Q4'23 report
The Q4 report came in above our sales but slightly below our earnings expectations. Sales declined by 2% y-o-y (of which -4% org. decline y-o-y) to SEK 1,003m, +4% vs. ABGSCe SEK 965m. Adj. EBITDA came in at SEK 60m (-9% vs. ABGSCe 66m). The adj. gross margin of 25.4% was in line with our estimated 25.5% thanks to price increases and divestments of non-strategic brands. Cash flow from operations of SEK 157m (vs. ABGSCe -1m) was exceptionally strong and was driven to a large degree by an additional working capital release of nearly SEK 100m, which we did not expect.
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