has been an uptick in the results, the overall market remains uncertain. The company remains cautious about promising significant short-term improvements.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/StrongPoint/Equity-research/2025/2/strongpoint---report-largely-in-line/