Studsvik: Scandpower excels in Q3 - ABG

Q3 sales 6% better than ABGSCe


Long-term positive EPS revision of ~5%


Sweden the latest country to support nuclear


Q3: Strong quarter driven by license sale in Scandpower

Studsvik reported a solid set of numbers with sales of SEK 195m (182m), which was 6% ahead of our forecast. The deviation was driven by higher sales in Waste Management and Scandpower. Waste Management had a lot of pre-studies conducted by sub-consultants in the quarter and Scandpower closed a larger license deal. The positive developments in those two business areas were slightly offset by lower than expected sales in Decommisioning. Adj. EBIT was SEK 21.6m (10.4m), clearly head of our assumed SEK 8.4m. The deviation was mainly driven by Scandpower as the license deal has a high contribution to EBIT. Again, the positive deviation was slightly offset by Decommisioning. We also continued to see a buildup in working capital that stemmed from the large orders in the F&MT business area but the buildup was less severe than in previous quarters. We think it will reach a plateau in the coming quarters.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/studsvik/Equity-research/2022/10/studsvik---scandpower-excels-in-q3/