Q4 headlines
Net sales of SEK 460m corresponds to y-o-y growth of 5% (-5% org.), and is -1% vs ABGSCe SEK 464m. By segment, Roper Rhodes continues to be stronger than the group average with 9% y-o-y growth (3% org.), Svedbergs is losing some momentum at -16% y-o-y growth, and the two smaller Macro Design and Cassoe are soft at -15% and -5% y-o-y growth respectively, although the latter two brands look like they could have found and passed a trough. Furthermore, Cassoe continues to impress on profitability with an EBITA margin of 20%. The Swedish market remains harder than abroad, however. Thebalux (consolidated 23 Nov 2023) contributed SEK ~31m (ABGSCe: 23m) in sales and SEK 1m in EBITA (ABGSCe: 5m), as December is a slow month for the brand. The gross margin of 46.2% is 480 bp better y-o-y, which could partly be explained by Thebalux but also by Roper Rhodes price increases. All in all, EBITA of SEK 59m (Q4'22 SEK 54m) was 1% better than ABGSCe SEK 59m. The higher ND/EBITDA of >3x has been reduced following the report through a share issue, our current estimates suggest a Q1'24e ND/EBITDA ratio of 1.6x. The proposed DPS of SEK 1 vs 1.50 last year, corresponds to 30% of '23 net profit.
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