WindowMaster (One-pager): Third guidance upgrade in 2024
Yesterday, WindowMaster announced its third guidance upgrade for 2024. The company now expects an organic revenue growth rate in the range of 13-18% and an EBITDA margin in the range of approx. 11-13%.
Accordingly, we have updated our investment case one-pager based on the new guidance ranges. Besides looking into the investment case with key investment reasons and risks, we have updated the peer group with valuation multiples compared to other larger construction/building-related companies. WindowMaster now trades to 5.3x EV/EBITDA (2024E) based on the midpoint in the guidance range vs. the peer group median of 9.1x EV/EBITDA (2024E) based on Capital IQ analyst estimates.
HC Andersen Capital receives payment from WindowMaster for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 08:00, 10 October 2024.
WindowMaster International
WindowMaster is a Danish clean tech company that supplies sustainable indoor climate solutions based on intelligent natural and mixed mode ventilation as well as heat and smoke ventilation solutions. The solutions are for commercial use, primarily in the following six segments: 1) Office, 2) Education institutions, 3) Cultural buildings, 4) Shopping centers, 5) Hospitals and 6) Sports facilities. In 2015, WindowMaster was acquired by the current majority shareholder and CEO, Erik Boyter, in a management buy-in. Today, the company is a global company with sales subsidiaries in Denmark, Germany, Ireland, Norway, United Kingdom, United States, and Switzerland. The company has been listed at Nasdaq First North in Denmark since October 2020.
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