ABGSC hosted DistIT’s CEO at our Investor Day today He highlighted the strong track record from previous crises And the strategy for each division going forward
Will restructure Aurora Deltaco to realise cost synergies Lower adj. EBIT by 1% for FY’22e due to higher costs Share trading at EV/EBIT of 9x-6x in ’22e-’23e
Q4: Sales in line, gross margin above our expectations We lower EBIT for '22e, but raise estimates for ‘23 Trading at 9x 2022e EV/EBIT (5-year avg. is 8.5x)
Q3 GM impacted by product mix & shipping costs Inventory and pricing in place to deliver a strong Q4 36% EBIT CAGR ’20-’23e at ’22e adj. EV/EBIT of 12x
Q3 slightly better than expectations on headline items Temporarily higher leverage on strategic bet on Q4 Credit story strengthened after EFUEL acquisition
Acquiring a leading distributor of EV charging stations Up-front payment funded by new equity: credit-positive Strategically positioned for a strong Q4