Consti - Quite in line with our expectations
Consti's net sales in Q4 amounted to EUR 78.3m, in line with our estimates and below consensus (EUR 80.9m/86.0m Evli/cons.). EBIT amounted to EUR 2.8m, slightly below our and consensus estimates (EUR 3.0m/3.0m Evli/cons.). Dividend proposal: Consti proposes a dividend of EUR 0.16 per share (EUR 0.17/0.17 Evli/Cons.). Guidance: the operating result for 2020 will improve compared to 2019.
- Net sales in Q4 were EUR 78.3m (EUR 96.8m in Q4/18), in line with our estimates and below consensus estimates (EUR 80.9m/86.0m Evli/Cons.). Growth in Q4 amounted to -19.2 % y/y.
- Operating profit in Q4 amounted to EUR 2.8m (EUR -2.2m in Q4/18), slightly below our estimates and consensus estimates (EUR 3.0m/3.0m Evli/cons.), at a margin of 3.6 %.
- EPS in Q4 amounted to EUR 0.25 (EUR -0.25 in Q4/18), slightly below our estimates and consensus estimates (EUR 0.26/0.26 Evli/cons.).
- The free cash flow in Q4 was EUR 5.1m (Q4/18: 1.9m) and EUR 4.0m in 2019 (2018: EUR -7.1m)
- The order backlog in Q4 was EUR 185.8m (EUR 225.1m in Q4/18), down by -17.5 %. Q4/19 order intake amounted to EUR 46.8m.
- Dividend proposal: Consti proposes a dividend of EUR 0.16 per share (EUR 0.17/0.17 Evli/Cons.).
- Guidance: the operating result for 2020 will improve compared to 2019.
- Consti updated its financial targets. Consti now expects revenue growth at above the market pace (previously: average growth exceeding 10% p.a.), while other targets remain unchanged.