Q4 could be supported by easy comp
We believe the strong sales development from Q3 (+8% y-o-y) could continue in Q4, supported by a significantly easier comp sequentially. By region, we expect the Borosan launch to contribute to the Nordics and increased traction for Cole & Son and Boråstapeter to add growth to RoW, specifically. All in all, we forecast Group Q4'23e net sales of SEK 195m (+11% y-o-y, of which 9% org.). The lower gross margins for the Borosan offering and mix effects from the strong growth in Nordics lead us to forecast a gross margin of 59%, -80 bp y-o-y. We forecast a similar opex ratio saving y-o-y as in Q3, for EBITA of SEK 25m (12.7% margin), 12% higher y-o-y.
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