Raute - A very strong order intake
Raute’s Q4 figures didn’t include that many surprises as the company had already disclosed some preliminary info on FY ’21 results. The EUR 50m order intake was nevertheless a positive surprise considering Raute booked no big orders during the quarter.
- Q4 revenue grew by 13% y/y to EUR 44.1m. Project deliveries amounted to EUR 29.1m vs our EUR 27.0m estimate, while technology services stood at EUR 15.0m vs our EUR 17.0m estimate.
- EBIT was EUR 0.5m, compared to our EUR -0.6m estimate. We see the difference was mostly due to the fact the IT project costs were booked over several quarters.
- Order intake was EUR 50m vs our EUR 29m estimate. Project deliveries orders were EUR 36m, compared to our EUR 13m estimate, which we consider a very strong figure as there were no big orders. Technology services amounted to EUR 14m vs our EUR 16m estimate.
- Order book stood at EUR 158m at the end of Q4 (EUR 94m a year ago).
- Raute guides growing revenue and improving EBIT for FY ’22.
- The BoD proposes a dividend of EUR 0.80 per share to be paid out vs our EUR 0.85 estimate.