Raute - Wood Processing dragged EBITDA
Raute’s Q4 figures were slightly mixed relative to our estimates as Services and Analyzers performed better than we expected while Wood Processing EBITDA declined by EUR 1m due to growth strategy development projects. Raute’s revenue landed above our estimate whereas profitability fell short.
- Raute Q4 revenue decreased by 1.1% y/y to EUR 45.2m vs our EUR 44.0m estimate. Wood Processing landed at EUR 29.1m, compared to our EUR 30.8m estimate, while Services was EUR 10.3m vs our EUR 8.9m estimate. Analyzers came in at EUR 5.8m, compared to our EUR 4.3m estimate.
- Comparable EBITDA amounted to EUR 2.7m vs our EUR 3.2m estimate, while EBIT was EUR 0.7m vs our EUR 1.8m estimate. Wood Processing profitability was slightly below expectations as costs were elevated due to growth strategy development projects. Wood Processing comparable EBITDA declined by EUR 1m y/y while Services improved by EUR 0.8m and Analyzers by EUR 0.2m. Spare parts demand was moderate while there was increased demand for other services.
- Q4 order intake was EUR 118m, compared to our EUR 123m estimate.
- Order book was EUR 266m at the end of Q4 (EUR 84m a year ago).
- Raute guides FY ’24 revenue in the range of EUR 170-195m and comparable EBITDA of EUR 10-14m, which are in line with our estimates.
- The BoD proposes a dividend per share of EUR 0.10 to be distributed for FY ’23, compared to our EUR 0.20 estimate.