Nilörngruppen: On the right track back to normalcy - ABG
Order intake growth adds visibility
Sports & outdoor demand should normalise during '24
'24e-'25e EBIT up 2%
Another beat
Q4 was better than we expected. With positive organic growth of +5% in Q4, Nilörngruppen has broken its negative organic growth rate streak and as order intake has come up significantly, visibility has increased. The gross margin of nearly 45% was also meaningfully better than we expected (43%), but it is likely due to a mix effect that results from lower packaging sales. Should the company's sports & outdoor clients return to normalcy during '24, as the company expects, there could be significant margin uplift.
Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nilorngruppen/Equity-research/2024/2/nilorngruppen---on-the-right-track-back-to-normalcy/