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Ecoclime: Time to step up to regain trust - ABG

Q1 report due on Thursday, 4 May
We lower '23e sales by ~4% as we trim Circular Energy sales
The share is trading at 5x EV/EBITDA on '24e


Q1'23e: Evertherm organic growth key driver

We expect Ecoclime to report Q1 net sales of SEK 71m, up 30% y-o-y (+16% organic, +14% M&A), of which the organic growth is mainly driven by Circular Energy, which we expect will contribute SEK 20m. We forecast a gross margin of 49% and expect continued margin pressure from installation contracts, which have hampered profitability for some time. Finally, we expect EBITDA of SEK -1.3m (SEK -4.4m).
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