Q3'23 report
B3 generated Q3'23 net sales of SEK 223m (+2% vs. ABGSCe 218m) and adj. EBIT SEK 13m (+12% vs. ABGSCe 11m). Compared to FactSet consensus, reported sales was 1% above and adj. EBIT was in line. While sales surprised slightly on the upside, EBIT was slightly better than our estimate in absolute terms. However, earnings are down nearly 60% y-o-y. The weak utilisation rate is the main culprit behind the y-o-y decline in earnings, carrying an impact of SEK -22m. Interestingly, the negative trend in the utilisation rate continued during Q3.
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