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In a busy year for Powerflute, Corenso was successfully integrated and reported, with Savon Sellu, a strong trading performance. This was also reflected in cash flow with a 40% reduction in net debt to €37m. Powerflute retains financial flexibility to continue to invest in its businesses, further expand its portfolio and fund a healthy and growing dividend.
Powerflute Oyj
In twin announcements, Powerflute has indicated that management expectations are for FY15 EBITDA in the €53-55m range and the company has received a preliminary proposal of a potential offer for the company. The offer is subject to further due diligence, among other things, and there is no certainty that an offer will be made. We have withdrawn our estimates pending further announcements on this matter.
Powerflute is successfully integrating Corenso and, at the same time, driving improvements in Savon Sellu’s performance. We upgrade estimates again following H115 results and there is momentum for a good second half performance. Unsurprisingly, the share price is well ahead so far this year but, with further operational gains to come, further progress remains a possibility.
A positive trading update prompts us to raise FY15 estimates for the third time this year and by almost 10% at the EBITDA level. Both of Powerflute’s businesses are contributing to this momentum. H115 results, which are expected to be announced on 8 September, and further detail here may also facilitate upgrades to subsequent years.
