|
Strong Q2'26 resultsClavister reported Q2'26 sales of SEK 89m (+17% vs ABGSCe 76m), implying a 63% y-o-y growth. Although order intake decreased 25% (affected by multi-year contracts won last year), the order backlog remains strong at SEK 642m (375m Q2'25), with SEK 226m expected to be delivered coming next twelve months. Adj. EBITDA came in at SEK 27m (+47% vs ABGSCe). EBIT turned positive at SEK 13m (-5m in Q2'25). Adjusted for one-offs of SEK 2.5m, mostly related to the ongoing legal dispute, adj. EBIT came in at SEK 15m, growing from -2m in Q2'25. Underlying business continues to growARR increased by 4.5%, a cautious but stable growth rate, and keep in mind that the recurring base remains an important underlying business for Clavister. Gross margin improved to 82.5% (81.1%) driven by a better mix, mainly supported by the NDMA (Norwegian defence) contract. Keeping our view of accelerating from hereOn our unrevised estimates, Clavister is trading at 19-12x adj. EV/EBITDA for '26e-'28e. Management will host a presentation of the report CEST 09:00 (link).
|
