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I-tech: Easy comps in Q4e - ABG

Q4e: sales of SEK 42m, adj. EBIT of SEK 11m
'24e-'26e sales up by 1-5%
Q4 EBIT should be diluted slightly by bonuses


Q4e: No drama

We expect sales of SEK 42m, up 68% y-o-y (+65% organic, 2% FX). We note that Q4'23 was an unusually weak for I-Tech, and therefore comps will be particularly easy for Q4'24. We estimate adj. EBIT of SEK 11m (-0.5m), for a margin of 25%. We expect EBIT to be diluted slightly by year-end bonuses and more costs related to the regulatory process. We estimate costs related to the EU process at SEK 1.6m, roughly in line with previous quarters. This implies adj. EPS of SEK 0.90 and FCF of SEK 9.5m.
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