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Netum - Seeing continued solid growth

Netum’s H2 was in line with our expectations. Net sales grew 33.4% to EUR 12.0m (Evli EUR 11.9m) while the comparable EBITA amounted to EUR 1.5m (Evli EUR 1.5m). Netum expects its revenue to grow at least 30% and an EBITA-margin of over 14% in 2022. Dividend proposal: EUR 0.11 per share (Evli EUR 0.09).
  • Netum’s net sales in H2 amounted to EUR 12.0m (EUR 9.0m in H2/20), in line with our estimates (Evli EUR 11.9m). Net sales in H1 grew 33.4% y/y, of which 18.6% was organic growth. 
  • EBITDA in H2 was EUR 1.5m (EUR 1.7m in H2/20) and comparable EBITA EUR 1.5m (EUR 1.5m in H2/20) in line with our estimates of EUR 1.6m and 1.5m.
  • Operating profit in H2 amounted to EUR 0.7m (EUR 0.5m in H2/20), slightly below our estimates (Evli EUR 1.0m), at a margin of 5.8%. 
  • Comparable earnings per share was EUR 0.12 (H2/20: 0.12)
  • Personnel at the end of the period amounted to 217 (130).
  • Dividend proposal:  Netum’s BoD proposes a dividend of EUR 0.11 per share (Evli EUR 0.09). 
  • Guidance for 2022: Netum expects its revenue to grow by at least 30% and the EBITA-margin to be over 14%.
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