Aktieanalys

Ferronordic: Germany weighed more than expected - ABG

ABG Sundal Collier Publicerad: 19 Aug 10:15

USA more stable, but poor result in Germany
Negative EBIT revisions primarily driven by Germany
Trading at 10.5x '25e EV/EBIT, peers at 12.2x

Issues in Germany worsen further in Q2

Ferronordic's Q2 numbers were weaker than expected, with sales 9% below ABGSCe and 12% below FactSet consensus, and EBIT of SEK -4m (ABGSCe SEK 29m, cons 39m). The deviation stemmed from both the USA and Germany. Germany in particular is experiencing very weak demand, which Ferronordic expects to continue in the near future. With that said, we think there is room for Germany to improve sequentially into Q3e considering the ongoing cost savings programme as well as there being an unusually high impact in Q2 from order cancellations.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/ferronordic/Equity-research/2024/8/ferronordic---germany-weighed-more-than-expected/

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