Consumer concerns start to appear in order intake
Niloerngruppen’s Q3 report was solid, with sales up 2% organically, in line with our expectations. However, the slight decline in order intake, driven partly by slightly lower volumes and partly by some minor client losses, supports our 2023e, i.e. marginally negative implied y-o-y growth. While demand prospects appear slightly soft, we see increasing signs of external factors normalising. For instance, the report states that disruptions in operations such as the electricity supply issues in Bangladesh are now generally contained and freight rates are starting to normalise from previously extreme levels.
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