Nexam Chemical: Weaker than expected Q4'22 - ABG

EBITDA SEK -1m vs. ABGSCe SEK 0m
Launched a cost savings programme
Conference call at 11.00 CET


Q4 results

Nexam delivered a weaker than expected report. Sales came in at SEK 56m (-10% vs. ABGSCe SEK 62m), down 2% y-o-y. Perfomance Chemicals contributed with SEK 30m (-10% vs. ABGSCe SEK 34m) and Performance Masterbatch sales was SEK 25m (-9% vs. ABGSCe SEK 28m). Gross profit was SEK 21m (-17% vs. ABGSCe SEK 26m), for a margin of 39% (ABGSCe 42%). All in all, EBITDA was SEK -1m (vs. ABGSCe SEK 0m) and EBIT was SEK -4m (vs. ABGSCe SEK -3m). This resulted in a net profit of SEK -5m (vs. ABGSCe SEK -4m). We had expected growth in Performance Chemicals, driven by PET-foam additive sales, and thus the growth of -1% for the segment was disappointing. The company has a cash position of SEK 23m (ABGSCe SEK 45m), which is starting to look somewhat thin.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nexam-chemical/Equity-research/2023/1/nexam-chemical---weaker-than-expected-q422/