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Nordic Waterproofing: Slightly soft Q1, but no big impact on FY'23 - ABG

Adj. EBIT SEK 2.7m (ABGSCe 5.9m)
Q1 numbers imply ~1% negative adj. EBIT revisions
12x '23e EV/EBIT on pre-Q1 estimates


Q1 outcome

Sales were SEK 911m (-6% vs. ABGSCe 971m), with organic growth of -10% (ABGSCe -4%), of which vol/price split was -20%/+9% (ABGSCe -9%/+5%). Reported EBIT was -11.5m, but this included NRIs of SEK -14.2m due to capital losses following disposal of two entities. As such, adjusted EBIT was 2.7m (ABGSCe 5.9m), for a margin of 0.3% (ABGSCe 0.6%). Q1 is a seasonally weak quarter for NWG (usually ~5% of FY EBIT), but this Q1 was especially soft due to volatile weather and continued struggles in the prefab business.
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