DistIT H2'23e: Leaving the trough behind - ABG

'23e-'25e adj. EBIT raised by 28-3%
Destocking progressing well in Aurdel
'23e-'24e EV/EBIT of 27x-9x


Q2'23 results

Q2 sales were slightly below our estimate, mainly due to Aurdel still facing industry-wide problems, such as destocking. However, Aurdel surprised on the upside on EBIT, as gross margins were better than we expected. The other three segments beat our sales estimate by 9% but missed on EBIT by an aggregate of SEK 1m. We also note that EFUEL has added Charge Amps as a supplier to fill the gap created by Easee's sales ban - an important step towards lowering the supplier risk in the segment.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/distit/Equity-research/2023/8/distit---h223e-leaving-the-trough-behind/