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BTS Group: Weak start in the US caused Q1 miss - ABG

2% org growth (ABGe 6%), EBITA -16% y-o-y, -12% vs ABGe
2023 guidance kept but longer lead-times increase risks
Estimates down 5-8% today, share to underperform


Q1 details

Sales SEK 579m (-6% vs ABGSCe 614m, no cons), adj. EBITA 47m (-12% vs ABGSCe 54m), adj. EBITA margin 8.2% (ABGSCe 8.8%). FX adjusted growth 2% (vs ABGSCe 6%). North America declined -6% y-o-y organically, while Europe grew 14% and Other markets 13%.
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