Equity research Zinzino, Q2 2023: Strong quarter with profitability well above our expectations
31 Aug 2023
Today Zinzino published its interim report for Q2 2023. Below is a compilation of our first impressions of the outcome, including deviations from our updated estimates.
- Total revenues increased by 24% in Q2 2023 to SEK 408 million. Our updated estimate was SEK 404 million and the outcome was thus in line with our expectations.
- Gross profit of SEK 148 million was better than our forecast of SEK 137 million. Year-over-year, the gross margin increased by 4.4 percentage points to 36.4%. Our updated forecast was 33.8%.
- Year-over-year, the EBITDA result increased by 167% to SEK 53.7 million, corresponding to a margin of 13.2%. Our updated estimate was for SEK 33.5 million, corresponding to a margin of 8.3%.
- Operating profit increased year-over-year by 245% to SEK 47 million, corresponding to a margin of 11.5%. Our updated estimate was for SEK 27.7 million or 6.8%.
- Earnings per share amounted to SEK 1.09, our estimate was SEK 0.63.
The company reported another quarter with profitability above expectations. The company has upwards adjusted its guidance for the full 2023. At first glance, we believe the stock should rise on this.
We intend to provide an updated analysis on Zinzino shortly. Read the latest research update here.
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