Q3e: EBITA +4% y-o-y, driven by strong gross margin
For Q3e we expect sequentially tougher growth comps to result in a growth slowdown. Organic growth of 3% (for net sales of SEK 186m) is 8pp below the growth rate of Q2, as sell-in of Artscape products should have a less-positive effect. Gross margins could remain strong at 59% (+140bp y-o-y), driven by high capacity utilisation in the factory after strong external manufacturing sales momentum (we forecast +65% y-o-y in Q3e) and a lower share of Borosan sales. The SG&A ratio could offset somewhat at -50bp y-o-y, as strong Borosan sales in Q3'23 carries a lower opex ratio in general. All in all, we forecast a SEK 28m EBITA, +4% y-o-y, for a 15% margin.
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