Great Q4 report from Aqualis

13.03.2018 kl 22:31

The Q4 report from Aqualis was great in my view:
- Revenue growth of 45% in the quarter (y-o-y) (13% for the full year)
- EBIT margin (adj.) of 7,0% in Q4. (5,6% for the full year).
- ADLER Solar is written down to zero and hence this company will not trouble the P&L going forward.
- The company has net cash of USD 9,7m (which is 40% of the market cap).

What to expect going forward?
- 15-20% revenue growth in 2018 and an EBIT-margin of 7-8% is not unlikely.
- This gives an 2018 EV/NOPAT multiple of 5 (P/E adjusted for debt).

Triggers going forward:
- Good numbers in the Q1 and Q2 report
- Sale/Closure of ADLER Solar
- Dividends (company is highly overcapitalised).

Q4 report, presentation and webcast:
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