Medical likely strong, cyclical worries in Engineered
We expect Nolato to report Q4 net sales of SEK 2,289m, up 2% y-o-y, of which +1% organic, and an EBITA of SEK 235m, up 33% y-o-y, for a margin of 10.3% (7.9%). At the segment level, we argue that Medical has now largely stabilised, having reported a >10% EBITA margin for three consecutive quarters. In Engineered, we see some risk of a sequential decline into Q4, as the positive delta from seasonality may be outweighed by a further decrease in sales to automotive customers, while manufacturing PMIs overall remain stagnant (45.4 in Europe in Q4 vs. 45.5 in Q3).
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