Studsvik: Q3 shows underlying improvement - ABG

3 of 4 divisions showed progress in Q3
Scandpower was the outlier with no licence sales
'24e EBIT up 2%


Q3: Organic sales -5% y-o-y, EBIT margin 11.7% (13.4%)

Studsvik reported flat Q3 sales y-o-y, with organic sales down 5% y-o-y. EBIT was SEK 22.9m (26.1m) and adj. EBIT was SEK 17.9m (21.6m), but despite the lower profitability y-o-y, we argue that Studsvik showed underlying improvements in Q3. The largest driver for the lower profitability was Scandpower, which recorded no licence sales this quarter as opposed to Q3 last year, when we think licence sales had a large positive impact. The other three divisions showed profitability improvements y-o-y, especially the Decommissioning division. The improvement in Waste Management was driven by licence sales, but we also believe the probability of future licence sales has increased following the strategic deal with German GNS.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/studsvik/Equity-research/2023/10/studsvik---q3-shows-underlying-improvement/