Pricer - Ends 2020 with 189% EBIT growth
Sales and EBIT +2% and -12% vs. ABGSCe Expect modest estimate revisions from cons. 35x 2021e EV/EBIT on our unrevised estimates Q4 details Sales SEK 680m (2. 3% vs ABGSC 665m), Gross profit SEK 153m (-2.
6% vs ABGSC 157m), EBIT SEK 69m (-11. 6% vs ABGSC 78m), PTP SEK 54m (-30. 6% vs ABGSC 78m), EPS SEK 0.
46 / share (-33. 6% vs ABGSC 0. 69 / share).
Q4 thoughts Pricer had a good finish to 2020. Sales and EBIT grew 186% and 189% y-o-y, respectively, driven by Best Buy order deliveries combined with solid underlying progress. Order intake was SEK 454m (+15% vs.
ABGSC SEK 396m), down 46% y-o-y amid very challenging comps. If we look at the underlying order intake (i. e.
order intake excl. announced orders), it was up 36% y-o-y, which is strong. EBIT was below our forecast, mainly explained by a small gross margin miss combined with higher opex.
Here, it should be noted that Pricer capitalised about 50% less development costs in Q4’20 vs. Q4’19. Furthermore, Pricer’s gross margin has recently been hurt increased freight costs and recent FX movements.
Estimate revisions Based on the numbers, we think that consensus will make relatively modest estimates changes for 2021-2022. On our unrevised 2021 estimates, Pricer’s share is currently trading at 35x EV/EBIT and 38x P/E.
