Nolato: EBITA 8% below cons, only Industrial beats - ABG

• EBITA SEK 198m (-11% vs. ABGSCe, -8% vs. cons)
• We expect cons. EBITA to come down by 4%
• 16x '23e EV/EBITA on pre-Q2 estimates (and y-day close)

Q2 outcome
Sales were SEK 2,478m (-7% vs. ABGSCe 2,655m, -5% vs. FactSet cons 2,596m), down 15% y-o-y, of which organic growth -20% (ABGSCe -16%). EBITA was SEK 198m (-11% vs ABGSCe 222m, -8% vs. cons 216m), for a margin of 8.0% (ABGSCe 8.4%, cons 8.3%), which included no operating NRIs (ABGSCe/cons 0). Net financials included positive earnout revals of SEK 10m, and excl. this net profit was 7% below cons. Most important segment Medical was 9% below ABGSCe on EBITA, as low IVD sales still hurt both topline and margins. EMC sales in Integrated towards telecom customers, which is its biggest customer segment, have also slowed down (automotive is still strong).

Estimate changes
We expect consensus EBITA to come down by ~4%, with downgrades
likely both in Integrated and Medical.

Länk till analysen i sin helhet: https://cr.abgsc.com/contentassets/7c5dd2527b954c3e8d14278969c6416a/pdf/ebita-8-below-cons-only-industrial-beats.pdf