Aktieanalys

Nilörngruppen: Higher visibility on order intake - ABG

ABG Sundal Collier Publicerad: 26 Oct 2023 07:24

Quarterly order intake of SEK 160-180m likely maintainable
'23e-'25e adj. EBIT up 17-2%
'23e-'24e EV/EBIT 9-8x

Order intake likely bottomed

Q3 was significantly better than we expected. We were particularly surprised that organic growth was only -10% (vs. ABGSCe -20%), and that the gross margin was stronger thanks to efforts to reduce raw material prices and make small cost cuts. Order bookings appear to have stabilised, and are now up 9% q-o-q. Given that the outdoor segment is still destocking, we believe that it is probable that order bookings have bottomed out in absolute terms.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nilorngruppen/Equity-research/2023/10/nilorngruppen---higher-visibility-on-order-intake-/

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