Danske Bank har mod betaling udarbejdet denne analyse af NKT:
NKT’s Q4 22 results were solid, driven by growth in all of its segments and in particular the strong order backlog in the high-voltage segment. The group’s credit metrics improved sequentially, with adj. net debt to EBITDA decreasing to 1.0x from 2.3x. NKT continued to warn that its large order backlog is close to maximum capacity and that further large orders would require additional capacity investments. Positively, NKT indicated that such capacity growth would be partly equity-funded, and it repeated its relatively conservative metric target of reported net debt to EBITDA of no more than 1x (-0.4x at end-Q4 22). Therefore, we see the report as credit-positive but also believe that NKT’s strengths are currently priced into the hybrid spreads. We subsequently maintain our Marketweight recommendation.
Solutions growth backed by E&P orders in Q4
Q4 22 proved to be very strong for NKT. Revenues grew 19% y/y, reflecting a strong execution of its order book. Clean EBITDA surged 190% y/y to EUR39.7m, which was ahead of market expectations. This was mainly driven by higher activity in the Solutions segment (high-voltage cables), where EBITDA more than tripled. Generally, the higher activity reflects NKT’s large and growing order backlog.
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