Continued high costs/weak Q2 drive guidance downgrade FY'22 guidance was downgraded (on 18 July) to organic growth of 4-6% (ABGSCe 4.7%, company-collected cons 6.2%) (previous 6-9%) and an EBITDA margin before special items of 18-20% (ABGSCe 19.2%, cons. 19.9%) for FY 2022 (previous 20-21%). The revision to its financial guidance is due to lower-than-expected sales and higher-than-expected supply chain costs for FY 2022. The company furthermore confirmed that it is currently trending towards the middle of the range, with guidance assuming a limited COVID impact in H2’22 (mainly China-related) and that especially the North American market will drive growth in H2’22.
Uncertainty persists in the short-term While we see no changes to the long-term fundamental case, we continue to see short-term volatility, driven by the uncertainty around 1) COVID, 2) Component sourcing, 3) Staffing shortages and 4) Costs. We update our estimates to reflect the new guidance and reiterate our scenario-based fair va ... Läs mer på ABG Sundal Collier
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