Q3 outcome
Sales were SEK 2,340m (-1% vs. ABGSCe 2,369m, -2% vs. FactSet cons 2,388m), down 11% y-o-y, while organic growth was -15% (ABGSCe -13%). Adj. EBITA SEK was 193m (-4% vs ABGSCe 202m, -3% vs. cons 198m), for an adj. EBITA margin of 8.2% (ABGSCe 8.5%, cons 8.3%), which included NRIs of SEK -60m (ABGSCe/cons -60m) tied to VHP downsizing costs, and VHP products are confirmed to now be <5% of group sales. The most important segment, Medical, was 11% below our estimate on EBITA, while Industrial was 20% above. Cash conversion was strong, with FCF/EBIT of 94%.
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