Consti - Strong performance
Consti's net sales in Q3 amounted to EUR 89.9m above our estimates (Evli est. EUR 81.5m.), with growth of 13.8% y/y. EBIT amounted to EUR 4.8m, clearly above our estimates (Evli est. EUR 3.4m) driven partly by the sale of the company’s relining business.
- Net sales in Q3 were EUR 89.9m (EUR 79.0m in Q3/22), above our estimates (EUR 81.5m). Sales grew 13.8% y/y.
- Operating profit in Q3 amounted to EUR 4.8m (EUR 3.3m in Q3/22), above our estimates (EUR 3.4m) at a margin of 5.3% (4.2%).
- A gain recognised on the sale of Consti’s property-related relining business at the end of the reporting period amounting approximately EUR 1m supported the profitability in the third quarter.
- EPS in Q3 amounted to EUR 0.47 (EUR 0.32 in Q3/22), also above our estimates (EUR 0.32)
- The order backlog at the end of Q3 was EUR 247.3m (EUR 210.5m in Q3/22), up by 17.5% y/y. Order intake was EUR 23.2m in Q3 (Q3/22: EUR 38.4m).
- Free cash flow amounted to EUR 7.1m (Q3/22: EUR 5.8m).
- When adjusting for the sale of the company’s relining business, Consti beat our net sales estimates by 10% and EBIT estimates by 12%
- Order backlog strengthened y/y yet was already at a lower level when compared to H1/23. In addition, the order intake fell y/y, on the other hand, Q2 order intake was very strong and Q3 is typically slower on the order intake side.
- Guidance for 2023 (unchanged): Operating result for 2023 will be in the range of EUR 9.5–13.5 million