Carnegie Investment Bank
Midsummer
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2024-05-03 Revenues still low but good cost control Download | Show Close
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2022-09-12 Strong growth as Italian expansion continues Show Close
Research | 12 Sep 2022 | Midsummer

Strong growth as Italian expansion continues

 

Persistent strong growth in Q2 22 and Italian expansion in progress

Midsummer reported sales of SEK 13.1m (10.1) and growth of 30% in Q2. Solar cell roofs grew by 27%. At
SEK 18m, total order intake equates to growth of 33%. EBIT amounted to SEK -50.3m, a significant setback
against the preceding year (SEK -32.8m), as the high costs of the important and significant expansion of
production capacity in Italy mount up.

Weak cash flows in the near term, but large payment expected in November 22

The new plant in Italy, which will increase production capacity (from 2 MW) to 50 MW per year, is affecting
cash flow and cash used in Q2 22 amounted to SEK -65.8m. On a positive note, however, the company expects a payment of EUR 22m from the Italian government in November 2022 and the balance sheet should return to showing strength in the near term.

 

Fair value SEK 18-20

We are lowering our fair value to SEK 18-20 (19.21) to reflect the research department’s new RRR framework for small companies. We assign an EV/S multiple of 4 to the share, based on sales in 2025 discounted to present value. The EV/S multiple is in line with companies listed in the US, which we believe will provide guidance when the company is considered a major regional player when the Italian expansion is completed.

 

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