Consti - Good finish to the year
Consti's net sales in Q4 amounted to EUR 78.1m, above our estimates and consensus estimates (EUR 71.6m/71.1m Evli/cons.). EBIT amounted to EUR 3.0m, slightly above our and consensus estimates (EUR 2.7m/2.7m Evli/cons.). Dividend proposal EUR 0.40 per share (0.35 Evli/cons.). 2021 EBIT guidance EUR 7-11m.
- Net sales in Q4 were EUR 78.1m (EUR 78.3m in Q4/19), above our and consensus estimates (EUR 71.6m/71.1m Evli/Cons.). Sales declined -0.2% y/y.
- Operating profit in Q4 amounted to EUR 3.0m (EUR 2.8m in Q4/19), slightly above our and consensus estimates (EUR 2.7m/2.7m Evli/cons.), at a margin of 3.8%.
- EPS in Q4 amounted to EUR 0.27 (EUR 0.25 in Q4/19), slightly above our and consensus estimates (EUR 0.23/0.23 Evli/cons.).
- The order backlog in Q4 was EUR 177.9m (EUR 185.8m in Q4/19), down by -4.3%. Order intake EUR 54.3m in Q4 (Q4/19: EUR 46.8m). New orders in 2020 EUR 214.3m, down 0.2% y/y.
- Free cash flow amounted to EUR 3.6m (Q4/19: EUR -5.1m) and 2020 cash flow amounted to a stellar EUR 18.3m (2019: EUR 4.0m).
- Consti’s BoD proposes a dividend distribution of EUR 0.40 per share (0.35 Evli/cons.).
- Guidance for 2021: Operating profit is expected to be between EUR 7-11. The guidance range is large due to uncertainty factors brought by the COVID-19 pandemic. Our 2021 estimate is EUR 9.1m.
- Strategy updated for 2021-2023, long-term financial targets remain unchanged.