Estimates up, but we are cautious to extrapolate fully
Trading at 4x ’22e-‘23e EV/EBIT
Substantial EBIT beat driven by strong top line and GM
While y-o-y, FX-adjusted growth was still negative in Q3 – down 15% – it was better than our expected -19%; we particularly note the sequential recovery, as sales were up 22% q-o-q. Looking at the regional development, we highlight that the West and Southern Europe plus Africa region showed 2% y-o-y growth, which we find impressive given the market conditions. Most surprising, the gross margin came in at 37.7%, up from 35.9% last year despite underlying negative factors such as high component prices and freight rates. We note, however, that this should in part be viewed as temporary, as it includes a favourable FX hedge boost. However, the review of royalty contracts which started a few months ago also supported the GM, and these should continue ahead as well. Finally, opex was slightly better than our expectations, resulting in an EBIT beat of more than 200%, but we see a large part of this as stemming from the FX hedging boost.
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