Q3e: Continued growth but comps getting tougher
For Q3 we expect sales of SEK 221m, up 11% y-o-y (10% org, 1% FX), as the company continues to deliver on its order book. We estimate adj. EBITA of SEK 16m (17m), for a margin of 7.2% (8.7%). The reasons for the lower profitability estimate are tough comps and management's comments regarding reduced seasonality going forward. We expect this to convert into EPS of SEK 0.56 (0.64), and the company to produce lease adj. FCF of SEK 12m (10m).