SYSR SYSTEMAIR AB

Systemair AB Interim Report Q3 2022/23

Systemair AB Interim Report Q3 2022/23

Pressrelease, March 9, 2023



Third quarter, November 2022 – January 2023

  • Net sales increased by 33.6 percent to SEK 3,043 million (2,278).
  • Organic growth was +22.2 percent (+11.8).
  • Adjusted operating profit was SEK 274 million (131). Operating profit (EBIT) amounted to SEK 277 million (131), including hyperinflation adjustments totalling SEK +3 million.
  • The operating margin was 9.1 percent (5.8).
  • Profit after tax amounted to SEK 170 million (95).
  • Earnings per share (basic) equalled SEK 0.79 (0.47).
  • Cash flow from operating activities amounted to SEK +279 million (+27).



Roland Kasper, President and CEO, comments:

“Systemair's third quarter shows continued good growth, turnover increased by 33.6 percent, of which 22.2 percent was organic. Gross margin improved to 34.6 percent (33.3). Adjusted operating profit more than doubled to SEK 274 million (131). Sales development was strong in all regions except Eastern Europe.“



For further information contact:

Roland Kasper, CEO, 13

Anders Ulff, CFO, 09

Systemair AB, SE-739 30 Skinnskatteberg, Sweden, +46 222 440 00



Note: The information here is that which Systemair AB is obliged to make public under the EU's market abuse regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 (CET) on March 9, 2023.

Systemair in brief

Systemair is a leading ventilation company with operations in 52 countries in Europe, North America, the Middle East, Asia, Australia and Africa. The Company had sales of SEK 9.6 billion in the 2021/22 financial year and today employs approximately 6,900 people. Systemair has reported an operating profit every year since 1974, when the company was founded. Over the past 10 years, growth has averaged 9.4 percent. Systemair helps to improve the indoor climate with the help of energy-efficient and sustainable products that reduce carbon dioxide emissions. Systemair has well-established operations in growth markets. The Group's products are marketed under the Systemair, Frico, Fantech and Menerga brands. Systemair shares have been quoted on the Nasdaq OMX Nordic Exchange in Stockholm since October 2007 and are today traded on the Large Cap List. The Group comprises about 90 companies.

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EN
09/03/2023

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Reports on SYSTEMAIR AB

Douglas Lindahl
  • Douglas Lindahl
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SYSR SYSTEMAIR AB

Systemair (Hold, TP: SEK105.00) - Closing in on margin target

Q2 2024/25 brought another strong adj. EBIT margin, and the CEO remains confident in overall market conditions. We have raised our 2024/25–2026/27e adj. EBIT by c8% on average, and our target price to SEK105 (85) dafter updating our valuation metrics. However, Systemair tends to see some performance volatility quarter to quarter (partly due to its project nature), and the stock is still trading above historical average multiples; with limited upside potential, we reiterate our HOLD.

12/04/24 December 4, 2024 1 EN
Douglas Lindahl
  • Douglas Lindahl
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SYSR SYSTEMAIR AB

Systemair (Hold, TP: SEK85.00) - On the right margin path

Systemair’s gross margin gains reinforce our confidence in profitability from here. However, our 2024/25–2026/27 adj. EBIT forecasts are largely unchanged post-Q1, with lower top-line estimates broadly offset by higher margin assumptions. We reiterate our HOLD and SEK85 target price, with the valuation looking fair, minimal differences between our estimates and consensus, and the market already pricing in expectations of improving market dynamics and expanding margins.

08/29/24 August 29, 2024 1 EN
Douglas Lindahl
  • Douglas Lindahl
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SYSR SYSTEMAIR AB

Systemair (Hold, TP: SEK85.00) - Negative mix likely to continue

After a mixed Q4 (which was below consensus but above our forecast on adj. EBIT), we have raised our estimates as we are now slightly more positive on future margins. Given our updated estimates and recently expanded peer multiples, we have raised our target price to SEK85 (78), but reiterate our HOLD. We expect continued negative (YOY) margin trends in Q1 due to mix.

06/04/24 June 4, 2024 1 EN
Douglas Lindahl
  • Douglas Lindahl
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SYSR SYSTEMAIR AB

Systemair (Hold, TP: SEK78.00) - HOLD on lacklustre outlook

Q3 earnings were well below our estimate and consensus, and we have cut our 2023/24–2025/26e adj. EBIT by c15% on average, and in turn lowered our target price to SEK78 (90). Given the limited upside potential and our view of market conditions in Systemair’s most profitable regions remaining challenging and weighing on earnings, we have downgraded to HOLD (BUY).

03/05/24 March 5, 2024 1 EN
Douglas Lindahl
  • Douglas Lindahl
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Systemair (Buy, TP: SEK90.00) - Green shoots

Following the solid Q2 results, we have raised our adj. EBIT estimates by 2% on average for the next three years. Organic growth was stronger than we expected, and management was upbeat on demand ahead given recent order activity. We reiterate our BUY and have raised our target price to SEK90 (86).

12/11/23 December 11, 2023 1 EN

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