We anticipate organic growth of -4% for Q1'23e, as a few distribution agreements were cancelled as of December 31, 2022. Q1'23 should bring a first taste of price increases in Sweden, and we should therefore see improved gross margins on a group level to the tune of 23.5%. On an EBITDA basis, this translates to SEK 55m, a y-o-y decline of 12% for a margin of 5.6%.
Based on our revised estimates, the company is trading at ~10x '23e EV/EBITA, which is in line with peer multiples. From a historical perspective, the company is trading at an NTM EV/EBITA multiple that is ~35% below the historical average of peers.
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