Belgian crane rental business Sarens reported decent results for FY 22 with its topline expanding +13% YoY €651.4m on the back of price increases reflecting inflation pass-through efforts. EBITDA growth, however, was minimal (+2% YoY to €144.7m) as an increasing cost base continued to erode the EBITDA margin. Despite a favourable working capital (WC) swing in Q4 22, FCF remained positive if a bit under pressure for the year.

Once again a 100% family owned business (purchase price undisclosed), Sarens kept its key net leverage and interest coverage credit metrics stable for a third year in a row. As a result, it was rewarded with a stable rating (B) and outlook by Fitch in January 2023.

Cost controls partly mitigate inflation