With roots back to 1851, Gabriel is today a niche company within the global furniture industry, which throughout the value chain, from idea to furniture user, develops, manufactures and sells furniture fabrics, components, upholstered surfaces and related products and services, through its business areas Fabrics, FurnMaster, SampleMaster and Screen Solutions. Gabriel sells B2B, and is growing with the largest market participants, working closely with leading international manufacturers and major users of upholstered furniture, seats and upholstered surfaces.
Fredag i sidste uge havde vi fornøjelsen at afholde event med Gabriel, hvor CEO Anders Hedegaard Petersen præsenterede regnskabet for 1. kvartal 2024/25, og kom omkring den seneste udvikling i både de fortsættende og ophørende aktiviteter. Fik du ikke set med kan du se optagelsen her.
På trods af den generelle stabilitet i Q1’24-25-resultaterne ser vi stadig usikkerhed omkring tidspunktet for salget af FurnMaster-enhederne. Lige nu betragter vi carve-out-processen som den vigtigste kortsigtede trigger, der kan reducere risikoen i casen.
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Gabriel ventes at rapportere tal for 1. kvartal 2024/25 – torsdag d. 6. februar 2025. Dagen efter – fredag d. 7. februar kl. 10.30 har du mulighed for at høre mere om hvordan kvartalet er forløbet.
Det sker på et virtuelt live-event, hvor vi har CEO Anders Hedegaard Petersen med fra Gabriel, og foruden en gennemgang af regnskabet, vil der også være tid til spørgsmål fra publikum.
Gabriel’s Q1’24-25 results reflected relative stability during a moment of heightened uncertainty. A stable revenue of MDKK 228.1 (MDKK 227.7 Q1’23-24) was slightly below our expectations of +1% growth y/y as positive development in continuing operations was offset by a decline in FurnMaster driven by the restructuring of its Mexican subsidiary. Q1 was the first step towards greater stability, however, uncertainty relating to the carve-out process of FurnMaster remains high, and the range of outcomes is broader than normal. Group EBIT of MDKK 0.3 in Q1’24-25 was below our estimate of MDKK 4.6, impacted by elevated costs relating to restructuring, accounts verification, and carve-out advisory fees. The Q1 results support our view of long-term potential in the company, however, also reinforce our view of greater short-term risk due to the FurnMaster carve-out process. We reiterate our Reduce recommendation with a slightly revised price target of DKK 180 per share from DKK 195 previously.
We estimate a small positive topline growth year-on-year in Q1’24-25 as the stable to slightly improving market backdrop with lower interest rates and inflation, can support a slight positive development in the group despite challenges.
Fredag i sidste uge havde vi fornøjelsen at afholde event med Gabriel, hvor CEO Anders Hedegaard Petersen sammen med Group Finance Director Peter Bach-Fisker, præsenterede årsregnskabet for 2023/24 og de nye forventninger til 2024/25. Fik du ikke set med kan du se optagelsen her.
Gabriel delivered its annual report FY’2023/24 following a delay to the report in November due to accounting irregularities in a Mexican subsidiary of the discontinuing FurnMaster business unit. Despite topline growth of 6.4% y/y and EBIT margin improvement in the continuing operations, ongoing challenging market conditions and short-term uncertainty relating to the discontinuing operations and carve-out process lead to near-term elevated risk in the case. See HCA’s analyst Philip Coombes’ thoughts on the results.
Report: https://www.inderes.dk/research/gabriel-holding-fy202324-waiting-for-the-carve-out-to-unlock-value
Disclaimer: HC Andersen Capital receives payment from Gabriel for a Digital IR agreement and research services. / Philip Coombes 14:35, 13/01/2025.
Gabriel ventes at offentliggøre sit årsregnskab for 2023/24 – onsdag d. 8. januar 2025. Senere i samme uge - fredag d. 10. januar kl. 10.00 har du mulighed for at høre mere om hvordan året er forløbet.
Following a delay in the publication of its 2023/24 annual report due to financial reporting challenges at its Mexican subsidiary, Gabriel’s FY’2023/24 results have been published. Group revenue was MDKK 912, within the guidance range of MDKK 880-930 and slightly below our estimate of DKKM 915. Operating profit (EBIT) was MDKK 10.9, also within the guidance range of DKK 8-15m and slightly below our estimate of DKK 12m. Despite solid topline growth in the continuing operations of 6.4% y/y, ongoing challenging market conditions and short-term uncertainty relating to the sale of its FurnMaster unit, lead us to reiterate our Reduce recommendation with a lower target price of DKK 195 (prev. DKK 225) per share following the restated numbers and updated FY’2024/25 estimates. Long-term potential remains, particularly as markets normalize, and as the carve-out of the FurnMaster business returns Gabriel’s focus back to its continued operations with a stronger balance sheet.
