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I-tech: Steady growth, but facing tougher comps - ABG

Q4e: sales SEK 32m, up 6.4% y-o-y, EBIT margin of 21.7% (17.9%)
Outlook remains steady, but facing tougher comps
Agreement with Akzo Nobel subsidiary, de-risking '24-'25 estimates


Q4e: Continued y-o-y growth, but facing tougher comps

For Q4 we expect sales of SEK 32m, up 6.4% y-o-y (7.0% org., -0.6% FX). We estimate EBIT of SEK 7.0m (5.4m), for a margin of 21.7% (17.9%), which we expect to convert to net income of SEK 6.1m (4.4m). This implies EPS of SEK 0.51 (0.37), and FCF of SEK 8.0m (4.2m). All in all, we expect Q4 to be another steady quarter of growth but note that comps are now substantially tougher.
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