What to expect in Q4'23e
Q4 smartphone shipment data indicate a y-o-y growth rate of 8%, marking a break in the smartphone shipment decline trend. While one data point is not sufficient to convince us of a turnaround, it is reassuring to see a break in the trend on easy comps. This could mean that Algo has a chance at a recovery in relative terms starting in H1'24e. We expect Q4’23e Algo sales of SEK 13.6m and Digital Identity sales of SEK 5.5m alongside group EBITDA of SEK 1.2m. In total, we cut sales and EBITDA by 5% and 17%, respectively.
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