Report
NX Filtration FY24 earnings release held little news value, all eyes on the CMD
In mid-December, NX Filtration reported that revenues for 2024 would only grow ca. 40% and issued a revenue guidance for 2025, projecting growth between 50-70% well below our and consensus estimates. Sequentially, revenues for the second half of 2024 were down 15%, with year-over-year growth for 2H24 at only 7%. Supported by sustained high gross margins and flat FTEs compared to 1H24, the EBITDA loss for 2H24 ‘only' widened to €-9.6m, compared to €-6.4m in 1H24. We have revised our model, upgrading our rating to Hold (from Reduce) and finetuning TP to €3.1 from €3.3 p.s. .
Underlying
NX FILTRATION HLDG BV
Provider
KBC Securities
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Kristof Samoy
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