FY'22 oper. EBITA likely negative, implies EUR -2.2m in Q4
Eltel announced a profit warning recently, where the company states that operative EBITA is expected to be negative for Q4, which also risks a negative FY EBITA. A negative FY EBITA implies a loss of at least EUR -2.2m in Q4 (ABGSCe 3.9m). According to the company, there is some slowing purchasing activity among customers leading to lower sales, but the main issue seems to be increased costs. While price indexation effects should come in to play on many contracts around year-end, the earnings effect will likely lag roughly one quarter since the installations carried out in Q1 will be mainly products ordered in Q4. As such, we expect continued struggles into the beginning of 2023 as well.
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