Q3e: Orders being pushed out
We expect StrongPoint to report Q3 revenues of ~NOK 312m, marking a 10% decline from Q3'22. The trend of customers holding back continues: orders anticipated for Q3e have been pushed to Q4e or even early 2024e. The M&A lift seen in Q2 will not be present in Q3e, i.e. organic growth is the key driver, which we expect down ~10% y-o-y. The gross margin for the quarter is likely to hover around 39%, a minor improvement from 37% in Q3'22. We are forecasting Q3e EBITDA at around NOK 5m, a drop from NOK 21m in Q3'22. We anticipate Q3e EBIT and net profit at ~NOK -6m each, with net finance being balanced out by tax gains.
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