Midsona - Strong end to a strong year
Sales 9% vs. ABGSCe Adj. EBIT 16% vs ABGSCe Expect positive cons. revisions of mid-single digits Strong report across the board Midsona’s Q4 report was significantly stronger than our expectations.
Sales came in at a growth of 31% for sales of SEK 1083m (9% vs ABGSCe, organic growth of 10%, ABGSCe 4%). On the profitability side, the company delivered an adj. EBITDA of SEK 114m and an adj.
EBIT of SEK 74m, which was c. 11% and 16% above our expectations, respectively. Q4 details Net sales SEK 1,083m (9% vs ABGSC 995m and 9% vs cons 995m), Gross profit SEK 299m (4% vs ABGSC 288m), Adj.
EBITDA SEK 114m (11% vs ABGSC 103m), Adj. EBIT SEK 74m (16% vs ABGSC 64m and 44% vs cons 52m), EPS SEK 0. 85 (37% vs ABGSC 0.
62 and -43% vs cons 1. 49). We expect cons.
estimates of mid-single digits The Q4 report was a sign of strength. The company showed that Q3 bottlenecks was a one-off. We reckon cons.
estimates could come up by mid-single digits on the back of the Q4 report.
