Kyllä, hyvä meininki jatkuu!
Bufabin toisen neljänneksen tulos jäi odotuksista. Osake on tulosjulkistuksen jälkeen kovassa laskussa, mutta kurssi on kyllä viime kuukausina noussut melkoisesti.
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liikevaihto 2 % 2280 miljoonaan (ennute 2 341 miljoonaa)
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EBITA-liiketulos kasvoi 37 % 319 miljoonaan ja liikevoitto-% (EBITA) nousi 14,0 %:iin, mutta EBITA laski 2 % vertailukelpoisilla luvuilla
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EPS kasvoi 54 % 5,41 kruunuun (ennuste 5,10 SEK)
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operatiivinen kassavirta 488 miljoonaa kruunua
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Liikevaihdon hidas kasvu johtui lähinnä epäsuotuisista valuuttakursseista, mutta kysyntä myös heikkeni covidista hyötyneillä aloilla. Orgaaninen kasvu oli -5 %, tosin myös vertailukauden luvut olivat vahvoja. Heikkoutta oli mm. kodin sisustukseen liittyvillä aloilla, mutta vahvuutta mm. energiasektorilla. Liiketoiminnan kulut olivat viime vuoden tasolla ja inflaatiopaineesta huolimatta kustannukset pyritään pitämään kurissa.
Kassavirta pysyi hyvänä ja yhtiö on tähän panostanutkin. Loppuvuodesta kassavirran odotetaan pysyvän vahvana ja nettovelan suhteessa käyttäkatteeseen laskevan. Nyt nettovelka/EBITDA oli 2,9, mikä sinänsä on yhtiön tavoittelemassa alle 3:ssa.
Viimeisimmät yritysostointegraatiot ovat sujuneet hyvin. Kestävä kehitys tuo myös uusia mahdollisuuksia liiketoimintaan. Toisaalta markkinoilla on epävarmuutta ja tietyillä toimialoilla on edelleen näkyvissä hidastumista, mutta asiakaskunta on laaja ja toimintaa on useilla toimialoilla, mikä laskee yksittäisen toimialan merkitystä. Lyhyellä aikavälillä yhtiö pyrkii pitämään kiinni marginaaleista, ottaa markkinaosuutta ja lisätä kassavirtaa.
Korkokulut kasvoivat 56 miljoonaan Q2:lla (H1:llä yhteensä 105 miljoonaa). Pitkäaikaisia velkoja oli kvartaalin lopussa 3 456 miljoonaa ja lyhytaikaisia velkoja 845 miljoonaa, jossa absoluuttisina lukuina pitkäaikaiset velat kasvoivat hieman verrattuna edelliseen kvartaaliin (2 950 miljoonaa Q1 lopussa).
Muuta huomionarvoista:
- tilauskertymä pysyi vertailukauden tasolla (+1 %)
- lyhyen aikavälin ohjeistusta ei anneta, pitkän aikavälin taloudelliset tavoitteet ennallaan
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Aika yllätyksetön jälleen kerran. Yksi asia mitä ihmettelin niin lisäkauppahintoja maksettiin noin 60 miljoonaa kruunua. Rahavirtalaskelmaa kun katsoo niin siellä oli noin 600 miljoonaa kruunua investointien puolella
Jotain tuolla oli ifrs-juttuihin liittyen käypään arvoon arvostetuista vastuista, mutta ei oikein vielä auennut. En nyt ehdi tarkemmin penkomaan, mutta onko joku jo selvittänyt mistä kyse
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Third quarter of 2023
• Net sales declined by -2 percent to SEK 2,071 million (2,122). Organic growth was -7 percent and order intake was somewhat lower than net sales.
• Adjusted operating profit (EBITA) was SEK 260 million (274), corresponding to an operating margin of 12.6 percent (12.9).
• Operating profit (EBITA) was SEK 220 million (272) and the operating margin was 10.6 percent (12.8).
• Earnings per share decreased by 46 percent to SEK 2.56 (4.71).
• Operating cash flow amounted to SEK 417 million (-5), corresponding to a cash
conversion ratio of 178 percent (-2).
• The key figure net debt/EBITDA improved and amounted to 2.7 (3.4).
Hieman tuo heikko markkinatilanne näkyy. Lisäkauppahintaa maksettiin jonkin verran, joka pudotti viimeistä riviä. Korkokulut nousivat vielä edellisestä kvartaalista, mutta velkojen pienentyessä tuo varmaankin vakautuu ellei korkotaso nouse tästä vielä merkittävästi
GM parani viime vuodesta ja noussut ennätystasolle. Hinnoitteluvoimaa tuntuu löytyvän ja hyvä niin
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Bufab’s latest CMD, held in December, hadn’t been linked here yet. The new financial targets are for 2026. They are considering selling their manufacturing companies to focus on wholesale operations. I’ve been a shareholder for a few years myself. I’m somehow interested in this extremely boring industry and its consolidation opportunities.
Financial targets:
Raised profitability target
In March 2021, Bufab presented new financial targets relating to profitable growth, profitability, dividend and financial stability for the period until 2025, where the financial target relating to profitability was set to be achieved by 2023 at the latest. In light of Bufab’s positive EBITA margin development during 2021-2023, the growth opportunities and the updated strategy, the Board of Directors has decided to adopt a raised financial target relating to profitability in accordance with the below:
Profitability
Achieve an annual operating profit (EBITA) margin of 14 percent by 2026 at the latest (previously 12 percent by 2023 at the latest).
The other financial targets and dividend policy remain unchanged in accordance with the below and shall apply until further notice.
Profitable growth
Average annual increase of net sales by 10 percent and of earnings per share by 15 percent, through both organic growth and acquisition.
Financial stability
Net debt in relation to operating profit before depreciation and amortization (ND/EBITDA) shall normally be in the range of 2-3x.
Dividend Policy
Dividend of 30-60 percent of annual net profit.
And here is the CMD presentation itself:
Press release:
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In principle, that is a very logical direction. The company has had its own production, and more has been added through acquisitions. They have been able to maintain production at good capacity utilization rates by regulating the volume of outsourced procurement and focusing on higher value-added products.
As the business has grown, goods can be purchased more cheaply and on better terms, which already became clear in the aftermath of the pandemic. One might wonder if in-house production is still as necessary and cost-effective as the business gradually scales.
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A few quarters have passed now. The company’s business has suffered from general market weakness, but word is that a turn for the better is visible. The market has been surprisingly patient, as an ATH (all-time high) was likely just reached. On an earnings basis, we are somewhere well north of 30.
The company’s performance has been strong in itself. GM (gross margin) continues to improve, which provides good leverage for the bottom line as long as volumes grow. A couple of production facilities were also just put up for sale, so it’s becoming even more of a pure trading company. I don’t recall offhand if all of them went or if some are still left.
So, here is a link to the latest interim report. Nordnet displays that link a bit strangely.
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Let’s revive the thread after a long time. Last week, Bufab’s financial statement was published:
And at the end of last year, the company acquired a C-parts distributor from Italy, whose turnover is approximately 50 million euros:
As per the thread title, Bufab is performing steadily, although low global industrial activity has negatively impacted order intake and turnover. The positive aspect is that the company has managed to increase its gross margin and decrease its ND/EBITDA level in recent years. The Vital acquisition, however, slightly increased the level.
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Reviving the boring thread of a boring company again! Here’s the Q3 report. For the first time in two years, we saw a small organic growth (1.4%). Demand was good in energy, agri, medtech, defense, and machine manufacturing sectors. Weakness is still visible among construction and automotive industry customers.
And a month ago, Bufab announced a new acquisition. This time, Novia Group was found in Germany. Novia brings additional sourcing expertise to the group. Novia’s revenue last year was 50 million euros.
And as a final highlight: a small manufacturing unit in the United States was divested in the summer. I’m not entirely sure, but this might have been the last divestment target that the company wanted to get rid of according to the strategy announced in 2023. Now Bufab’s business would consist solely of sourcing, importing, and distributing C-parts (as well as complementary niche companies).
Bufab’s stock has quietly climbed to ATH (All-Time High) levels this year. I’ve owned this for almost five years now and I’m happy to stay on board. I like these kinds of companies that operate in a dull, grey industry while disciplinedly executing their strategy.
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Fourth quarter of 2025
• Net sales increased by 3.7 percent to SEK 1,931 million (1,863). Organic growth
was 0.3 percent, and order intake was slightly higher than net sales.
• Adjusted operating profit (EBITA) amounted to SEK 252 million (201),
corresponding to an operating margin of 13.1 percent (10.8).
• Operating profit (EBITA) totalled SEK 233 million (179), with an operating
margin of 12.1 percent (9.6).
• Earnings per share were SEK 0.79 (0.59).
• Cash flow from operating activities amounted to SEK 224 million (125),
corresponding to a cash conversion of 93 percent (64).
• Net debt/EBITDA, adjusted, was 2.6 (2.8).
• Acquisition of novia Group with annual sales of approximately EUR 50 million
Growth has been somewhat lackluster for a while now, but considering this, they have managed to improve profitability incredibly well. They are extracting more and more value from acquisitions, and the overall performance will likely improve once organic growth picks up.
Major customer project with a world-leading supplier to the
semiconductor industry
Despite a challenging business climate, we have secured many new and
interesting customer project during the year. I am particularly proud of a new
contract with a world-leading manufacturer of semiconductor equipment,
which will generate large volumes in 2026/2027. It is our subsidiaries Bumax
and Flos that deliver 366 unique items and tailor-made logistics solutions,
resulting in shorter lead times, cost savings and sustainability benefits for the
customer.
I wonder what kind of volumes we are talking about?
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Flos is likely Bufab’s Dutch subsidiary, so I assume the customer is ASML. Based on that, one can consider the volume generated by this customer.
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