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Christian Berner Tech Trade: Continued cautious optimism - ABG

Q2e: sales SEK 245m, EBITA 6.8%, EPS SEK 0.57
Expect order book realisation to continue, outlook promising
Share trading 50-20% below peers, fair value SEK 30-40

Q2e: expect continued delivery on orders

For Q2e we estimate sales of SEK 245m, growing 15% y-o-y, as the company continues the order book realisation seen in the past two quarters.

We estimate an EBITA margin of 6.8% (SEK 17m), up 1.4pp y-o-y on higher sales, which we expect to convert into EPS of SEK 0.57. In recent years, Q2 has tended to be the second-highest margin quarter of the year after Q3. We expect the company to deliver a lease adj. FCF of SEK 13m, corresponding to 126% net income conversion.
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