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ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Glenn Kringhaug
ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Glenn Kringhaug

Better Q1 and positive bookings

Underlying ~9% growth in Q1 (we assumed zero). Improved booking for the summer y-o-y. We are comfortable with the credit, but limited upside now.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Glenn Kringhaug

Profitability measures show

EBITDA was 11% better than we expected. Improved booking y-o-y. We are comfortable with the credit, but limited upside now.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Glenn Kringhaug

Weathered the storm

Stable EBITDA y-o-y despite unfavourable weather and hard comparable. ~22% higher revenue than pre-COVID. We are comfortable with the credit, but limited upside now.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Glenn Kringhaug

Waiting for peak season

Q1 was weaker than we expected, but is normally only 6-8% of full-year revenue.

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