Sales SEK 249m (-3% vs ABGSCe 256m). EBITA 14.0m (in-line with pre-announced numbers and -50% vs ABGSCe 28.3m). EBIT -2.1m (vs. ABGSCe 15.8m). Organic growth was 4% vs. ABGSCe 5%. EBITA in Loyalty was SEK 12m (23m) while Gift Cards was SEK 2m (4m). Loyalty was affected negatively by SEK 8m y-o-y from lower volumes in SAS Eurobonus. FCF was SEK 18m, aided by positive working capital effect. R12m FCF is now SEK 92m.
Estimate changes
We reiterate our view from the profit warning last week, that we see consensus cutting 2023e EBITA by 5-10%, mainly on weak profitability for MBXP in Q2. In 2024e and 2025e however, the revisions should be limited to ~5% by positive support by the cost savings from merging Connex and Prämie in the DACH region.
Final thoughts
As expected, it was a weak report. We understand the weak performance in MBXP but are a bit puzzled by the low profitability in the Loyalty segment. Management will hos a presentation of the report at 10.00 CET (link).
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