Verkkokauppa.com - Strong quarter, as expected

Verkkokauppa.com’s Q4’20 revenue grew by 10% y/y and was EUR 176m vs. Evli EUR 171m and consensus of EUR 170m. Adj. EBIT was EUR 6.2m vs. EUR 6.6m/6.3m Evli/cons. Dividend proposal was EUR 0.45 (incl. additional dividend of EUR 0.22) vs. EUR 0.23/0.23 Evli/cons.
  • Q4 revenue was EUR 176m (10% y/y) vs. EUR 171m Evli view and EUR 170m consensus. Growth was good especially in mid-sized product categories, especially in major domestics appliances (MDA) and sports equipment.
  • Q4 gross profit was EUR 26.7m (15.1% margin) vs. EUR 25.0m (14.6% margin) Evli view. Gross margin was driven by strong performance of mid-sized, higher margin categories.
  • Q4 adj. EBIT was EUR 6.2m (3.5% margin) vs. EUR 6.6m (3.9% margin) Evli view and EUR 6.3m (3.7% margin) consensus.
  • Q4 eps was EUR 0.10 vs. EUR 0.11/0.10 Evli/cons.
  • 2020 dividend proposal is EUR 0.45 (EUR 0.23 in quarterly installments and an additional dividend of EUR 0.22) vs. EUR 0.23/0.23 Evli/cons.
  •  2021E guidance: revenue of EUR 570-620m and adj. EBIT of EUR 20-26m.
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