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Raute - No major pickup in smaller orders

Raute’s Q4 EBIT didn’t meet our estimate and order intake was also a bit soft, excluding the big new Russian project. In our view significant improvement in business conditions still waits.
  • Raute Q4 revenue was EUR 38.9m vs our EUR 39.0m estimate. Project deliveries amounted to EUR 28.6m, compared to our EUR 26.0m estimate. Meanwhile technology services’ top line was EUR 10.3m vs our EUR 13.0m estimate.
  • Q4 EBIT came in at EUR 0.8m, compared to our EUR 2.0m estimate.
  • Order intake in Q4 stood at EUR 70m vs our EUR 74m estimate. Project deliveries’ new orders were EUR 59m, while we expected EUR 62m. Technology services booked EUR 11m vs our EUR 12m estimate. This means there was no significant improvement in order intake from the previous quarters, excluding the EUR 55m Russian project.
  • Order book stood at EUR 94m, compared to EUR 88m a year ago.
  • Raute expects net sales to increase in 2021 compared to the level of the previous year. Raute expects the operating result to improve from the previous year due to growth in net sales.
  • The Board of Directors proposes EUR 0.80 per share dividend distribution vs our EUR 1.47 expectation.
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