Consti - Guidance in line with expectations
Consti's net sales in Q4 amounted to EUR 82.6m, below our and consensus estimates (EUR 86.9m/86.4m Evli/cons.), with growth of 5.8% y/y. EBIT amounted to EUR 3.0m, below our and consensus estimates (EUR 3.7m/3.4m Evli/cons.). The BoD proposes a dividend of EUR 0.45 per share (EUR 0.35/0.41 Evli/cons.). Operating result in 2022 is expected to be EUR 9-13m.
- Net sales in Q4 were EUR 82.6m (EUR 78.1m in Q4/20), below our and consensus estimates (EUR 86.9m/86.4m Evli/Cons.). Sales grew 5.8% y/y.
- Operating profit in Q4 amounted to EUR 3.0m (EUR 3.0m in Q4/20), below our and consensus estimates (EUR 3.7m/3.4m Evli/cons.), at a margin of 3.6%. During Q4 the increase in construction costs had a somewhat greater impact than in the beginning of the year.
- EPS in Q4 amounted to EUR 0.3 (EUR 0.27 in Q4/20), below our consensus estimates (EUR 0.35/0.32 Evli/cons.).
- The order backlog in Q4 was EUR 218.6m (EUR 177.9m in Q4/20), up by 22.9%. Order intake was EUR 66.9m in Q4 (Q4/20: EUR 54.3m).
- Free cash flow amounted to EUR 6.1m (Q4/20: EUR 3.6m).
- Consti’s BoD proposes a dividend of EUR 0.45 per share (EUR 0.35/0.41 Evli/cons.).
- Guidance for 2022: Operating profit is expected to be between EUR 9-13m. The guidance is well in line with our estimate of EUR 11.0m and EUR 11.5m consensus estimates.