We expect solid Svedbergs and Roper Rhodes results
We reiterate our view that the Group should hold up relatively well despite current macroeconomic worries. Assuming a lag of 12-18m from build starts, we believe project demand will continue to hold up and with a more premium-tilted offering. We expect the Svedbergs brand to be strong with an org. growth of 10% in Q4e. Given Cassoe's exposure to the interest-sensitive Danish market, the outlook is soft, and we estimate an org. decline of 10% in Q4e. For the consumer-centric brand Macro, we expect an org. decline of 12% in Q4e, as consumer sentiment in Sweden stays soft. For Roper Rhodes we expect the Q3 momentum to hold into Q4'22e, and we forecast a SEK 201m contribution to net sales in the quarter, implying FY'22e growth of ~7% y-o-y for the new acquisition according to our calculations. All in all, we expect sales of SEK 447m (+59% y-o-y, +3% org.) and a SEK 53m EBITA for a 12% margin (flat y-o-y) after price increases to offset cost inflation.
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