Q1e: beware the one-offs
In Q1, we estimate sales of SEK 257m, up 53% y-o-y, of which 4% organic. We expect SEK 99m from the Products segment and SEK 158m from the Industrial Components segment. For EBITA, we estimate SEK 19m, or a margin of 7.5% (5.5%). Our segment EBIT margin estimates are 4.5% for Products and 11.8% for Industrial Components. The quarter will include some extraordinary expenses connected to the refinancing and the main market listing process — we estimate SEK 17.5m (13.5m financial items, 4m EBIT items) — as well as higher interest payments than what we can expect going forward now that bank financing has replaced the bond (21.7m vs. 6.5m). This results in a net income estimate of SEK -22m.
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