Addtech: Strong quarter with positive outlook - ABG
Adj. EBITA 6% vs. cons Cons ‘21e est. should come up 2-3% Management expects continued strong demand
ANNONS
Q3 results Sales SEK 3,257m (2% vs. ABGSCe 3,206m, 0% vs Infront consensus 3,244m) up 10% organically (ABGSCe +10.1%), M&A 10% and FX 0% contribution to sales. Adj. EBITA 425m (9% vs. ABGSCe 388m, 6% vs cons 401m) on margins of 13.1% (ABGSCe 12.1%, cons 12.3%).
Estimate changes Consensus ‘21e estimates should come up 2% on isolated numbers, and some additional percentage point following recently announced acquisitions not included in current numbers.
Final thoughts Management expects continued strong underlying demand but also estimate its cost base to increase in the upcoming quarters as its companies’ sales promotion activity increases. More details expected during conference call at CET 10.00, dial-in: SE +46856618467, UK +442071928338. PIN: 3891939. Webcast: https://edge.media-server.com/mmc/p/y2o53cbd
