Order intake likely bottomed
Q3 was significantly better than we expected. We were particularly surprised that organic growth was only -10% (vs. ABGSCe -20%), and that the gross margin was stronger thanks to efforts to reduce raw material prices and make small cost cuts. Order bookings appear to have stabilised, and are now up 9% q-o-q. Given that the outdoor segment is still destocking, we believe that it is probable that order bookings have bottomed out in absolute terms.
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