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Christian Berner Tech Trade: Still trading below peers - ABG

Q1e: SEK 190m sales, +4.7% y-o-y; 6.5m EBITA, 3.4% margin
Minor estimate changes; reiterate fair value range of SEK 30-40
Trading at 12-9x '23e-'25e P/E vs. peer median of 28-11x


Q1e: we expect a stable but seasonally weaker quarter

In Q1e, we expect sales of SEK 190m, up 4.7% y-o-y, supported by the strong order intake during '22. We estimate SEK 6.5m (6.2m) in EBITA for a margin of 3.4% (3.4%) and SEK 3.6m (3.2m) in net income, for a margin of 1.9% (1.8%). In recent years, Q1 has tended to be a weaker quarter for the company, and while management has said it is working to reduce the quarterly seasonality, we do not estimate that this work will have had a significant effect yet.
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