While long-term macro indicators such as house transactions and build starts are materially lower than last year, near-term sentiment indicators point to slightly better demand when it comes to renovation for the Nordic segment, we believe, at least in less costly product categories. In the Europe segment, we expect pent-up demand from the pandemic in the hospitality sector to continue to mitigate lower consumer demand. In this note, we raise our '23e-'25e net sales forecasts by 1-2% driven by FX, as we trim organic growth estimates slightly for the period. For Q3'23, we estimate net sales of SEK 167m, -1% y-o-y (-6% org.).
Aktuellt
SENASTE
