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BTS Group: Slight miss in Q4, but 2023 guidance in line - ABG

North America recovered in Q4 as expected, grew 17% org.
Q4 sales -4% vs ABG, adj. EBITA -8%
2023 earnings "better than" 2022 in line, estimates down ~5%


Q4 details

Sales SEK 725m (-4% vs ABGSCe 754m, no cons), adj. EBITA 114m (-8% vs ABGSCe 125m), adj. EBITA margin 15.8% (ABGSCe 16.6%). DPS SEK 5.40 (1% vs ABGSCe 5.36) and up 13% y-o-y. FX adjusted growth 11% (vs ABGSCe 11%).
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