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Inission: An ambitious enterprise - ABG

Q4 report due on Wednesday, 22 February
In-depth commentary on financial targets announced at CMD
Fair value SEK 45-60 (35-55), trading at 14x '23e adj. P/E


Q4 expectations

For Q4 we expect sales of SEK 474m, up 65% y-o-y, of which 14% organic. We estimate adj. EBITA of SEK 19m for a margin of 4.0% (4.9%), as Q4 has tended to produce lower margins compared to other quarters over the past few years, and because of the likely still margin-dilutive nature of the Enedo acquisition. We expect this will translate into an adj. net margin of 2.6% (3.0%), or adj. EPS of SEK 0.60 (0.47).
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