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Christian Berner Tech Trade: Expect a strong finish to '23 - ABG

Expect strong Q4 sales after order intake surprise in Q3
Estimates unchanged, growth and margin expansion in '24e-'25e
Trading at 12-10x P/E, reiterate fair value range of SEK 35-45


Q4e: We expect a strong Q4

After a positive Q3 order intake surprise, we expect a strong Q4 with sales of SEK 292m, up 18% y-o-y (17% org., 1% FX). We estimate that the Energy & Environment segment will contribute substantially to y-o-y growth. On profitability, we estimate SEK 18m (10m) in adj. EBITA, for a margin of 6.3% (4.2%), i.e. a seasonally lower margin compared to Q3. We expect this will convert into an adj. EPS of SEK 0.60 (0.37), and a lease adj. FCF of SEK 13m (11m).
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