Pricer: Tough sales comps, but promising orders - ABG

Q4 due Thursday, 6 February
We expect strong order intake on pent-up demand
We increase '25e-'26e EPS and order forecasts


Encouraging announced orders against ATH sales comps

For Q4'24, we expect sales of SEK 739m (-7.7% y-o-y, -8.3% organic), and orders of SEK 896m (34% y-o-y). Q4'23 is currently the strongest recorded quarter in terms of sales by far, and presents tough comps. We expect order intake to significantly pick up again after the past two quarters' soft numbers on pent-up demand and the two announced orders (SEK 485m from Sobeys and an S Group order of undisclosed value). We estimate a gross margin of 20.5%, down 1.6pp q-o-q, on less favourable customer mix. In terms of EBIT, we forecast SEK 53m vs. SEK 20m in Q4’23.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/pricer/Equity-research/2025/1/pricer---tough-sales-comps-but-promising-orders/