With YTD sales of SEK 162m, MedicaNatumin confirmed it will reach its SEK 200m sales target for 2020. A key driver has been the successful acquisition of Vitalkost (~50% of group sales), which continues to gain ground and has contributed a healthy 12.2% EBITDA margin YTD. It was also recently announced that Vitalkost will expand its collaboration with a Norwegian grocery chain. The eco product line will reach >300 stores and is expected to add at least ~NOK 4.5m on ‘21e sales. MedicaNatumin also announced a CEO change as of Q1’21, which will be followed by a new strategic plan for 2021-2023. The plan will focus on strong growth and profitability, supported by organic growth and M&A.
Est. revisions: lower net sales and EBIT for ‘20e
With lower sales and EBIT vs. ABGSCe in Q3 and challenging COVID-19 developments into Q4, we lower our sales and EBIT estimates by SEK 30m and SEK 3m respectively. While visibility is low, we forecast Chinese Jabushe orders (80% est. incremental GM) to contribute with SEK 25m p.a. in ‘21e-‘22e.
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