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QleanAir Q3 2023: Sales in Line, Weaker Profitability - Redeye

Redeye comments on QleanAir’s Q3 figures where sales were in line with estimates posting an 11% growth y/y, while the EBIT margin shrank and missed our estimates, mainly driven by a 3 pp. lower gross margin. Following the report, we expect to change the segment mix somewhat for the coming 12 months, resulting in minor changes to topline estimates. We also expect to reduce our fair value range, following a general increase in our risk-free rate.

Redeye comments on QleanAir’s Q3 figures where sales were in line with estimates posting an 11% growth y/y, while the EBIT margin shrank and missed our estimates, mainly driven by a 3 pp. lower gross margin. Following the report, we expect to change the segment mix somewhat for the coming 12 months, resulting in minor changes to topline estimates. We also expect to reduce our fair value range, following a general increase in our risk-free rate.
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