Dovre - Q4 figures topped our estimates
Dovre’s Q4 results came in above our estimates thanks to Project Personnel, while Consulting and Renewable Energy performed largely as we expected. The performance of Project Personnel means its comparison figures are rather high for the current year, whereas Consulting and Renewable Energy should have more room to improve.
- Dovre Q4 revenue increased by 5.6% y/y to EUR 50.8m vs our EUR 45.2m estimate. Project Personnel amounted to EUR 29.3m, compared to our EUR 23.2m estimate, while Consulting was EUR 3.9m vs our EUR 4.2m estimate. Renewable Energy landed at EUR 17.6m, compared to our EUR 17.8m estimate.
- EBITDA was EUR 1.8m vs our EUR 1.4m estimate, whereas EBIT came in at EUR 1.5m vs our EUR 1.2m estimate. Project Personnel EBIT was EUR 1.1m, compared to our EUR 0.9m estimate, while Consulting amounted to EUR 0.4m vs our EUR 0.4m estimate. Renewable Energy EBIT was EUR 0.2m vs our EUR 0.2m estimate.
- Dovre will provide its FY ’24 guidance at the latest along with Q1 results as Suvic’s sales cycle for the year is not yet complete. Project Personnel segment could see a decrease in demand following a record year.
- The BoD proposes a dividend per share of EUR 0.01 to be distributed for FY ’23, compared to our EUR 0.01 estimate. An extra EUR 0.01 is payable by the decision of BoD at the latest on Oct 31, 2024.