Urb-it: Riding into an eventful 2023 - ABG
'23e-'24e EBITDA down SEK 2m-7m
Leeds and Valencia expansions to support growth
Positive contribution margin important going forward
Q4 in brief
There were no major surprises given that the results were mostly pre-announced. Q4 was in line with our expectations with respect to sales but the company used slightly more cash than we had expected. When adjusting for discontinued clients, which Urb-it deemed unprofitable or non-strategic, volumes grew by 87% y-o-y. Both France and the UK were key to achieving a positive contribution margin (i.e. net sales less direct delivery costs) on a group level for the first time.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/urb-it/Equity-research/2023/3/urb-it---riding-into-an-eventful-2023/