* Sales SEK 6.5m, EBIT SEK -16m (vs. ABGSCe 11m and -12m) * No machine deliveries in the quarter (in line with estimates) * Cash balance of SEK 31m (vs. ABGSCe 20m) Q2 results Sales came in at SEK 6.5m (vs. ABGSCe 11m), -79% y-o-y. The low sales was due to no system deliveries in the quarter (in line with estimates). EBIT was SEK -16m (vs. ABGSCe -12m). Management writes that further cost measures have been implemented in the quarter. FCF lease adj. came in at SEK -18m (vs. ABGSCe -6m). The company ended the quarter with a cash balance of SEK 31m (vs. ABGCe 20m). Estimates and outlook On numbers alone, '25e-'27e sales change by -4%, and EBIT adj. changes by SEK -4m. On outlook, Impact Coatings guides for a doubled volume forecast for Coating Services during 2025 from FTXT. Management also writes that they are experiencing growth in the Chinese market despite an overall market downturn. Valuation The share has returned +39% L3M (vs. peer median +8% and OMX Stockholm Allshare +3%), and is currently trading at 4.0x-2.7x '25e-'27e EV/Sales on our pre-report estimates vs. the peer median of 0.9x-0.5x.
LÄS MER
