Stockwik Förvaltning (STWK) Q3 2024 earnings summary

Executive summary

• Organic growth and improved cash flow continued in Q3 2024, with net sales up 5.4% to SEK 182.7m and EBITA up 27.4% to SEK 12.6m year-over-year.

• Cash flow from operations improved to SEK 6.1m from SEK -10.3m, mainly due to higher operating profit and working capital changes.

• Growth was driven by the Property Services and Health segments, while profit improvement was mainly from Industry and Property Services.

• Despite a weak economy, focus on stable, low-cyclical companies and portfolio development supported results.

Financial highlights

• Q3 net sales: SEK 182.7m (up 5.4% YoY); EBITA: SEK 12.6m (up 27.4% YoY); EBIT: SEK 10.9m (up 48.6% YoY).

• Q3 period result: SEK -0.4m (improved from SEK -6.6m YoY); EPS: SEK -0.06 (from SEK -1.05 YoY).

• 9M 2024 net sales: SEK 597.1m (up 3.7% YoY); EBITA: SEK 30.6m (up 3.1% YoY); EBIT: SEK 24.8m (up 24.4% YoY).

• 9M period result: SEK -12.2m (improved from SEK -23.2m YoY); EPS: SEK -1.93 (from SEK -3.67 YoY).

• Rolling 12M net sales: SEK 839.7m (up 3.2% YoY); EBITA: SEK 50.8m; period result: SEK -26.2m.

Segment performance

• Health: Q3 sales up 7.1% to SEK 41.6m; EBITA down to SEK 1.3m (margin 3.0%) due to temporary growth costs.

• Services: Q3 sales down 2.3% to SEK 18.8m; EBITA SEK 2.2m (margin 11.6%).

• Industry: Q3 sales up 1.6% to SEK 59.2m; EBITA up to SEK 9.7m (margin 16.4%).

• Property Services: Q3 sales up 10.8% to SEK 63.3m; EBITA up to SEK 4.9m (margin 7.7%), aided by cost adjustments and asset sales.