Report
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.
Underlying
EKOPAK NV
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Benjamin Wolff
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