What to look for in Q3'23e
We think that Q3'23e will be characterised by much the same themes as Q2'23: (i) continued destocking, (ii) working capital management and (iii) low order intake. Our updated Q3 sales and EBIT estimates of SEK 197m and SEK 12m imply revisions of -5% and -14%, respectively. These new estimates also imply y-o-y growth of -15% (-20% organic growth, +4% FX, +1% M&A) and an EBIT margin of 6%. Order intake momentum is likely to be negative y-o-y, but stable q-o-q given the significant drop in Q2'23.
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