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ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Henric Hintze

Gradual improvements from Q4 low

Orders recover from Q4 low, NWC release supports fantastic FCF. Some one-offs weigh on profitability, expect margins to improve. Management seems upbeat on M&A market, acquisitions in '24 likely.

ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Henric Hintze
ABGSC Capital Goods Research ... (+2)
  • ABGSC Capital Goods Research
  • Henric Hintze

Expect stable demand and improving margins

Q1e: orders -2%, sales +1% y-o-y, adj. EBITA margin 7.0% (6.2%). Expect stable demand and improving margins in '24e. Hope to see M&A drive growth as organic sales normalise.

Christian Berner Tech Trade AB: 1 director

A director at Christian Berner Tech Trade AB bought 17,500 shares at 24.390SEK and the significance rating of the trade was 54/100. 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 ...

Henric Hintze
  • Henric Hintze

Christian Berner Tech - Management seems positive on outlook

A good quarter, but up against tough comps Strong order-intake and book, up 15.5% and 60% y-o-y ’22e EBITA up 10%, minor changes to ’23e-’24e

Henric Hintze ... (+2)
  • Henric Hintze
  • Max Bacco

Christian Berner Tech - Down y-o-y but much better than feared

Sales down 3%, adj. EBITA down 12% y-o-y 8% miss on sales, but 34% beat on adj. EBITA ‘22e adj. EBITA estimates up 10% on Q3 numbers alone

Henric Hintze ... (+2)
  • Henric Hintze
  • Max Bacco

Christian Berner Tech - Component shortages weigh on margins

Q3 report due Thursday, 27 October We expect margins to be under continued pressure New FVR of SEK 19-28 (27-37)

Max Bacco
  • Max Bacco

Christian Berner Tech - Building inventory to deliver on order backlog

Organic sales growth of 10.5% vs. ABGSCe of 5.7% Temporary gross margin pressure in H2’22e… …but optimistic signs of a return to M&A

Max Bacco
  • Max Bacco

Christian Berner Tech - Time to ramp up acquisition pace

Sales 7% above our expectations… …but adj. EBITA 23% below Management intends to ramp up M&A pace

Max Bacco
  • Max Bacco

Christian Berner Tech - Looks like a decent quarter

Q2 report due Thursday, 18 August Margins to improve 220bp y-o-y FVR of SEK 27-37 reiterated

Max Bacco
  • Max Bacco

Christian Berner Tech - Let’s see what Mrs. Reuterskiöld has in mind

Adj. EBITA 12% above our expectations Q2’22 should be boosted by heating projects… …and strong L12m order intake should support H2’22

Max Bacco
  • Max Bacco

Christian Berner Tech - Mr. Söderqvist says farewell by beating est.

Adj. EBITA 12% above ABGSCe Strong order intake continues, up 28% y-o-y Estimates should stay intact

Max Bacco
  • Max Bacco

Christian Berner Tech - Still challenging to deliver to customers

Margins to improve q-o-q to 4.2% ’21-‘24e adj. EBITA CAGR of 24% Fair target multiple range of 9-11x ‘23e EV/EBITA

Max Bacco
  • Max Bacco

Christian Berner Tech - A fresh start

New CEO joins on 28 April, 2022 M&A activity should increase from ‘23 24% ’21-‘24e adj. EBITA CAGR

Max Bacco
  • Max Bacco

Christian Berner Tech - Orders coming in, but it’s hard to deliver

Q4 report due Thursday 24 February Strong order intake to continue in Q4… …but we expect softer sales and adj. EBITA

Max Bacco
  • Max Bacco

Christian Berner Tech - An impressive recovery

Q3 adj. EBITA SEK 19.6m, 89% vs. ABGSCe Solid outlook going into Q4’21 11x ‘22e EV/EBITA on pre-report estimates

Max Bacco
  • Max Bacco

Christian Berner Tech - Sequential improvements expected

Q3 report due Thursday, 21 October Estimates and fair value range intact 10x ‘22e EV/EBITA, 21% ’20-‘23e EBITA CAGR

Max Bacco
  • Max Bacco

Christian Berner Tech - Impressive order intake

Order intake up 49% y-o-y, 28% organically ‘21e EBITA down 24% on lower margin assumptions 12x EV/EBITA with room for more M&A

Max Bacco
  • Max Bacco

Christian Berner Tech - High order intake bodes well for H2’21

Q2 adj. EBITA SEK 10m, -15% vs. ABGSCe Order intake up 49% y-o-y with favorable product mix 12x ‘22e EV/EBITA on pre-report estimates

Max Bacco ... (+2)
  • Max Bacco
  • Ofelia Aspemyr

Christian Berner Tech - Growth driven by M&A

Q2 report due on Thursday, 19 August ‘21e EBITA down by 4% due to acquisition costs 12x ‘22e EV/EBITA on 21% EBITA CAGR ’20-‘23e

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