Price tailwinds to wear out in H2, neg. volume remains
For Q3, we expect Nordic Waterproofing (NWG) to report sales of SEK 1,166m, up 3% y-o-y (-8% organic, +4% M&A, +7% FX). Volume growth is expected to remain in negative territory at -8% for H2, while we believe the tailwind from latent price hikes should be gone by Q3, and we have price growth at -2% for Q4 given that rubber roofing peers in continental Europe (e.g. Carlisle and Firestone) have lowered prices somewhat, according to NWG. We expect EBIT of SEK 115m, down 10% y-o-y, and a margin of 9.8% (11.3%), with earnings down y-o-y in Taasinge (prefab elements) and SealEco (rubber roofing in continental Europe), while the core bitumen business will likely continue to defend earnings better.
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