Nilörngruppen: Rebound in H2'23 looks likely - ABG

Clients still overstocked, but demand is holding up
3% q-o-q order booking decline
'23e-'25e EBIT down 7-1%


Takeaways from the Q1 report

Conditions continue to be tough for both retailers and their suppliers, such as Niloerngruppen. Q1 org. growth was -13%, while FX contributed with +3% and M&A with 1% for a total growth of -9%. The gross margin has come down by 40bps while opex is growing. That said, the company highlighted that Q1'23 was not comprised of a homogenous set of months. In fact, January was the toughest month while business momentum improved in both February and March.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/nilorngruppen/Equity-research/2023/4/nilorngruppen---rebound-in-h223-looks-likely/