Bildkälla: Stockfoto

Bredband2: The gross margin continues to impress - ABG

Sales and adj. EBITDA -1% and +1% vs. ABGSCe
Negative customer intake, but strong gross margin
Small sales & adj. EBITDA ests. changes from cons.

Sales SEK 378m (-1.2% vs ABGSC 383m), EBITDA SEK 56m (-4.3% vs ABGSC 59m), adj. EBITDA SEK 59m (0.8% vs ABGSC 59m), EBIT SEK 24m (-21.3% vs ABGSC 30m).

Based on the Q3 report alone, our ‘21e-’23e sales and adj. EBITDA estimates would be relatively unchanged. However, we note that D&A was above our forecast in the quarter. The shares is up 3% L3M and is currently (pre-Q3 number) trading at 16-13x adj. EV/EBITA on ’21e-‘23e.
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