Bong Q3 2023: Mixed bag - Redeye
Redeye was hoping for a bit more, particularly in terms of top-line. Market demand has been depressed and is expected to remain sluggish going into 2024. Considering the drop in sales volumes (-19% Fx adjusted), Bong continues to manage the situation well. EBITDA of SEK28m is in line with our estimate and the 6% margin on par with H1’23. Furthermore, cash flow in Q3 was surprisingly robust: SEK22m after investments. We will likely lower our near-term forecasts leading to somewhat lower valuation.
Länk till analysen i sin helhet: https://www.redeye.se/research/957716/bong-q3-2023-mixed-bag?utm_source=finwire&utm_medium=RSS