Raute - Optimistic guidance and dividend
Raute already disclosed in January that 2018 sales and EBIT would be higher than previously expected. Raute confirmed the previously announced strong numbers. The proposed dividend came in slightly above our estimate, while the company expects flat figures for 2019. Our stance for 2019 and beyond has been more cautious as the market has been going through a very favorable cycle.
- Q4 sales amounted to EUR 54.2m vs EUR 39.4m a year ago.
- Q4 operating profit stood at EUR 3.4m vs EUR 3.1m a year ago.
- Q4 order intake was EUR 28m vs EUR 60m a year ago.
- Order book amounted to EUR 95m vs EUR 110m a year ago.
- Raute proposes that a dividend of EUR 1.40 (EUR 1.25) per share be paid for financial year 2018. The amount was slightly above our EUR 1.35 per share estimate.
- Guidance: Raute expects 2019 net sales and operating profit to stay at similar levels compared to 2018. The company cites high order book and sustained brisk demand.