Redeye sees an excellent Q2-report, where all segments vastly outperformed our EBITA* forecasts. The margin was boosted by cost cuts and solid demand in scalable businesses. Organic growth was -2% and the business model has surely proven itself. We will most likely raise our forecasts and Base case. However, the share price has increased significantly, and we will get back to our updated view on the share in our Q2 update.
- All three segments far better than expected – group EBITA* 95% above forecast
- High margin due to a mix of sustainable and unsustainable cost reductions
- SEK 5.7m in government support on the group level
- Expect to catch up delayed orders in 2020 and 2021
- Raised margin guidance for SIS regarding 2020 to 22-25% (20-22)
- The target of 5-10% organic EBITA* growth in 2020 remains – now seems reasonable given strong H1
- We will most likely increase our forecasts and Base case
