Sweden's Fasadgruppen Q2 sales fall 1.8%, profit rises
Sweden's Fasadgruppen Q2 sales fall 1.8%, profit rises
Overview
Sweden exterior renovation firm's Q2 net sales fell 1.8% yr/yr, organic sales down 0.5%
Adjusted EBITA and margin declined yr/yr, but profit increased due to lower amortization and net financial items
Company completed SEK 504 mln rights issue and acquired Finnish roofing contractor ProRakenne Oy
Outlook
Company sees organically growing order backlog and signs of recovery in Swedish renovation market
Company says Norwegian operations remain challenging and UK regulatory delays persist
Company expects third quarter to be the most intense period of the year
Result Drivers
LATE PROJECT STARTS - Lingering winter effects delayed project starts and invoicing, affecting sales and cash flow, per CEO Martin Jacobsson
ORDER BACKLOG GROWTH - Order backlog increased organically, reflecting strong underlying demand, according to company statement
REGULATORY DELAYS - UK segment Clear Line constrained by long regulatory processing times, though some improvement seen, per company
Company press release: ID:nMFN1D0d0W
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales |
| SEK 1.41 bln |
|
Q2 Net Income |
| SEK 53.90 mln |
|
Q2 Adjusted EBITA |
| SEK 107.50 mln |
|
Q2 EBITA |
| SEK 105.40 mln |
|
Q2 EBITA Margin |
| 7.50% |
|
Q2 Operating Cash Flow |
| SEK 51.90 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the construction & engineering peer group is "buy"
Wall Street's median 12-month price target for Fasadgruppen Group AB (publ) is SEK21.00, about 1.9% above its August 19 closing price of SEK20.60
The stock recently traded at 7 times the next 12-month earnings vs. a P/E of 6 three months ago
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)