Q3e: In tough times...
Q2 was a rough quarter for Seafire, with -11% organic growth, an adjusted EBITA margin drop to 8.4%, and the Linguacom aftermath as the cherry on top. The main driver was underperformance in the consumer-exposed Nordbutiker and DOFAB. We now expect this to partly bleed over into Q3, and estimate sales of SEK 234, up 5% y-o-y (-7% org., +2% FX, +9% M&A), and adj. EBITA of SEK 18m, for a margin of 7.5%. We expect no significant changes in WC and estimate lease adj. FCF of SEK 6m.
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