Opus Group: Results reach new highs

Research Update

2016-08-22

11:40

The Q2 outcome was really uplifting, with 11% organic growth, and earnings and margins at entirely new levels. EBITDA of SEK 116m, against SEK 94m last year, was far above expectations, and the gains were in both the Swedish and the international operations. In addition to announced new business, there is certainly more that could hopefully fall into place in the autumn. Opus has almost SEK 500m in its account after it filled its war chest through a bond issue in the spring. This is obviously more than the resources needed for the establishments in Pakistan and Chile, and for EaaS. The second quarter is the strongest seasonally, so although the outcome of the report was a clear sign of strength we do not dare to fully extrapolate the trend. However, we have slightly upped our forecasts, and the fair value estimate in our Base Case has risen to SEK 9.80 per share (formerly SEK 9.40). (This is an English version of the Q2-update published earlier on August 22, 2016).

HA

Henrik Alveskog

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