Nilörngruppen: Q4 figures likely to hold up well - ABG

Q4 estimates nearly unchanged
We cut '23e-'24e EBIT by 3-2%
8x '23e EV/EBIT


What to look for in Q4'22

We mostly maintain our estimates: reducing sales by only SEK 2m and EBIT by SEK 1m, leaving '22e nearly unchanged (y-o-y org. growth -2%, y-o-y FX +13%). There is a risk that the company will report a sequential decline in the order intake given the worsening of financial conditions for retailers, as can be observed by the significant decline in the Consumer Confidence Indicator for e.g. Sweden. While the magnitude of the change in the order intake is more challenging to estimate than the direction, we believe that it could decline by some 3-5% in Q4 as retailers face a more fragile consumer.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nilorngruppen/Equity-research/2023/2/nilorngruppen---q4-figures-likely-to-hold-up-well/