Hidden City stabilisation should support growth
We forecast Q4'22 sales of SEK 364m for y-o-y growth of 12% (-6% organic measured in USD and 18% from FX). The -6% growth is an improvement over -10% in Q3 and -13% in Q2, driven by Sherlock still growing incrementally q-o-q, while we also expect Hidden City to stabilise. The -6% growth in USD is significantly better than the market growth of around -10%. In local currencies, we think the organic growth is slightly positive y-o-y, which we consider strong. UAC should be back at normal levels (20% of sales) while opex is still negatively impacted by the strong Roble. Consequently, we forecast SEK 47m in adj. EBIT for a margin of 13% in Q4 (guidance was 13-14%).
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