Dovre - No dividend for now
Dovre Q4 figures were as expected since the company downgraded its guidance earlier and released the approximate results. No dividend distribution is proposed for now, but there’s a possibility it will be resumed later this year. Dovre didn’t yet release annual guidance but will issue it at the latest in about 6 weeks as Suvic’s sales cycle progresses.
- Dovre Q4 revenue grew by 49.0% y/y to EUR 27.0m, compared to our EUR 28.2m estimate. Renewable Energy amounted to EUR 26.5m, a growth of 50.9% y/y, while Consulting was EUR 0.5m as it decreased by 11.7% y/y.
- EBITDA was EUR -17.9m vs our EUR -17.9m estimate, while EBIT landed at EUR -18.3m vs our EUR -18.1m estimate. Renewable Energy’s EBIT was EUR -17.9m, while Consulting amounted to EUR 0.1m. The figure for the Group’s Other functions was EUR -0.5m.
- The BoD proposes no dividend per share to be distributed for FY’24, compared to our EUR 0.01 estimate, however it considers the possibility to arrange an EGM in the autumn for such a decision once the strategy situation has clarified.
- Dovre will release its FY’25 guidance at the latest on Apr 29 along with the trading statement as Suvic’s sales cycle remains incomplete and doesn’t yet provide sufficient information for a reliable estimate. The guidance may come in whole or in part as a verbal description instead of a numerical guidance.