Enersense - Figures mostly in line
Enersense’s Q4 report was overall relatively close to our expectations. The Q4 figures came in a bit higher than we estimated, while guidance represents a small miss in terms of profitability. The BoD however proposes a dividend of EUR 0.1 per share to be paid, which we did not expect.
- Enersense Q4 revenue was EUR 65.9m vs our EUR 63.0m estimate. Smart Industry amounted to EUR 21.0m vs our EUR 21.5m estimate. Power was EUR 13.8m vs our EUR 12.5m estimate. Connectivity was EUR 13.2m, compared to our EUR 14.8m estimate, while International Operations was EUR 18.0m vs our EUR 14.2m estimate.
- Adjusted EBITDA landed at EUR 7.5m, compared to our EUR 7.4m estimate. Adjusted EBIT was EUR 5.8m vs our EUR 5.1m estimate. Smart Industry EBITDA amounted to EUR 6.6m, while Power EBITDA was EUR 0.0m. Connectivity was EUR 0.7m and International Operations was EUR 0.3m.
- Order backlog was EUR 291m at the end of Q4 (EUR 292m a year ago).
- Enersense guides FY ’22 revenue to be between EUR 245-265m (vs our EUR 247m estimate) and adjusted EBITDA EUR 15-20m (vs our EUR 21.0m estimate). Investments in the new ERP system as well as in growing offshore wind power will burden results.
- The BoD proposes EUR 0.1 per share dividend to be distributed, compared to our EUR 0 estimate.