Jensen-Group FIRST LOOK : A good start to 2024
Jensen-Group 1Q24 revenues were up y/y 11.6% to € 109.1m. The 1Q24 order intake increased y/y 34.4% to €114.9m. As a result Jensen-Group called this “a good start to 2024”. 1Q24 EBIT came in at € 11.2m (€ 11.4m in 1Q23) resulting in 10.3% 1Q24 EBIT-margin (11.7% in 1Q23). 1Q24 net result amounted to € 11.1m (€ 1.15 EPS).We maintain for the moment our Accumulate rating and € 40 Target Price as these numbers are ahead of our FY24 forecasts of 8.8% FY24E sales growth and 9.5% FY24E EBIT-margin.
We will update our model after visiting this week a Jensen-Group client.
Jensen-Group and its subsidiaries are engaged in heavy-duty laundry activities. Through its Heavy-Duty Laundry Division, Co. supplies textile and garment services to textile rental operations, commercial laundries, on premise laundries for hotels, hotel chains, etc. and institutional laundries and central laundries. Under this division, Co. also operates a separate business unit serving the confectionery textile industry, marketing specialized folding equipment for finished products. Co.'s products include open-pocket washer extractors, split pocket washer extractors, continuous batch washers, batch transfer drying tumblers and flatwork ironers.
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