Pihlajalinna - Q1 revenue above our expectations
In Q1’19, Pihlajalinna’s revenue amounted to 132.5m vs. EUR 126m/128m Evli/cons estimates, while adj. EBITDA landed at EUR 12.6m vs. EUR 13,0m/13,0m Evli/cons estimates. Organic growth improved y/y. Revenue growth was supported by new customer relationships in occupational healthcare and the insurance company partnership with Fennia.
- Q1 revenue was EUR 132.5m vs. EUR 126m/128m Evli/cons estimates. Revenue grew 11.2 y/y%.
- Growth from M&A was 8.3%. Most significant M&A transactions were the acquisitions of Doctagon and the Forever fitness center chain as well as the acquisition of Terveyspalvelu Verso.
- Q1 organic growth was 2.8% (EUR 3.4m)
- Q1 adj. EBITDA was EUR 12.6m (9.5% margin) vs. EUR 13,0m/13,0m (10.3%/10.1%) Evli/cons estimates. Adj. EBITDA increased by 81.6% % y/y. Profitability improved significantly especially in occupational healthcare services, public sector specialized care and private clinic operations.
- Q1 adj. EBIT was EUR 3.9m (3.0% margin) vs. EUR 5,0m/4,7m (4,0%/3,7%) Evli/cons estimates.
- Guidance for 2019E: Revenue is expected to increase from the 2018 level and adjusted EBIT is expected to clearly improve from last year.