Q3e: Germany weakness to weigh on group figures
We expect Ferronordic to report Q3 net sales of SEK 1,102m, with a fairly stable quarter in the US, while market conditions remain rough in Germany. As we see it, the room for further opex cuts in Germany is likely limited, and rather for the segment to return to positive EBIT would require an improved market. In Q2, group costs were above the historical average though, which the company explained as being within typical quarterly fluctuations, and thus we expect costs to come down sequentially into Q3. All in all, we estimate a group-level EBIT of SEK +10m (SEK -4m in Q2).
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