Q3e: We expect a solid quarter with continued y-o-y growth
For Q3e we expect sales of SEK 511m, up 17% y-o-y (13% org., 4% FX); the organic component mainly driven by the Inission segment and the FX component mainly driven by the Enedo segment. We estimate adj. EBITA of SEK 35m (SEK 21m) for a margin of 6.9% (4.8%), with the Inission segment contributing SEK 29m (7.6% margin), and the Enedo segment contributing SEK 7m (5.0% margin). We expect this will convert into adj. net income of SEK 21m (SEK 4m), a margin of 4.1% (0.9%), and adj. EPS of SEK 0.94 (0.17). Our lease adj. FCF estimate is SEK 33m (SEK 139m), anticipating limited NWC changes.