Freemelt: Soft sales driven by e-MELT delivery timing - ABG
Sales SEK 2.9m, EBIT adj. -12m vs. cons. 7.7m and -9.6m Miss entirely driven by delivery timing of an e-MELT machine Opex in line, expect cons. EBIT adj. to remain unchanged
ANNONS
Q1 results
Sales were SEK 2.9m (0.8m), 69% below our estimate (62% below FactSet consensus). EBIT adj. was -12m (-12m), compared to our estimate of -9.3m (consensus -9.6m). Opex was in line, and the miss is entirely driven by the absence of an e-MELT delivery which we had estimated would be delivered in Q1. With the order book at an all-time high of 19m, we expect this is merely a timing difference, and that the machine will be delivered later this year. Lease adj. FCF was -18m, bringing the R12m figure to -76m. The company ended the quarter with a cash balance of 72m.
