Swedish tap maker FM Mattsson Q2 sales rise on renovation projects demand
Swedish tap maker FM Mattsson Q2 sales rise on renovation projects demand
Overview
Sweden tap maker's Q2 net sales rose 10%, with organic growth at 10.6% yr/yr
Q2 EBITA margin nearly doubled to 15.3%, driven by higher volumes and efficiencies
Company completed acquisition of UK tap supplier Bristan after the quarter end
Outlook
Company expects Bristan acquisition to strengthen economies of scale and internal process efficiencies
FM Mattsson will prioritize resolving delivery challenges from strong demand for new product lines in autumn
Company maintains focus on cost efficiencies amid gradual recovery in construction economy
Result Drivers
RENOVATION PROJECTS - Co said broad growth was mainly achieved in private and professional renovation projects in Nordic and international markets
NEW PRODUCTS - Strong demand for new product lines contributed positively to growth, per CEO Fredrik Skarp
EFFICIENCY PROGRAM - Improved margins driven by higher volumes, favorable product mix, improved purchasing and positive effects from efficiency program in Sweden
Company press release: ID:nMFN7GM811
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Sales |
| SEK 554.70 mln |
|
Q2 EPS |
| SEK 1.47 |
|
Q2 EBITA |
| SEK 84.60 mln |
|
Q2 EBITA Margin |
| 15.30% |
|
Q2 Organic Growth |
| 10.60% |
|
Analyst Coverage
The one available analyst rating on the shares is "strong buy"
The average consensus recommendation for the industrial machinery & equipment peer group is "buy."
Wall Street's median 12-month price target for FM Mattsson AB (publ) is SEK110.00, about 22.8% above its August 20 closing price of SEK89.60
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 21 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.)