Q3 numbers imply negative EBIT revisions of 3%
Trading at 9x ’22e EV/EBIT on pre-Q3 estimates
Q3 outcome
Sales were SEK 1,132m (-2% vs. ABGSCe 1,155m), and organic growth was 4% (ABGSCe 7%), of which +13% from price (ABGSCe +12%) and -9% from volumes (ABGSCe -5%), indicating that we are starting to see an increasing impact from lower newbuild activity. Input costs remain high, and EBIT amounted to SEK 128m (-8% vs. ABGSCe 140m) with no NRIs (ABGSCe 0m), for an EBIT margin of 11.3% (ABGSCe 12.1%). Operating cash flow was strong at SEK 244m (~150% conversion from EBITDA), due to a significant NWC offload.
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