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DistIT Q2: Rather difficult, as expected - SEB

DistIT Group reported Q2 sales in line with our forecasts, while an underlying LBIT of SEK 4m compares to our SEK 1m EBIT estimate (no consensus available). A lower share of PL sales lower bought-in margins (unfavourable FX) burdened the Q2 gross margin, reported at 20.3% (SEBE: 20.9%), down 70bp y/y. SG&A are rather in line with our forecasts. Reflecting limited deviations we are contemplating minor changes to full-year forecasts. Our mid-point DCF is SEK 125.

DistIT Group reported Q2 sales in line with our forecasts, while an underlying LBIT of SEK 4m compares to our SEK 1m EBIT estimate (no consensus available). A lower share of PL sales lower bought-in margins (unfavourable FX) burdened the Q2 gross margin, reported at 20.3% (SEBE: 20.9%), down 70bp y/y. SG&A are rather in line with our forecasts. Reflecting limited deviations we are contemplating minor changes to full-year forecasts. Our mid-point DCF is SEK 125.
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