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Christian Berner Tech Trade: Expect stable demand and improving margins - ABG

Q1e: orders -2%, sales +1% y-o-y, adj. EBITA margin 7.0% (6.2%)
Expect stable demand and improving margins in '24e
Hope to see M&A drive growth as organic sales normalise


Q1e: flat orders and sales, but improving margins

For Q1, we expect order intake of SEK 233m, down 2% y-o-y, and sales of SEK 242m, up 1% y-o-y, as growth comes down in '24 after two strong years. On adj. EBITA, we have SEK 16.9m (14.8m), for a margin of 7.0% (6.2%), a seasonally lower margin, but up y-o-y as we expect operational improvements to continue to take effect. We think this will convert into adj. EPS of SEK 0.61 (0.51), and a lease adj. FCF of SEK 5m (6m).
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