Adj. EBITA SEK 224m (+25% vs. ABGSCe 179m) Isolated Q2 numbers imply ~5% adj. EBITA upgrades 11x ’22e EV/EBITA (adj.), or 8x lease adj. EV/EBITA Q2 outcome Sales were SEK 3,525m (+12% vs. ABGSCe SEK 3,160m), up 27% of which 4% organic (ABGSCe 0%). Adj. EBITA was SEK 224m (+25% vs. ABGSCe 179m), for a margin of 6.4% (ABGSCe 5.7%), and this excluded a positive NRI of SEK 40m (ABGSCe 50m). Net profit was SEK 143m (+9% vs. ABGSC 131m). The strong results were to a large extent driven by the Fashion & Lifestyle customer segment, which saw strong demand particularly in North America where the Bergen acquisition continues to perform. However, the Automotive and Industrial customer segments continue to struggle, as expected. The group margin target of 7% was exceeded in Supply Chain Solutions (7.3% vs. ABGSCe 6.3%) while Print & Packaging Solutions had softer margins due to high paper prices and supply shortages (3.3% margin vs. ABGSCe 3.9%).
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