Mr Green: Satisfactory Report

Research Note

2016-02-19

12:40

The company reported revenues of SEK 201.1 million versus expected 205.6 explained by amongst others lower marketing expenses during the quarter along with the impact of the platform change. QoQ growth was thus non-existent and also unsatisfactory, but one ought to remember that many european markets are in its early stage and therefore does not contribute significantly to top-line yet (the question pertaining to whether it should have contributed more than the reported figure). EBIT was though a bit stronger than expected at SEK 16.8 versus SEK 11.6 million which was also led by somewhat lower COGS than expected. Cash flow was not surprising, strong, and the company has a built decent cash position cushion along with revoking the 2015 dividend.

PS

Philip Skogby

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