Weak guidance for Integrated Solutions in Q3…
…but the worst should be behind us
Clarity on dual sourcing lowers risk of more downgrades
Q2 above cons. but weak Q3 guidance made the headlines
Nolato reported Q2 organic growth of -6% (ABGSCe -10%), but the top-line was also helped by a 10% FX boost. Adj. EBITA was 10% above consensus, but the beat was a sales-driven one, while the 9.1% margin was in line (ABGSCe 9.1%, Infront cons. 9.3%). Integrated Solutions was ~10% above the company’s previous Q2 EBITA guidance thanks to an early delivery in June (originally scheduled for July). Meanwhile, Medical Solutions EBITA was 14% above consensus, although expectations had been lowered going into the report, and the margin was still down by 210bps y-o-y. What stole the headlines, though, was the weak guidance in Integrated Solutions (-25% q-o-q growth in Q3), which in itself would imply a 14% group sales downgrade for Q3’22e, and 3% for FY’22e.
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