After continued strong operational performance, Svedbergs report Q1'23 net sales of SEK 476m for a y-o-y growth of -3% (-4% org.), 3% vs ABGSCe 462m. By brand, we continue seeing relative outperformance in the two main brands Svedbergs and Roper Rhodes, for which net sales declined by 3% and increased by 2% respectively, while the smaller Macro Design and Cassoe declined by 20% and 17% respectively. The gross margin was 41.4%, +10 bp sequentially and +40 bp y-o-y following further price adjustments in early '23e. Opex levels were up slightly sequentially, meaning the slightly lower scale led to an adj. EBITA of SEK 64m for a 13.5% margin, 4% vs ABGSCE SEK 61m, -13% vs. Q1'22 SEK 73m. FCF was SEK -21m, weighed down by a WC buildup of SEK 48m bringing ND/EBITDA to 2.4x.
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