Bildkälla: Stockfoto

Nilörngruppen: Destocking and margin normalisation ahead - ABG

Vast majority of inventory normalisation...
...likely to be completed in the coming 6-9 months
'23e-'25e EBIT down 4-1%


What to look for in Q4'23e

We assess that Q4'23 will be the fifth quarter in a row with negative organic growth. More specifically, we anticipate a total sales decline of 4% y-o-y (-5% organic, +1% M&A and flat FX). Therefore, our updated Q4 sales and EBIT estimates of SEK 191m and SEK 8m imply revisions of -4% and -8%, respectively. Order intake momentum is once again likely to be negative y-o-y but stable or potentially positive q-o-q on the back of easier sequential comps.
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