Aros Bostad: Muted quarter, unchanged outlook - ABG

Q2 EBIT of SEK 41m (+67% y-o-y) vs ABGSCe at SEK 70m
Expect full-year starts of ~670 units, +18% vs ABGSC
Management expect a rebound in demand in 2024


First take on Q2 figures, EBIT +67% y-o-y

Aros delivered a Q2 report with sales of SEK 338m (+101% y-o-y, -17% vs ABGSCe at SEK 408m). Gross profit margin in the quarter was 22.3% vs ABGSCe at 24% (company target >20%), although one should be cautious with quarterly GP-margins. Lower sales than anticipated by us filters through to an EBIT of SEK 41m (-41% vs ABGSCe). Aros has previously announced the start of 170 units in July (Inverness, Danderyd), but included the project start in Q2. As expected, the number of sold apartments was low and amounted to 12 units (22 YTD). The share of sold units in ongoing production remained flat q-o-q at 91%.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/aros-bostad/Equity-research/2023/8/aros-bostad---muted-quarter-unchanged-outlook-/