DistIT: Uneasy comeback for Easee - ABG

We cut '23e-'25e adj. EBIT by 55-15%
Recovery likely to continue into 2024e
'24e EV/EBIT ~10x


What to expect in Q3'23

We anticipate Q3'23 sales of SEK 594m and EBIT of SEK 4m, down from our previous estimates of SEK 651m and SEK 8m. Our new estimates reflect that Aurdel may still be challenged by destocking efforts and consequently low gross margins. We also reduce estimates for EFUEL to reflect the weakening of Easee as a brand following the sales ban earlier this year and a tougher market for EV charging OEMs. We expect operating cash flow of SEK 25m, with working capital releases of SEK 23m.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/distit/Equity-research/2023/11/distit---uneasy-comeback-for-easee/