We lower ‘23e sales by 3% and EBIT by 3.3% We lower ’23e sales and EBIT by 3% and 3.3%, respectively, after the report. The main reason is the deviation on sales in Q2 and especially the lower organic growth. Q2 EBIT was above expectations, but this was driven by FX. Therefore, we keep our underlying opex more or less intact for ‘23e, resulting in an EBIT margin of 25.2% in ’23e.
No negative effect from the silver debate seen operationally Management assured investors that it has not seen any negative operational effect from the silver chloride debate that it witnessed earlier this year. It said a decision regarding the use of silver chloride is at least four years away, and Polygiene is preparing to replace it if needed through an increased R&D focus. We lower our fair value range slightly to SEK 21-34 (22-35) to reflect our estimate revisions.
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