Q4: NWT ramp-up, GCM weaker
We expect OrganoClick to deliver Q4 sales of SEK 23.5m, up 31% y-o-y, alongside a gross profit of SEK 4.4m, for a margin of 18.9% (7.7%), as we expect an improved gross margin on an increase in high-margin Nonwoven & Technical Textiles (NWT) sales. Moreover, we now expect almost full run-rate on the Duni contract in NWT, with full ramp-up at SEK 30m per annum by Q1'23. We foresee negative sales growth of 1% in Green Coating & Maintenance (GCM), as we now expect weaker consumer sentiment to impact sales for both Organotex and Biokleen. In Functional Wood (FW), we believe the company will be burdened by both weaker DIY demand from consumers and less newbuilds. We see some liquidity risk, given the cash position of SEK 13m in Q3, but we expect positive FCF in Q4e of ~SEK 1.9m, driven by working capital release. The company also has an unused RCF of SEK 5m, which we assume will be utilised in '23e.
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