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Pihlajalinna - Good margin development continued

Pihlajalinna’s Q3 report produced a top line beat while profitability was close to our estimates and above the consensus. The revenue surprise was attributable to public sector customers while Covid-19 services grew a lot y/y but also meaningfully q/q.
  • Q3 revenue grew by 13.5% y/y to EUR 140.6m, compared to the EUR 136.4m/137.8m Evli/consensus estimates. Private customer revenue amounted to EUR 18.9m vs the EUR 20.9m/20.5m Evli/consensus estimates, while corporate customers were EUR 31.2m vs the EUR 34.5m/33.1m Evli/consensus estimates. Public sector customers’ top line was EUR 108.1m, compared to the EUR 99.0m/101.5m Evli/consensus estimates.
  • Covid-19 services contributed EUR 11.8m in Q3 revenue. The figure increased by EUR 8.4m y/y and EUR 3.7m q/q, which in our view in part helped the revenue beat.
  • Adjusted EBITDA was EUR 18.8m (13.4% margin) vs the EUR 19.4m/17.7m Evli/consensus estimates. Adjusted EBIT was EUR 10.0m (7.1% margin) vs the EUR 10.6m/9.0m Evli/consensus estimates. Normal seasonal profitability variation as well as Covid-19 services helped profitability, in addition to a customer volume recovery at the company’s private clinics.
  • Pihlajalinna’s FY ‘21 guidance remains unchanged; revenue is expected to increase while adjusted EBIT is expected to improve clearly.
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