What to expect in Q4'23e
For Q4'23, we expect sales of SEK 1,883m, implying 9% organic y-o-y growth in addition to 1% FX growth and 7% M&A growth. We anticipate a gross margin of ~29% given the company's history of being able to maintain the 30% level despite cost inflation and elevated freight costs. Our updated EBITA estimate is SEK 162m, which corresponds to an EBITA margin of 8.6%.