On the right path after two tough years
The Q4'23 numbers beat our estimates on sales (+4% vs. ABGSCe) but missed on adj. EBITDA (-9% vs. ABGSCe). In similar fashion to the previous quarter, Midsona continued its SKU reduction plan by divesting two brands (Kan Jang and Arctic Root). We were positively surprised by the fact that Midsona managed to divest these two brands, as the management team had spoken of discontinuations rather than divestments prior to Q4'23. The gross margin continues to improve, as margin-dilutive SKUs disappear from the company's portfolio. On the matter of cash flow, the company appears to have overachieved in terms of its working capital release, but the release is positive nonetheless.
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