Takeaways from the report and the conf. call
The Q3'23 numbers beat our estimates on both sales (+2% vs. ABGSCe) and adj. EBITDA (+16% vs. ABGSCe), as the company has successfully weeded out a first, large batch of unattractive and margin-dilutive SKUs and raised prices. The adj. gross margin of 25.7% was in line with our expectations and should head in the right direction as the company continues to right-size the organisation's offering. The company's working capital management efforts have also benefitted the company's cash flow and unoptimised inventories are now seemingly a problem of the past.
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