BTS Group: Q3 miss but guides for the best Q4 ever - ABG

Q3 sales -5% vs ABGe, EBITA -36% on weak margins
FY guidance unchanged, implying ~25% EBITA gowth in Q4e
Estimates slightly down and share to underperform


Q3 details

Sales SEK 633m (-5% vs ABGSCe 670m, no cons), adj. EBITA 53m (-36% vs ABGSCe 84m), adj. EBITA margin 8.4% (ABGSCe 12.5%). FX adj growth -1% (vs ABGSCe 6%). Adj. EBITA -19% y-o-y (vs ABGSCe 27%).

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/bts-group/Equity-research/2023/11/bts-group---q3-miss-but-guides-for-the-best-q4-ever/