What to look for in Q1'24
Following the strong order intake in the last two quarters, we expect slightly positive organic growth of 3% in Q1'24. In terms of absolute numbers, we expect sales of SEK 226m (+3% organic, -1% FX) and EBIT of SEK 20m, corresponding to a margin of 8.9%. Our updated Q1 estimates therefore imply positive estimate revisions of +3% for Q1 sales and +4% for Q1 EBIT. We would not be surprised if Nilörngruppen delivers an order intake of approximately SEK 220m (-4% y-o-y growth).