ABG Sundal Collier Sponsored - Studsvik (SVIK) Studsvik - A decent Q1 but Russia worries remain

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ABG Sundal Collier Sponsored

Stefan Knutsson

Studsvik - A decent Q1 but Russia worries remain

Q1 sales growth of 15% y-o-y, albeit lower EBIT Range of estimate adjustments, long-term EBIT -1% Working capital build-up to ease throughout 2022

27/04/2022 1 EN

Underlying

Studsvik

Studsvik AB is a Sweden-based company that offers a range of technical services to the international nuclear power industry. The Company's activities are divided into four segments: Fuel and Materials Technology, which implies nuclear hot-cell technology, materials technology and water chemistry solutions for fuel and reactor performance and lifetime optimization, as well as failed fuel encapsulation, transport and storage solutions; Consultancy Services, which includes facility planning and licensing, waste treatment technologies and operations, among others; Studsvik Scandpower, which provides tools, analysis and technology for performance optimization of nuclear fuel and reactors, and management of the nuclear fuel cycle; Germany, which implies Consultancy Services segment operations in Germany. The Company primarily operates in Sweden, Germany, the United Kingdom, the United States, Japan, China and the United Arab Emirates.

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SE0000653230 Nasdaq Nordic Stockholm Sweden

Provider

ABG Sundal Collier Sponsored

ABG Sundal Collier is the independent, Nordic investment banking powerhouse, developed over 30 years, founded on a hard working partnership culture and the ability to attract top talent.

Our strategy is to be an advisor and an intermediary, and the core product offering comprise corporate advisory services, corporate financing services and investor research and brokerage services.

Our corporate advisory team offers access to a broad financial and industrial network and unparalleled transaction experience. We provide financing to corporates through our superior Nordic and international distribution platform, and we are optimally structured for naturally matching trading flows, delivering best execution for clients.

The group employ approx. 250 staff working from the Nordic offices in Norway, Sweden and Denmark and in the offices in the key international markets US, UK and Germany.

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Analysts

Stefan Knutsson

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ABG Sundal Collier Sponsored

Solid start to the year

More positive news for Scandpower. Profitability has always been volatile. Minor revisions with '24e EBIT down 1%.

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SmartInsider

Studsvik AB: 2 directors

Two Directors at Studsvik AB bought 3,202 shares at between 98.000SEK and 99.000SEK. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

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August 1, 2022 August 1, 2022 1 EN

ABG Sundal Collier Sponsored

Studsvik - Solid top-line but lower profitability in Q2

Q2 sales growth of 1% y-o-y EBIT down 8-6% for ’22e-‘24e Business with Russia on pause for now

July 27, 2022 July 27, 2022 1 EN

Better-than-expected growth acceleration

25% organic growth, 13% ARR growth y-o-y. Slightly higher opex offset by better gross margin. Trading at 12-5x EV/EBITDA '24e-'26e.

36m 36m 1 EN

ABGSC Services Research ... (+3)

ABGSC Services Research
Daniel Thorsson
Simon Jönsson

Sales and adj. EBITA beat, strong FCF

Sales 5% vs. ABGSCe, adj. EBITA 7% vs. ABGSCe. No material estimate changes. Trading at 9-6x EV/EBITA on '24e-'26e (8-11% FCF yields).

42m 42m 1 EN

ABGSC Chemicals Research ... (+3)

ABGSC Chemicals Research
Henric Hintze
Lara Mohtadi

Strong start with growth across six customers

Q1: sales SEK 38m, +24% y-o-y; adj. EBIT margin of 27% (27%). Demonstrated Q4 was temporary setback, long-term potential intact. Costs associated with EU regulatory process to persist in '24.

54m 54m 1 EN

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Studsvik - A decent Q1 but Russia worries remain

Solid start to the year

Studsvik AB: 2 directors

Studsvik - Solid top-line but lower profitability in Q2

Better-than-expected growth acceleration

Sales and adj. EBITA beat, strong FCF

Strong start with growth across six customers

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