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ABGSC IT Research ... (+4)
  • ABGSC IT Research
  • Alice Beer
  • Daniel Thorsson
  • Simon Granath

Pricer AB: 1 director

A director at Pricer AB bought 110,000 shares at 11.220SEK and the significance rating of the trade was 59/100. 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 sh...

ABGSC IT Research ... (+4)
  • ABGSC IT Research
  • Alice Beer
  • Daniel Thorsson
  • Simon Granath
Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Pricer - Order growth remains on the agenda

Strong ESL market drives orders +78% y-o-y (8% beat) Fine-tuned sales revisions, but -3% on ’23e-‘24e EBIT 21x ‘23e EV/EBIT, 22% sales CAGR in ’21-‘24e

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Pricer - Strong orders in Q3, again

Sales +16% y-o-y, +1% vs. ABGSCe Strong order momentum (+78% y-o-y, +8% vs. ABGSCe) Cons. likely to make small estimate changes

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Pricer - ESL market continues to look strong

Q3 results due Thursday, 27 October We expect strong orders and sales but weak profits ’21-‘24e sales CAGR of 22%

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Pricer - Broad-based growth set to continue in H2

Q2: better sales and gross profit, but shortfall on EBIT We cut ‘23e EBIT by 20% on lower GMs and higher opex ’23e EV/EBIT of 18x, 22% ’21-‘24e sales CAGR

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Pricer - Strong growth, but also higher costs

Sales +36% y-o-y, +12% vs. ABGSCe Gross margin pressure continues Cons. likely to raise sales but lower EBIT estimates

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Pressured gross margin remains a headache

Q2 due Thursday 21 July, 08:30 CET We expect strong orders and sales but weak EBIT 35x-13x ‘22e-‘23e EV/EBIT

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Insights from the CMD

Key message: Pricer sees strong growth prospects New ‘25 sales target: SEK 4.5bn (26% ’21-‘25 CAGR)… … vs. ABGSCe ’21-‘24e sales CAGR of 17%

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Strong growth, but muted earnings

Strong sales and orders, but weak gross margins We make large EBIT cuts on the back of lower GMs Strong sales growth in ’22e, but with contracting margins

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - We estimate improved growth in 2022

6% sales beat, but 25% EBIT miss ‘22e EBIT cut by 10% on lower gross margins ’21-‘24e sales CAGR of 15%; 11x ‘23e EV/EBIT

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Gross margin headwinds, but strong orders

Sales -28% y-o-y, +6% vs. ABGSCe Gross margin pressure from supply chain disruptions Expect cons to raise ‘22e sales by c. 5%, but lower EBIT

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Strong orders, but supply chain disruptions

Soft Q4e amid supply chain disruptions and tough comps We cut ‘22e EBIT by 3% on lowered GM estimates 17x-12x EV/EBIT on ‘22e-‘23e, -0.5x NIBD/EBITDA ‘21e

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Solid quarter, despite tough comps

Sales & EBIT better than expected, but orders miss We expect further gross margin pressure in Q4’21 28-14x ’21-‘23e EV/EBIT

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Strong deliveries in uncertain times

Sales and EBIT 16% and 38% vs. ABGSCe Expect relatively small est. revisions from cons. on 2021 29x-14x ’21-‘23e EV/EBIT on our unrevised estimates

Daniel Thorsson ... (+3)
  • Daniel Thorsson
  • Rebecka Gärderup
  • Simon Granath

Pricer - Strong Q3 sales expected, but soft GM

Q3 report due Friday, 22 October Q3e sales and orders of SEK 426m and SEK 360m Negative revisions due to increased freight costs

Daniel Thorsson ... (+2)
  • Daniel Thorsson
  • Simon Granath

Pricer - Growth tailwinds to continue in H2

Sales up 35% y-o-y, orders up 26% y-o-y We raise our long-term growth assumptions 28-16x ’21-‘23e EV/EBIT

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