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SENASTE
We make minor cuts to our estimates after Ferronordic's Q1 results. EBIT was SEK 6m below our estimate yet gross margin (~20%) was clearly higher than our forecast, supported by solid aftermarket sales and the accretive US contribution. While we continue to expect muted 2024 sales in Germany at -13% organically driven by a decline in new equipment sales, we believe that this weakness is already understood. In our view the company's ongoing stellar performance in the US is more important, and we are reassured by its commentary on several larger infrastructure projects and market share gains in its US sales territory. As a result we find the outlook for 2024E somewhat de-risked, and reiterate our valuation range of 7-11x 2025E EV/EBIT corresponding to SEK 56-87 per share. Marketing material commissioned by Ferronordic.
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