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SENASTE
The company downgraded its full year 2024 net sales guidance midpoint by 4% and EBIT guidance midpoint by 7% on 11 December. Demand weakness in Q4 did not come as a big surprise. Our net sales forecast was already on the lower end of old guidance range. We also expected EBIT at the bottom of the old guidance range. New guidance midpoint for net sales is EUR 775m (Nordea EUR 782m). New EBIT guidance midpoint is EUR 53.5m (Nordea EUR 54m). Reported revenue growth could be -6% in Q4 we calculate. By excluding acquisition, net sales in Q4 could be the same as average in Q1-Q2 2024. The company has adjusted its costs to offset the weakening market situation, so the EBIT margin could be close to 7% in Q4 we believe. Revenue growth could be -14% in 2024 y/y according to the new guidance. Market consensus for revenue growth in 2025 has been 10% y/y, coming from acquisition and low comparison figures.
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