Boreo: Defending margins in a weaker market - Nordea

Boreo's Q3 2023 net sales of EUR 41m were 6% short of our forecast, while adjusted EBIT ex-PPA of EUR 2.9m came in slightly above our estimate. Sales declined by 5% y/y as a result of SSN and the exit of SANY business. The company noted good performance for its recently acquired businesses and a relatively unchanged outlook since Q2, albeit with somewhat elevated uncertainties. We lower our fair value range to EUR 36-43 (40-48), mainly due to lower peer multiples. Marketing material commissioned by Boreo.

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