Bildkälla: Stockfoto

Berner Industrier: H2 looking a bit softer than expected - ABG

Expect continued softness on orders, comps ease from Q4
Reduce '24e-'26e EBITA by 5-3% on delayed demand recovery
Trading at 16-12x P/E vs. peers at 34-15x, fair value SEK 40-55


Q3 expectations

For Q3, we estimate orders of SEK 205m (241m), down 15% y-o-y vs. a tough comp as PMIs remain soft, thus continuing the weak trend we have seen for the past three quarters. Comps ease significantly from Q4. On sales, we have SEK 215m, down 4% y-o-y, and on EBITA, we have SEK 18.2m (21.9m) for a margin of 8.5% (9.8%). The y-o-y margin decrease is due to the lower volumes, while we expect opex will remain relatively stable.
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