Q4 report
The report came in relatively well in line with our estimates on sales but somewhat below on earnings. Sales grew by 1.5% y-o-y (-3.5% org y-o-y) to SEK 1,027m, -3% vs. ABGSCe SEK 1,063m. Adj. EBITDA came in at SEK 45m (-13% vs. ABGSCe 52m). We are positively surprised by both the 22.4% gross margin, which is nearly 300bps above our estimate of 19.5%, and the cash flow from operations of SEK 128m (vs. ABGSCe 108m), driven by a significant working capital release. That said, opex was higher than expected, and partly driven by certain temporary factors in South Europe.
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