Netum - Promising better figures in 2023
Netum’s H2 results fell short of our expectations, with revenue growth more lack-luster than anticipated. 2023e guidance appears to be in line with expectations given the lower-than-expected growth in H2. The BoD proses a dividend of EUR 0.11 per share (Evli EUR 0.10).
- Netum’s net sales in H2 amounted to EUR 13.7m (EUR 12.0m in H2/21), below our estimates (Evli EUR 15.8m). Net sales grew 14.7% y/y, of which 3.8% was organic growth.
- EBITA in H2 was EUR 0.8m (EUR 1.4m in H2/21) and comparable EBITA EUR 0.8m (EUR 1.5m in H2/21), below our estimates (Evli EUR 1.3m/1.3m). Profitability was affected by growth investments and internal development projects as well as wage and general cost increases.
- Operating profit in H2 amounted to EUR -0.1m (EUR 0.7m in H2/21), below our estimates (Evli EUR 0.4m), at a margin of -0.8%.
- Earnings per share was EUR -0.03 (H2/21: 0.04) vs. our estimate of EUR 0.01.
- Personnel at the end of the period amounted to 276 (217).
- Guidance for 2023: Netum expects its revenue to grow by at least 20% and the EBITA-margin to be at least 10% (Evli 2023e: 17% growth and 13% EBITA-margin).
- Dividend proposal: Netum’s BoD proposes that a dividend of EUR 0.11 per share be distributed (Evli EUR 0.10).