BHG Group
BHG Group - Q2 results beat consensus expectations (ABG Sundal Collier)
2020-07-23 07:32
A 14% beat on adj. EBIT
DIY grew adj. EBIT by 207%
Conference call at 10:00 CET
Q2 results above expectationsOn 12 June, BHG reported that the first two months of Q2’20 grew by 54% (of which 39% organic), while the growth in order bookings exceeded 54%. Furthermore, the adjusted EBIT margin in April-May expanded by 2.3pp, reaching 8.7%. This morning, the group reported results for the full second quarter, 7% above consensus sales expectations and 2% above ABGSC. Organic sales growth 48% was 7pp above ABGSC estimates. Furthermore, adjusted EBIT came in 14% above consensus and 1% above ABGSC, driven by a 1.8bp gross margin expansion while opex/sales remained broadly flat.
DIY stands out
When looking into the segments, we note that DIY grew 74% (48% organic) while Home Furnishing grew 32% (32% organic). Furthermore, adjusted EBIT grew 207% to SEK 163m in DIY, 5% above our estimates. Adjusted EBIT in Home Furnishing came in 2% above ABGSC estimates on a 2.3bp gross margin expansion.
Conference call 10:00 CET
BHG will host a conference call at 10:00 CET. Call in details: +46 856 642 704 (SE), +44 3333 009 035 (UK), +1 646 722 49 03 (US).
- Läs mer på Introduce
Läsaren av innehållet kan anta att ABG Sundal Collier har erhållit eller kommer att erhålla betalning för utförandet av finansiella företagstjänster från bolaget. Ersättningen är på förhand avtalad och är inte beroende av innehållet.
info@introduce.se (Introduce.se)
ABG Sundal Collier - Introduce.se