KBC Securities - EKOPAK NV (EKOP) Ekopak FIRST LOOK : FY22 Results, growth outlook confirms

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KBC Securities

Benjamin Wolff

Ekopak FIRST LOOK : FY22 Results, growth outlook confirms

This morning, Ekopak published its results of 2022. Ekopak grew revenue double digits to €17.7m vs. our expectation of €16.6. WaaS underperformed with €2.5m, while Non-WaaS outperformed vs. our expectations. REBITDA and Net profit FY22 were in line with our estimates. The outlook for revenue FY23 of 25-28m is above our estimate of €20.3m, but is partly attributable to the recent acquisition of H20. This French subsidiary will be fully consolidated for the first time and is expected to contribute €2.5m over FY23. The balance is likely thanks to faster organic growth. The company will hold a conference call at 9h00 and we will review our estimates afterwards.

27/03/2023 1 EN

Underlying

EKOPAK NV

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BE0974380124 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Benjamin Wolff

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Ekopak FIRST LOOK : FY22 Results, growth outlook confirms

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : AGFB BB, DSFIR NA, IMMO BB, NEXTA BB, PROX BB, EKOP BB

Ekopak Surprising press release triggers sell off

Ekopak Restatement FY24, balance sheet to be strengthened

Belysse 1Q25 revenue -4.3%, reflecting weaker performance in Europe

Qrf City Retail 1Q25 trading update: casa and two new independent directors

Texaf Q1 FY25: Solid Performance In RE; New Projects Boosting Growth

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