Polygiene Group: Many potential triggers ahead - ABG

2022 a year to forget, but no disaster
China re-opening, expanding to India
Renewed focus on US protection market


Q4e: We expect a bounce back to growth, mainly from FX

Polygiene will report its Q4 on 16 February at 08:00 CET followed by a video conference at 10.00 CET. We expect that the company will be able to bounce back to growth again as FX tailwinds have improved further and because Q4'21 was quite weak. Our net sales of SEK 45m equals 12% y-o-y growth. We expect an adj.EBIT of SEK 7m (6.2m), for a margin of 17% (15%). Overall, 2022 has been a challenging year for Polygiene as a weak consumer and lockdowns in China have led to lower demand from Polygiene's customers. However, the company is still profitable and debt free, and we think we are approaching the trough if it is not already behind us.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/polygiene/Equity-research/2023/2/polygiene-group---many-potential-triggers-ahead/