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First impressions Adverty, Q4 2022: Well above our expectations

1 Feb 2023

Equity research Adverty

Today, Adverty published its interim report for the fourth quarter of 2022. Below is a compilation of our first impressions of the outcome, including deviations from our estimates.

  • Net sales increased by 197 per cent in the quarter, amounting to SEK 8.6 million. Our estimate was SEK 6.0 million. The outcome was well above our expectations.
  • The gross margin improved by 21.4 percentage points to 44.0 per cent. Our forecast was 22.6 per cent. The gross profit of SEK 3.8 million was thus better than our estimate of SEK 1.4 million.
  • The EBITDA result improved by 43.5 per cent to minus SEK 2.9 million. Our estimate was minus SEK 4.2 million.
  • Earnings before tax was minus SEK 4.3 million, compared with our forecast of minus SEK 4.6 million. Earnings per share amounted to minus SEK 0.13, whereas our estimate was minus SEK 0.14.

A robust gross margin stands out. We intend to provide an updated analysis of Adverty shortly. Read our initiation of coverage report here.


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First impressions Adverty, Q4 2022: Well above our expectations