Consti - Steady development, strong orders

Consti's net sales in Q2 amounted to EUR 75.7m, roughly in line with our and consensus estimates (EUR 79.8m/77.7m Evli/cons.), with growth of 3.6% y/y. EBIT amounted to EUR 3.0m, also in line with our and consensus estimates (EUR 3.1m/3.1m Evli/cons.). Guidance for FY 2023 (unchanged): operating result for 2023 will be in the range of EUR 9.5–13.5 million.
  • Net sales in Q2 were EUR 75.7m (EUR 73.1m in Q2/22), roughly in line with our and consensus estimates (EUR 79.8m/77.7m Evli/cons.). Sales grew 3.6% y/y.
  • Operating profit in Q2 amounted to EUR 3.0m (EUR 2.9m in Q2/22), in line with our and consensus estimates (EUR 3.1m/3.1m Evli/cons.) at a margin of 4.0% (4.0%).
  • EPS in Q2 amounted to EUR 0.29 (EUR 0.28 in Q2/22), in line with our and consensus estimates (EUR 0.29/0.29 Evli/cons.).
  • The order backlog at the end of Q2 was EUR 297.9m (EUR 240.8m in Q2/22), up by 23.7% y/y. Order intake was EUR 106.5m in Q2 (Q2/22: EUR 98.7m).
  • Free cash flow amounted to EUR 4.1m (Q2/22: EUR 2.6m).
  • The company’s steady development continues in line with our estimates, the order intake, which was particular interest of ours for Q2, was strong and order backlog grew almost 24% y/y.
  • The strengthened order backlog likely supports volumes for H2 2023
  • Guidance for 2023 (unchanged): Operating result for 2023 will be in the range of EUR 9.5–13.5 million
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