Raute - Order intake a bit soft in Q4
Raute’s Q4 revenue was clearly higher than we estimated, whereas EBIT was on the soft side especially considering the strong top line. The EUR 28m in new orders was also softer than we expected. Raute revealed a new reporting structure and guides FY ’23 revenue to be above EUR 130m and comparable EBITDA margin of above 4%.
- Raute Q4 revenue was EUR 45.7m vs our EUR 38.0m estimate. Top line grew by 4% y/y. Raute revealed a new reporting structure, according to which Wood Processing generated EUR 33.3m, Services EUR 8.7m and Analyzers EUR 3.7m in Q4.
- EBIT came in at EUR 0.5m, compared to our EUR 0.7m estimate. Comparable EBITDA was EUR 2.7m, of which EUR 1.1m was attributable to Analyzers. Wood Processing generated EUR 0.9m and Services EUR 0.7m.
- Q4 order intake amounted to EUR 28m, while we estimated EUR 36m.
- Order book amounted to EUR 84m at the end of Q4, including EUR 4m attributable to Russia.
- The BoD proposes (as expected) that no dividend is to be paid for the year.
- Raute guides FY ’23 revenue to be above EUR 130m and comparable EBITDA margin of above 4%.
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