BTS Group: Weak start in the US caused Q1 miss - ABG
2% org growth (ABGe 6%), EBITA -16% y-o-y, -12% vs ABGe
2023 guidance kept but longer lead-times increase risks
Estimates down 5-8% today, share to underperform
Q1 details
Sales SEK 579m (-6% vs ABGSCe 614m, no cons), adj. EBITA 47m (-12% vs ABGSCe 54m), adj. EBITA margin 8.2% (ABGSCe 8.8%). FX adjusted growth 2% (vs ABGSCe 6%). North America declined -6% y-o-y organically, while Europe grew 14% and Other markets 13%.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/bts-group/Equity-research/2023/5/bts-group---weak-start-in-the-us-caused-q1-miss/