BILI A Bilia AB Series A

Full-Year Report 1 Jan – 31 Dec 2022

Full-Year Report 1 Jan – 31 Dec 2022



 

Higher results for the fourth quarter despite divested operations



Fourth quarter 2022

  • Net turnover amounted to SEK 10,425 M (8,634), an increase of 21 per cent.
  • Operational earnings amounted to SEK 574 M (558).
  • The higher operational earnings can mainly be attributed to improved access to new cars and growth in the Service Business, which compensated for operations that were divested during the year.
  • Operating profit amounted to SEK 511 M (447).
  • Net profit for the period amounted to SEK 358 M

    (349) and earnings per share to SEK 3.89 (3.60).
  • Operating cash flow amounted to SEK -116 M (347).







  Full year 2022

  • Net turnover amounted to SEK 35,345 M (35,509), which was on a par with last year.
  • Operational earnings amounted to SEK 1,906 M (2,142).
  • Operating profit amounted to SEK 2,102 M (1,925) and was positively affected by profit from divestment of operations of SEK 368 M.
  • Net profit for the period amounted to SEK 1,622 M (1,457) and earnings per share to SEK 17.43 (14.90).
  • The Board proposes an ordinary dividend of SEK 8.80 per share (8.00) to be paid in four instalments of SEK 2.20.







Attachment



EN
08/02/2023

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BILI ABilia AB Series A

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The highlights from Q4 were its 20%+ new car order intake (the first time in 14 quarters with a positive YOY trend in its service margin) and the c8% beat on operating earnings. With a gradual improvement among the private consumers, a stronger leasing market for new cars, and a stable service business, earnings growth for 2025 looks promising (we forecast +56% YOY), in our view. We reiterate our BUY, but have raised our target price to SEK160 (145) on the recent revaluation of the stock.

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Bilia AB (Buy, TP: SEK145.00) - Better-than-expected Q4 results

We consider this a positive report for Bilia, including Q4 operating earnings c8% above consensus, a continued recovery in new car sales and stable service levels, but DPS slightly below expectations. We expect consensus 2025e operating earnings to come up c0–2% on the back of the results and a positive share price reaction.

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Bilia AB (Buy, TP: SEK145.00) - Cautious on Q4e, focus on 2025

We are cautious ahead of Bilia’s Q4 results, as new car registrations for its brands have been soft, along with still-high cost inflation, ongoing investments, and consolidation of recent M&A weighing on opex. Consequently, we expect focus to be on the outlook commentary for 2025. We reiterate our BUY and SEK145 target price, as we continue to find the valuation attractive.

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Bilia AB (Buy, TP: SEK150.00) - Mixed Q3

We consider this a mixed report for Bilia, including a stronger-than-expected service business offset by a weaker car business, resulting in in-line operating earnings. However, new car order intake was on the soft side, while bookings in its service workshops remain good. We expect consensus 2024e operating earnings to remain largely unchanged, but EPS to come down 3–4%. We expect a neutral share price reaction.

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