Purmo Group: Continued margin growth in a weak market
Purmo's Q1 results exceeded our forecast and the company maintained its full-year guidance. We have slightly raised our forecasts and now expect an adjusted EBITDA growth of 8% for this year. Internal measures alone should allow the company to further improve earnings in 2025.
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Purmo Group
Purmo Group develops solutions for indoor climate. The company provides heating and cooling solutions for residential buildings and premises, including radiators, towel warmers, underfloor heating, convectors, valves, and controls. The business is divided into a number of business areas and the solutions are used in industry and the real estate industry. Customers are found on a global level with the largest concentration in Europe. The products are aimed at corporate and private customers.
Read more on company pageKey Estimate Figures24.04.2024
2023 | 24e | 25e | |
---|---|---|---|
Revenue | 743.2 | 720.0 | 743.0 |
growth-% | -17.80 % | -3.12 % | 3.19 % |
EBIT (adj.) | 55.4 | 71.8 | 74.6 |
EBIT-% (adj.) | 7.45 % | 9.97 % | 10.04 % |
EPS (adj.) | 0.68 | 0.88 | 1.00 |
Dividend | 0.35 | 0.35 | 0.37 |
Dividend % | 5.21 % | 3.11 % | 3.28 % |
P/E (adj.) | 9.82 | 12.84 | 11.26 |
EV/EBITDA | 12.03 | 8.28 | 7.45 |