Nilörngruppen: Rebound in H2'23e likely to be back-end loaded - ABG

• Overstocked clients to hamper recovery in H2'23e
• 25% q-o-q order booking decline
• '23e-'25e adj. EBIT down 27-3%

Takeaways from the Q2 report
Q2 showed once again that the operating conditions for Niloerngruppen remain difficult. Org. growth was -18%, while FX contributed 3% and M&A 1%, for total y-o-y growth of -14%. The gross margin contracted 230bps y-o-y and 140bps q-o-q - something the company attributed to larger, relatively margin-dilutive orders. Order bookings continue to decline as clients are continuing their destocking efforts, but once clients are satisfied with their inventory levels, order bookings should accelerate rapidly back to normal levels.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/2f940a2334cf4fb6b029ea99b46b1046/pdf/rebound-in-h223e-likely-to-be-back-end-loaded.pdf