Strong margin trend continued in Q2 We increase ’22e-’24e adj. EBITA by 6-5% In case of recession: focus on near-term cash flows Q2: strong margins, with further potential to improve Q2 sales were 12% above our expectations, while adj. EBITA was 25% above, driven primarily by strong demand in the high-margin Fashion & Lifestyle customer segment. In particular, management highlighted the exceptional y-o-y growth of almost 50% in H1 in the newly-acquired Bergen Logistics. Also, Supply Chain Solutions reported an adj. EBITA margin of 7.3% (ABGSCe 6.3%), above the group margin target of 7%, but supply disruptions and high prices on the paper market meant that Print & Packaging Solutions continued to struggle (adj. EBITA margin 3.3% vs. ABGSCe 3.9%). Moreover, management claims that there is further room for margin improvement if capacity utilisation can be improved in the Automotive and Industrial customer segments.
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