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Consti - Growth picking up nicely

Consti's net sales in Q3 amounted to EUR 76.0m, slightly above our and consensus estimates (EUR 73.3m/73.0m Evli/cons.), with growth picking up clearly to 11.4% y/y. EBIT amounted to EUR 3.1m, above our and consensus estimates (EUR 2.7m Evli/cons.). The order backlog continued to grow well, up 15.0% to EUR 217.9m.
  • Net sales in Q3 were EUR 76.0m (EUR 68.2m in Q3/20), slightly above our and consensus estimates (EUR 73.3m/73.0m Evli/Cons.). Sales grew 11.4% y/y.
  • Operating profit in Q3 amounted to EUR 3.1m (EUR 2.5m in Q3/20), above our and consensus estimates (EUR 2.7m Evli/cons.), at a margin of 4.1%. Relative profitability improved slightly y/y, with the adjusted EBIT-margin up 0.2 percentage points. Construction material price increases and material availability did not have a significant impact.
  • EPS in Q3 amounted to EUR 0.29 (EUR 0.22 in Q3/20), above our consensus estimates (EUR 0.25 Evli/cons.).
  • The order backlog in Q3 was EUR 217.9m (EUR 189.4m in Q3/20), up by 15%. Order intake was EUR 40.0m in Q3 (Q3/20: EUR 31.0m).
  • Free cash flow amounted to EUR 3.6m (Q3/20: EUR 4.6m).
  • During the reporting period Consti acquired RA-Urakointi Oy, a company specialising in the repair of apartments and row houses.
  • Guidance for 2021 (intact): Operating profit is expected to be between EUR 4-8m.
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