Information från ABG Sundal Collier

Här finner du information kring börsens mindre och medelstora bolag. Avsändare är ABG Sundal Collier, innehållet är inte skapat av placera.nu:s redaktion.

« Tillbaka

Proact - A bitter end to an otherwise good year

16 december 2024

<a id="bm-comp-b5cf2554-c11c-4877-b743-df70cb9274f0" name="bm-comp-b5cf2554-c11c-4877-b743-df70cb9274f0" class="BMCustomAnchor"></a><table><tr><td bm-component-id="b5cf2554-c11c-4877-b743-df70cb9274f0" style="vertical-align: top; width:100.000000%;"><ul><li>Surprising Q4 PW and CEO resignation, but likely two isolated events</li><li>Volatile systems business behind Q4 EBITA -40% vs cons</li><li>2025 estimates likely cut by 5-10%, and multiple could get a hit</li></ul></td></tr></table><a id="bm-comp-8f220f65-7a66-4324-924d-1b09a3791e6d" name="bm-comp-8f220f65-7a66-4324-924d-1b09a3791e6d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="8f220f65-7a66-4324-924d-1b09a3791e6d" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Q4 PW and CEO resignation likely two separate events</h3><p>Proact sent out a surprising Q4 PW and CEO resignation this morning. The CEO, Jonas Hasselberg, has signed on with a PE-owned IT company in Sweden (no competing business) for an opportunity he couldn't resist, and says it is unrelated to the Q4 results. Q4 PW is driven by a volatile (as usual) systems business with large hardware shipments that are lumpy between quarters. Q4 EBITA guided to be down 20-30% y-o-y, which is -40% vs FactSet consensus, driven by weaker Nordics &amp; Baltics after a couple of strong quarters and a challenging German market overall. Proact comments that the development is mainly of a temporary nature.</p><h3 class="bm-h3">Estimates down 5-10%, stock to underperform</h3><p>Obviously, we view today's news as clearly negative and 2025 consensus estimates are likely to be cut by 5-10% (2024 by 12% isolated to the Q4 miss) and the stock will underperform given the increased uncertainty around the CEO resignation. Proact was on track to achieve what we believe is an ambitious margin target, and we have been impressed by Mr. Hasselberg's time with the company since he joined in 2018. His departure surprises us more than the volatile systems business, which happens between quarters.</p></td></tr></table><a id="bm-comp-f19bf794-f70b-4ec0-8e5a-6b77d212caf6" name="bm-comp-f19bf794-f70b-4ec0-8e5a-6b77d212caf6" class="BMCustomAnchor"></a><table><tr><td bm-component-id="f19bf794-f70b-4ec0-8e5a-6b77d212caf6" style="vertical-align: top; width:100.000000%;"><table id="bm-img-e6d8eaf5-025e-44e3-8358-fda49a399619" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Systems organic growth, usually high volatility (~55% of group sales)</td></tr><tr><td><img bm-img-encrypt="e6d8eaf5-025e-44e3-8358-fda49a399619" bm-img-original-height="456" bm-img-original-width="793" bm-img-svg="image:image_upload/83989_cb7a3086-4ffb-4790-9352-4c353e5af2ff.svg" bm-img-width-hint="72.63%" id="bm-id-e6d8eaf5-025e-44e3-8358-fda49a399619" src="https://abgsc.bluematrix.com/images/image_upload/83989_cb7a3086-4ffb-4790-9352-4c353e5af2ff_528.png" svg="/nas/web/clients/abgsc/images/image_upload/83989_cb7a3086-4ffb-4790-9352-4c353e5af2ff.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-66d22f45-348a-43b4-90f7-69ea18dfbeef" name="bm-comp-66d22f45-348a-43b4-90f7-69ea18dfbeef" class="BMCustomAnchor"></a><table><tr><td bm-component-id="66d22f45-348a-43b4-90f7-69ea18dfbeef" style="vertical-align: top; width:100.000000%;"><table id="bm-img-7641e53d-c6f7-4fc4-ba42-3ed408df14be" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">Sales and adj. EBITA margin (pre Q4 PW)</td></tr><tr><td><img bm-img-encrypt="7641e53d-c6f7-4fc4-ba42-3ed408df14be" bm-img-original-height="482" bm-img-original-width="793" bm-img-svg="image:image_upload/83989_9889f7cc-8ea7-4560-b85a-4c97613e7eee.svg" bm-img-width-hint="72.63%" id="bm-id-7641e53d-c6f7-4fc4-ba42-3ed408df14be" src="https://abgsc.bluematrix.com/images/image_upload/83989_9889f7cc-8ea7-4560-b85a-4c97613e7eee_528.png" svg="/nas/web/clients/abgsc/images/image_upload/83989_9889f7cc-8ea7-4560-b85a-4c97613e7eee.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, company data</td></tr></table></td></tr></table><a id="bm-comp-a11452de-b72b-4968-984e-57d7e24f23df" name="bm-comp-a11452de-b72b-4968-984e-57d7e24f23df" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a11452de-b72b-4968-984e-57d7e24f23df" style="vertical-align: top; width:100.000000%;"><table id="bm-img-cfd1fdf2-4020-49d7-b67f-37cf1797ab08" class="bm-img-table xslt-img-empty xslt-img-include"><tr><td class="xslt-img-caption">NTM EV/EBITA vs peers (pre Q4 PW)</td></tr><tr><td><img bm-img-encrypt="cfd1fdf2-4020-49d7-b67f-37cf1797ab08" bm-img-original-height="445" bm-img-original-width="793" bm-img-svg="image:image_upload/83989_4de2bd3f-78d8-43dd-9b7c-2720cfbee830.svg" bm-img-width-hint="72.63%" id="bm-id-cfd1fdf2-4020-49d7-b67f-37cf1797ab08" src="https://abgsc.bluematrix.com/images/image_upload/83989_4de2bd3f-78d8-43dd-9b7c-2720cfbee830_528.png" svg="/nas/web/clients/abgsc/images/image_upload/83989_4de2bd3f-78d8-43dd-9b7c-2720cfbee830.svg" width="528" alt="" title="" /></td></tr><tr><td class="xslt-img-source">Source: ABG Sundal Collier, FactSet, peers: ATEA, Dustin, Bechtle, Cancom</td></tr></table></td></tr></table>

Senaste artiklar från alla bolag

Datum Titel Bolag Typ
2025-02-14 Clavister - Outlook unchanged Clavister Analys
2025-02-14 Prevas - Building a Nordic company Prevas Analys
2025-02-14 Humble Group - Red Sea prevents gross margin expa... Humble Group Analys
2025-02-14 INVISIO - Continues to impress INVISIO Analys
2025-02-14 Formpipe - Overall in line with preliminary figures Formpipe Analys
2025-02-14 Skolon - Prepare for UK expansion in '25 Skolon Analys
2025-02-14 Impact Coatings - Sales beat, EBIT slightly below Impact Coat.. Analys
2025-02-14 Litium - Earnings upside thanks to variable revenues Litium Analys
2025-02-13 Eolus Vind - Impressive quarter wraps up '24 Eolus Vind Analys
2025-02-13 Careium - Solid end to a challenging year Careium Analys
2025-02-13 OrganoClick - Demand recovery in 2025 OrganoClick Analys
2025-02-13 INVISIO - Good Q4 orders and updated TAM INVISIO Analys
2025-02-13 Fastpartner - Rental markets remain challenging Fastpartner Analys
2025-02-13 Studsvik - Getting back on track Studsvik Analys
2025-02-13 Vestum - Miss driven by service companies Vestum Analys
2025-02-13 StrongPoint - Report largely in line StrongPoint Analys
2025-02-13 OrganoClick - Better opex counters weaker sales OrganoClick Analys
2025-02-13 Litium - Report in line with estimates Litium Analys
2025-02-13 Careium - Improved GM supports EBIT beat Careium Analys
2025-02-13 Eolus Vind - No big surprises, new targets for '2... Eolus Vind Analys