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Lagercrantz: Another solid quarter - ABG

EBITA -1% vs ABGSCe and -3% vs cons.
Positive outlook with strong order intake
Trading slightly below peers

Sales was in line with our expectations at SEK 1,201m (-1%% vs ABGSCe 1,209m and -3% vs Infront consensus 1,236m), up 31% y-o-y with organic growth of 13% (14% ABGSCe). Adj. EBITA was 192m (-1% vs ABGSCe 194m, -3% vs cons 198m), on a margin of 16.0% (ABGSCe 16.0%, cons 16.0%). All in all, Q2’21/22 roughly in line with our and consensus expectations.

The share is down 2% last 3m and is trading at 28.5x NTM EV/EBITA, 5% below core peers (Addtech, Indutrade, Lifco and Sdiptech).
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