Based on the Q3 numbers alone, consensus EBITA estimates for ’21e are likely to come down 1-2%. In addition to factoring in the newly communicated figures for Q3, the market is likely to be more cautious on Q4 estimates and perhaps also ’22, which could mean a further downgrade of 1-2% for ’21-’22.
Our conclusion is that the causes behind Nolato’s decreased profitability will likely affect Q4 to a similar degree as Q3, as we do not see indications yet of improvement on the component shortage side or picked up activity within surgeries. Looking ahead at ’22 onwards, the visibility becomes worse, yet for the long-term we do not foresee any structural changes which would negatively affect Nolato’s margins.
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